Turning Data into Information (Part 2)

How Data is Collected Data collection used to be fairly simple. You wrote down the numbers that you had to and someone would throw it in a spreadsheet, turn it into a nice colorful graph, and present it to the decision makers. Today data can be collected in a continuous stream from a variety of sources and the risk becomes collecting the wrong data rather than not collecting enough data. Some ways to collect data include: Census: Obtains data from every member of a population (usually not practical because of time and cost) Sample Surveys: Obtains data from a subset …

Turning Data into Information (Part 1)

Data and business have traveled hand in hand through the ages. Before the first great stories were recorded in writing, traders and businessmen were chiseling numbers on stones to keep records of their transactions. The days of the stone tablet have long since passed, and the data that was once recorded on them have gone digital – in a BIG way. The sheer amount of data that can or is collected has given way to a vast industry of new and improved products, innovative approaches, and three letter acronyms. What is Data? Most of you can skip right down to …