Data—Information—Knowledge

This chapter explores the transformation of raw data into actionable knowledge, providing a foundation for effective decision-making. It defines the key elements of the Data-driven Decision-making (DDDM) process Abstract: data, information, knowledge, and decision-making. The chapter discusses how product managers can turn unstructured data into meaningful information and derive insights that guide decisions. Examples, such as website bounce rates and the COVID-19 pandemic, illustrate how data is processed into information and then into knowledge. The DDDM framework equips product managers with a structured approach to extracting value from data and making informed decisions that drive product success.