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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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Discuss knowledge can contribute to organizational competitive advantage.


Data is information in the raw form, which is the initial fact, without any modification or placing in a particular frame that makes it important and valuable (Gallaugher, 2015). In other words, the data is considered knowledge or information, but in its first position without any modification or addition. The data are usually in the form of numbers, symbols, words, pictures or phrases that are not modified and have no treatment or meaning, making them unrelated to each other.
Information is the output generated from the system after entering the data. Therefore, information can be defined as a quantity of data that has been organized and coordinated in a context that makes data valuable and becomes useful in decision making (Gallaugher, 2015). It is a synthesis that has been formulated to give an appropriate meaning to the benefit it is used for. The information must be homogenous, reflecting non-conflicted ideas and concepts.
Knowledge is the result of data and information. It can be combined with human experience as it exists within the minds and is acquired by individuals after a great effort of treatment and modification (Gallaugher, 2015). Knowledge can be defined as doing a specific act of a mental or a material work as a result of entering the data, then processing to obtain information and thus placing in a knowledge framework to make up the person’s knowledge and the.
The following figure illustrates the relationship between data, information and knowledge. The difference between information and data can be limited in a single sentence to facilitate understanding and unifying the idea. It can be said that the data is the information that is not processed. Data is the given which is used to get information (Liew, 2007). Data is something that is easily understood by anyone using the senses without study or modification. Information is the output of the data after processing, analysis, synthesis, extracting from indicators and relationships and forming equations and calculations. Therefore, the data is the origin of both information and knowledge. Knowledge is the latest outcome of data and information on which the experience is based.
Source: Tait, Wallace. (2010). The Data, Information, Knowledge process. Visual Mapper. May 23, 2010. Retrieved from: http://visualmapper.blogspot.com/2010/05/data-information-knowledge-process.html"
The organizations collect data from different sources and extract information that helps them in understanding the market and developing their performance plans and strategies to make them more efficient and creative. Thus, this will ensure that the work is done properly and help in making the right and appropriate decisions to gain a competitive advantage.

The organization needs data to be able to connect all its different departments to achieve its objectives and to adapt to the surrounding environment successfully. Information is of value to the organization as it is more useful in the decision-making and the operations (RingLead Inc., 2012). The decision-making process is one of the important management processes. But, it must be emphasized that not every process requires a decision, but every process requires a different type and quantity of information than other processes. The problem-solving process is closely related to the decision-making process, since problem-solving requires decisions about assumptions, possible constraints and the limitations of the problem. Decision-making process requires information of a particular type and from a particular source to be a positive decision. Thus, information is the key to decision-making
Data management depends on providing information and knowledge in a timely manner to help in displaying the data. The accuracy and quality of its solutions depend on the secure, the high-quality, the well-preserved and the accuracy of the saved data and its availability once needed to make the proper decisions.
References
Liew, Anthony. (2007). Understanding Data, Information, Knowledge and Their Inter-Relationships. Journal of Knowledge Management Practice, Vol. 8, No. 2, June 2007. Retrieved from:http://www.tlainc.com/articl134.htm
RingLead Inc. (2012). The Importance Of Data Management Solutions. September 23, 2012. Retrieved from: https://www.ringlead.com/blog/the-importance-of-data-management-solutions/
Tait, Wallace. (2010). The Data, Information, Knowledge process. Visual Mapper. May 23, 2010. Retrieved from: http://visualmapper.blogspot.com/2010/05/data-information-knowledge-process.html

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