Evaluate the nature and process of business and economic data/information from a range of different published sources
Added on 2023-02-06
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ASSIGNMENT 1 FRONT SHEET
Qualification BTEC Level 5 HND Diploma in Business
Unit number and title Unit 42 - Statistics for Management
Submission date 2/12/2022 Date Received 1st
submission
Re-submission Date Date Received 2nd
submission
Student Name Ngo Nha Uyen Student ID Gbs210432
Class Gbs1002b Assessor name Mr. Thinh
Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the
consequences of plagiarism. I understand that making a false declaration is a form of
malpractice.
Student’s signature Uyen
Grading grid
P1 P2 P3 M1 M2 D1
Qualification BTEC Level 5 HND Diploma in Business
Unit number and title Unit 42 - Statistics for Management
Submission date 2/12/2022 Date Received 1st
submission
Re-submission Date Date Received 2nd
submission
Student Name Ngo Nha Uyen Student ID Gbs210432
Class Gbs1002b Assessor name Mr. Thinh
Student declaration
I certify that the assignment submission is entirely my own work and I fully understand the
consequences of plagiarism. I understand that making a false declaration is a form of
malpractice.
Student’s signature Uyen
Grading grid
P1 P2 P3 M1 M2 D1
❒ Summative Feedback: ❒ Resubmission
Feedback:
Grade: Assessor Signature: Date:
Internal Verifier’s Comments:
Signature & Date:
Feedback:
Grade: Assessor Signature: Date:
Internal Verifier’s Comments:
Signature & Date:
Introduction
Statistical methods aid in classification in four ways: developing probability models for data and
classes so that probable classifications for a given set of data can be identified; developing tests
of validity of specific classes produced by a classification scheme; comparing the effectiveness
of different classification schemes; and expanding the search for optimal classifications using
probabilistic search strategies. Standard hierarchical and partitioning techniques are statistically
analyzed, and some enhancements employing density estimation methods and mixture models
are presented. Methods for detecting multimodality in high- dimensional data are presented.
(Neil J. Smelser and Paul B. Baltes, 2001) In addition, we go further into examining business
and economic data/information gathered from publicly available sources. In particular, examine
the nature and process of business and economic data/information from a variety of public
sources, as well as data from a number of sources using various analytical methodologies.
Furthermore, critically analyze the analytical methodologies utilized to display business and
economic data/information from a variety of published sources.
Main contents
I. Evaluate the nature and process of business and economic data/information from a
range of different published sources
1. Define data, information and knowledge. From published sources and theoretical
frameworks of the primary research, you should show how data can be turned into
information and information into knowledge.
• Data: are facts and numbers that convey a certain message but are not structured and
give no further information on patterns, context, etc. I shall adopt Thoreau’s (1999)
definition of data: "unstructured facts and numbers that have the least influence on the
average manager."
• Information: Before data to be considered information, they must be contextualized,
classified, computed, and compacted (Davenport & Prusik 2000). Thus, information
creates a larger picture; it is facts with significance and use (Bali et al 2009). It may
represent a trend in the surroundings or demonstrate a sales pattern over a certain time
period. Information consists mostly of "answers to queries beginning with who, what,
where, when, and how many" (Ackoff 1999).
IT is often indispensable for transforming data into information, especially in bigger
organizations that create vast quantities of data across numerous departments and tasks.
Contextualization mostly requires the assistance of the human brain.
Knowledge is strongly related to action and indicates skill and comprehension. Each
person's knowledge is the result of his experience and includes the standards by which he
assesses fresh inputs from his environment (Davenport & Prusak 2000). I will adopt the
Statistical methods aid in classification in four ways: developing probability models for data and
classes so that probable classifications for a given set of data can be identified; developing tests
of validity of specific classes produced by a classification scheme; comparing the effectiveness
of different classification schemes; and expanding the search for optimal classifications using
probabilistic search strategies. Standard hierarchical and partitioning techniques are statistically
analyzed, and some enhancements employing density estimation methods and mixture models
are presented. Methods for detecting multimodality in high- dimensional data are presented.
(Neil J. Smelser and Paul B. Baltes, 2001) In addition, we go further into examining business
and economic data/information gathered from publicly available sources. In particular, examine
the nature and process of business and economic data/information from a variety of public
sources, as well as data from a number of sources using various analytical methodologies.
Furthermore, critically analyze the analytical methodologies utilized to display business and
economic data/information from a variety of published sources.
