What are the three types of data used in data-driven decision making?

The correct answer identifies the three types of data as structured data, unstructured data, and semi-structured data, which are essential categories in data-driven decision making.

Structured data refers to data that is organized in a defined manner, typically in rows and columns, such as databases or spreadsheets. This organization allows for easy retrieval and analysis. Unstructured data, on the other hand, lacks a predefined format or organization. Examples include text documents, images, and videos. It makes up a significant portion of the data generated today and presents unique challenges in terms of analysis. Semi-structured data contains some organizational properties making it easier to analyze than unstructured data, such as JSON or XML files. This type of data incorporates elements that can be both qualitative and quantitative, which allows for flexibility in analysis.

Understanding these data types is crucial in data-driven decision making because they inform how data is collected, stored, processed, and analyzed, ultimately influencing the quality and accuracy of insights derived from the data. By recognizing the distinction and uses of these three types, decision-makers can apply the appropriate analytical techniques to leverage data effectively.