Final answer:
After business events create data in the iterative relationship of data-driven decision making, the next step is the transformation of raw data into useful information.
Step-by-step explanation:
In the iterative relationship of data-driven decision making, the next step after business events create data is transformation of raw data into useful information. Raw data can be collected from various sources such as sales transactions, customer feedback, or website traffic. Once this data is collected, it needs to be processed and analyzed to extract valuable insights and trends.
For example, a company may collect data on its sales revenue over a period of time. To make sense of this data, it can be organized, cleaned, and analyzed to generate useful information such as identifying top-selling products, understanding customer preferences, or detecting any patterns or anomalies.
After the raw data is transformed into useful information, it can then be used for management decision making (option a), business process updates (option b), or control activities through monitoring (option d), depending on the specific needs and goals of the organization.