Main contents
I. Evaluate the nature and process of business and economic data/information from a
range of different published sources
1. Define data, information and knowledge. From published sources and theoretical
frameworks of the primary research, you should show how data can be turned into
information and information into knowledge.
• Data: are facts and numbers that convey a certain message but are not structured and
give no further information on patterns, context, etc. I shall adopt Thoreau’s (1999)
definition of data: "unstructured facts and numbers that have the least influence on the
average manager."
• Information: Before data to be considered information, they must be contextualized,
classified, computed, and compacted (Davenport & Prusik 2000). Thus, information
creates a larger picture; it is facts with significance and use (Bali et al 2009). It may
represent a trend in the surroundings or demonstrate a sales pattern over a certain time
period. Information consists mostly of "answers to queries beginning with who, what,
where, when, and how many" (Ackoff 1999).
IT is often indispensable for transforming data into information, especially in bigger
organizations that create vast quantities of data across numerous departments and tasks.
Contextualization mostly requires the assistance of the human brain.
Knowledge is strongly related to action and indicates skill and comprehension. Each
person's knowledge is the result of his experience and includes the standards by which he
assesses fresh inputs from his environment (Davenport & Prusak 2000). I will adopt the
definition provided by Gamble and Blackwell (2001), which is closely based on an
earlier definition by Davenport and Prusak:
"Knowledge is a fluid combination of contextualized experience, values, contextual
knowledge, expert insight, and grounded intuition that offers an environment and
framework for assessing and assimilating new experiences and information. It arises and
is implemented inside the minds of the knowledgeable. In companies, it is often
ingrained not simply in papers or archives, but also in routines, practices, and
conventions."
To be successful with KM, one must have a comprehensive grasp of what comprises
knowledge. Now that we have established clear distinctions between knowledge,
information, and data, we can examine the forms in which knowledge exists and the
many methods in which it may be accessed, shared, and integrated. This will be
discussed in the section headed "The Various Types of Knowledge."
2. Describe in detail the way of collecting database and transformation process of data into
information and knowledge.
• Obtain only relevant or accurate information
When a large amount of data is accessible, the first step is to determine how much of it is useful,
legitimate, or correct. Determine the quantity of data that can be utilized as information to make
choices that improve services or reduce expenses. This would also guarantee that only the most
accurate and relevant data is captured.
• Utilize tools that aid in data analysis.
Utilize or apply techniques or technologies that may assist you in analyzing the collected
information or data. Utilizing its cutting-edge technology, the extracted data from your system
may be transferred into the Excel sheet and changed into the essential information.
• Collect only correct information
Determine the precision of the data you possess and the impact that using precise data will have
on your choice. Utilize only high-quality information. However, you must analyze the data and
its correctness for the goal at hand; otherwise, you may waste time attempting to get accuracy for
data that is irrelevant or invalid for your purpose.
• Transform collected data into usable information
earlier definition by Davenport and Prusak:
"Knowledge is a fluid combination of contextualized experience, values, contextual
knowledge, expert insight, and grounded intuition that offers an environment and
framework for assessing and assimilating new experiences and information. It arises and
is implemented inside the minds of the knowledgeable. In companies, it is often
ingrained not simply in papers or archives, but also in routines, practices, and
conventions."
To be successful with KM, one must have a comprehensive grasp of what comprises
knowledge. Now that we have established clear distinctions between knowledge,
information, and data, we can examine the forms in which knowledge exists and the
many methods in which it may be accessed, shared, and integrated. This will be
discussed in the section headed "The Various Types of Knowledge."
2. Describe in detail the way of collecting database and transformation process of data into
information and knowledge.
• Obtain only relevant or accurate information
When a large amount of data is accessible, the first step is to determine how much of it is useful,
legitimate, or correct. Determine the quantity of data that can be utilized as information to make
choices that improve services or reduce expenses. This would also guarantee that only the most
accurate and relevant data is captured.
• Utilize tools that aid in data analysis.
Utilize or apply techniques or technologies that may assist you in analyzing the collected
information or data. Utilizing its cutting-edge technology, the extracted data from your system
may be transferred into the Excel sheet and changed into the essential information.
• Collect only correct information
Determine the precision of the data you possess and the impact that using precise data will have
on your choice. Utilize only high-quality information. However, you must analyze the data and
its correctness for the goal at hand; otherwise, you may waste time attempting to get accuracy for
data that is irrelevant or invalid for your purpose.
• Transform collected data into usable information
End of preview
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