Question

In: Finance

"Data" and "information" are commonly used interchangeably in most informal discussions among farmers and other stakeholders...

"Data" and "information" are commonly used interchangeably in most informal
discussions among farmers and other stakeholders in agribusiness. Differentiate the two
words. Why is the distinction between the two useful to the farmer?

Solutions

Expert Solution

Data and information used in agriculture business because data is raw and unorganised fact that is required to be processed and make it meaningful.

information is a set of data which is processed in a meaningful way according to the given requirement.

Differences between the data and information are as follows-

A.data is in the form of number, letter, subset of character whereas information are Idea and inferences

B.data can be structured and tabular data, information can be languages and ideas.

C.data does not have any specific purpose but information will be carrying meaning that has been assigned by interpretation of data

D.data will be never depending upon information whereas information will always be dependent upon data

E.data cannot be used for decision making whereas information is widely used for decision making

F.data are unprocessed raw factors whereas information are procesys in a meaningful way.

Distinction between the both is important in the agricultural industry, because it is used for various kinds of decision making, and data should not be interpreted as information.


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