In this “information age,” production of accurate, relevant, and timely information is the key to good decision making.
In turn, good decision making is the key to business survival in a global market. We are now said to be entering the
“knowledge age.”2 Data are the foundation of information, which is the bedrock of knowledge—that is, the body of
information and facts about a specific subject. Knowledge implies familiarity, awareness, and understanding of information
as it applies to an environment. A key characteristic of knowledge is that “new” knowledge can be derived from
“old” knowledge.