Ch2: Information Systems and Knowledge Management

Question 1

What is the function of Business Research?

Answer 1

1. FOUNDATIONAL—answers basic questions.
   E.g. What business should we be in?
2. TESTING—addresses things like new product concepts and
   promotional ideas.
   E.g. How effective will they be?
3. ISSUES—examines how specific issues impact the firm, such as
   organizational structure.
4. PERFORMANCE—which metrics are critical in real-time
   management and what insights can be gained
   from “what-if” analyses of policy changes?

Question 2

Distinguish Data, Information & intelligence.

Answer 2

DATA
Facts or recorded measures of certain phenomena (things or events).

INFORMATION
Data formatted (structured) to support decision-making or define the relationship between two facts.

INTELLIGENCE
The subset of data & information that actually has some explanatory power enabling effective decisions to be made

KNOWLEDGE
The awareness or the conscious understanding of information or a concept

(data>information>knowledge)

Question 3

Knowledge & Intelligence

Answer 3

Knowledge is the collection of skills and information a person has acquired through experience. Intelligence is the ability to apply knowledge.

Question 4

Characteristics of valuable Information

Answer 4

1. Accuracy
2. Completeness
3. Reliability
4. Relevance
5. Timeliness

Question 5

Knowledge Management

Answer 5

KNOWLEDGE
A blend of previous experience, insight, and data that forms organizational memory.

KNOWLEDGE MANAGEMENT (KM)
(KM) is the process of organizing, creating, using, and sharing collective knowledge within an organization. Successful knowledge management includes maintaining information in a place where it is easy to access.