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Copyright © Cengage Learning. All rights reserved. How Can Information Reduce Risk When Making a Decision? Information produces knowledge and empowers managers and employees to make better decisions The relationship between information and risk 16 | 1
Copyright © Cengage Learning. All rights reserved. How Can Information Reduce Risk When Making a Decision? (cont’d) Information rules –Information rules based on situational experience provide guidance in handling similar situations or circumstances –Business research continuously looks for new rules since business conditions are always changing 16 | 2
Copyright © Cengage Learning. All rights reserved. How Can Information Reduce Risk When Making a Decision? (cont’d) The difference between data and information –Data Numerical or verbal descriptions that usually result from some sort of measurement –Information Data presented in a form that is useful for a specific purpose –Database A single collection of data stored in one place that can be used by people throughout an organization to make decisions –Knowledge management (KM) A firm’s procedures for generating, using, and sharing the data and information contained in the firm’s databases 16 | 3
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