Final answer:
The correct order of steps in an organization's information value chain is: 1) Data collection, 2) Data storage, 3) Data processing, 4) Data analysis, 5) Data visualization. This sequence allows organizations to effectively use data for insights and decision-making, paralleling the concept of splitting up the value chain in international trade.
Step-by-step explanation:
The steps in an organization's information value chain typically occur in the following sequence:
- Data collection: Gathering the raw data from various sources.
- Data storage: Securing the collected data in databases or other storage systems.
- Data processing: Transforming raw data into a more usable format or structure.
- Data analysis: Interpreting the processed data to extract meaningful insights.
- Data visualization: Presenting the data analysis results in visual formats like charts or graphs to aid in understanding and decision-making.
Therefore, the correct sequence as per the student's options would be:
- Data collection
- Data storage
- Data processing
- Data analysis
- Data visualization
- This sequence aligns with the broader concept of splitting up the value chain in international trade, where specialization allows for various stages to be handled by different contributors around the world. The data collection is analogous to sourcing components from different countries; data storage and data processing equate to assembling parts and designing products in diverse locations; data analysis and data visualization are similar to marketing and selling a product. Just as splitting the value chain in production allows for innovation and specialization, the steps in the information value chain enable an organization to generate and leverage meaningful insights from its data.