Question

Why a firm keep an inventory of 100 shirts? What is the need of it? If the firm sold out all 100 products then no need to keep inventory right?

Answer 1

As well as the essentiality of its properties. Information is associated with data and knowledge, as data is meaningful information and represents the values attributed to parameters, and knowledge signifies understanding of an abstract or concrete concept. The existence of information is uncoupled with an observer, which refers to that which accesses information to discern that which it specifies; information exists beyond an event horizon for example, and in the case of knowledge, the information itself requires a cognitive observer to be accessed.