The importance of data collection in an expanding world

By Kourtney Eay

PMBA graduate student

University of Guam

 

With the rise in competition, business owners and upper management need to make timely informed decisions that can have a lasting impact on the business. What information is there to rely on, and how is it obtained? The answer is: statistical data through simple means of collection.

Data is statistical information collected from business activities. It can be quantitative providing computational information, such as how many customers or how much revenue is generated a day. Data can also be qualitative providing characteristic and descriptive information, such as popular selling items . . .

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