Data, Raw and Facts to Decisions | Differences between data and information

 

This video explains the fundamental principles of data management and analysis, highlighting how raw data is transformed into meaningful information. 

It distinguishes between quantitative and qualitative data types and discusses how primary and secondary sources affect the reliability and relevance of business insights. 

The video also warns about the dangers of bias and misclassification, emphasizing that improper data handling can lead to flawed decision-making. 

Additionally, it covers sampling methodologies, specifically using Yamane's formula to select representative groups from larger populations. 

Ultimately, the video stresses that structured analysis is crucial for reducing uncertainty and risk in professional settings.