Position Paper: The Utility of Data

 

In the knowledge economy “it is all about data,” to use a widely circulated expression. That said, while the volume and variety of data readily available to business organizations is nothing short of overwhelming, not all aspects of business decision-making can benefit equally well from the available data. Moreover, given that the past is not a perfect predictor of the future, it follows that information contained in the available data is an imperfect predictor of future outcomes.

Your task is to identify and detail two (2) distinct organizational decision-making scenarios: One in which data can be heavily relied on for making decisions, and the other in which data is considerably less helpful.

 Write your response in detail with examples using APA format (latest edition). Be sure to identify the source of your example in your write-up. Your write-up should be of 250 words.