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Improvement Project of Science Construction CS

Abstract Science Construction’s business is in planning, developing and building road projects. The major of its clients are municipalities, city governments, and other public sector entities. While the bankruptcy rates for these clients is very low, when economic downturns happen, their ability to pay in a timely fashion also suffers. This leads to businesses such as Science Construction needing to take on additional debt and to find creative methods in order to stay afloat during times of recession. Methods such as selling accounts receivables at discounted rates and taking larger lines of credit through banks and other lending institutions are some of the ways organizations can remain viable when their cash inflows have turned into a trickle. Science Construction is asking the Turkish Courts to postpone their bankruptcy proceedings for a year while they attempt to restructure. Through this, suggestions such as forcing shareholders to pay their debt to the organization, gaining credi...
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Differences between data, information, and knowledge

In the corporate world, we have always heard words such as Data, Information, and Knowledge. Often used as synonyms, they do not have the same meaning.
Data are understood differently in different sectors. In the basic form, data are different symbols and characters whose meaning only becomes clear when they connect with context. Collecting and measuring observations generates data.(Mies, 2017).
Data reaches a more complex level and becomes information by integrating them into a context. The information provides expertise about facts or persons.
As Stefan Mies said, for example, The information about a date of birth is not totally completed because the value s still little when we don't know which person it belongs. And as soon as we add more information like the name, region, and others,  the linked information creates knowledge about a person. (Mies, 2017).
The knowledge, in this case, will describe the collected information available on a particular fact or person that could influence people's thinking and actions, assisting them in making informed decisions as well as solving problems. So knowledge is acquired through the processing of information. (Mies, 2017).
At the top management level of a business, the use of data effectively can provide a competitive advantage in areas such as advertising, marketing, and digital media helping them to take the right decision.
As per The Editors (2016),
- Data can drive competitive advantage by providing a better understanding of customers and better design and execution of marketing programs.(The Editors, 2016)
- Companies have struggled to show the direct impact of data-driven marketing to business metrics such as revenue and profitability.(The Editors, 2016)
- Future competitive advantage will depend on companies’ ability to use data to meet the unique needs of their firm, including defining what datasets to collect or purchase and how to manage them.(The Editors, 2016)

As per Mazzeo(2011), we need to focus on three issues in order to use efficiently information for competitive advantage  :
"- Recognizing and minimizing information bias;
- Using information for accountability and incentive; and 
- Empowering key people to gather information." (Mazzeo,2011).

Knowledge management helps organizations get the right information to the right people at the right time. Given the speed with which consumer expectations and the industry landscape change, it can be difficult, if not impossible, to define the right information, the right person and the right time. (Lori Mankin, n.d)
Setting up a good knowledge management strategy in a company can create, process and share information, breaking down silos and increasing the use of valuable data. (Lori Mankin, n.d)
The right strategy that is focused on the vision and organizational goals allows companies to have good control over the execution of their projects and keeps them at the forefront of industry trends, good decision making,  which gives them a head start competition as technologies evolve. 


References
- S. Mies, (2017).What is the difference between data, information and knowledge?: 
retrieved from: https://www.artegic.com/blog/difference-data-information-knowledge/
- Lori M., (n.d). The Competitive Advantage of the Right Knowledge Management Solution. 
retrieved from: https://bloomfire.com/blog/competitive-advantage-right-knowledge-management-solution/
- The Editors Data as a Competitive Advantage.(2016) 
retrieved from: https://www.dnb.com/perspectives/marketing-sales/data-as-competitive-advantage.html
- M. J. Mazzeo ,(2011).How to Use Information for Competitive Advantage. 
retrieved from: https://www.iedp.com/articles/how-to-use-information-for-competitive-advantage/

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