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E1 > 6. Using data to create and preserve value > Flashcards

6. Using data to create and preserve value Flashcards

1
Q

Define Feedback theory

A

Results of a process are gathered and used to influence future performance by adjusting inputs into the process eg. to exercise control

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2
Q

Explain process of single loop feedback

A
  • Sensor
  • Comparator: compares actual result against standard
  • Effector: acts upon comparison to issue new instruction
  • Inputs are adjusted
  • Which effect processes
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3
Q

What is a double loop feedback

A

There is a higher level controller which sets a standard - Human intervention
Along with a lower level controller

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4
Q

Who are internal stakeholders of feedback

A

Sales team
Operations Team
Marketing team
Board of directors

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5
Q

What feedback is received from sales team

A
  • Customer accounts showing purchases, sales prices, volumes and customer feedback
  • Strategy: use information to seek advantage over competition
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6
Q

What feedback would be recieved from operations team

A
  • Size of future orders
  • Strategy: develop long term relationships with suppliers
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7
Q

What feedback is recieved from marketing team

A
  • Wheether sales are falling without reason
  • Strategy: understanding of factors of drivers
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8
Q

What feedback is recieved from board of directors

A
  • Insights intow whether or not to purchase coeptitor
  • Strategy: consider value added to organisation
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9
Q

What are other groups of staekholders with requirements for information systems

A
  • HR: info of staff
  • Shareholders: future prospects of business
  • Production team: levels of orders, unit costs
  • Individual directors: insight and infomation with data visualisation
  • Employees: effectiveness of systems
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10
Q

What is ETL

A

Data extraction, Transformation and Loading systems
- Take data from existing database and conver it into a different form and place it into a new database

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11
Q

What is meant by extraction

A

Data is analysed to understand content, format and structure : Data profilling
- Then it is read from source

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12
Q

What is meant by data transformation function

A
  • Convertion of extracted data by combinging data to be placed into another database eg/ using rules or look up
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13
Q

What is meant by the data loading function

A
  • Write transformed data into target database - data warehouse
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14
Q

Define business intelligence systems

A

System that describes technological architecture that extract, assemble and store data to provide data and analysis

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15
Q

What is the structure fo the Business intelligence stack

A
  • IT infrastructrue at the bottom
  • Customer relationship management, finance, enterprise resource planning, HR, supply chain and legacy systems
  • ETL
  • Data warehouse + external data + meta data
  • Data mining, Online analytical processing, query and reporting
  • Customers, finances, operations, and supply chain
  • Real time access, websites, reports and dashboards
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16
Q

What is the secodn layer on the BI Stack

A

Specialist information systems for each business function
- Data stored in multiple formats and lcoations
- CRM, Finance, HR, Enterprise resource planning, legacy systems, supply chain

17
Q

What is the metadata, data warehouse, warehouse maangemtn BI Stack level

A
  • Systems that store transformed data from specialist systems and manage it so it can be used
18
Q

What are examples of data solutions for Business intelligence

A

Hadoop

Googlebigquery

19
Q

What is the prupose fo Hadoop

A
  • Technological solution to handle big data
  • Increases speed of tasks completed
  • Task is broken down into separate elements and distributed to seperate servors
  • Performed by HDFS( Hadoop distribute file system) and Map Reduce framework
  • Completed tasks are reassmbled
20
Q

What are the types of data activities

A

Data modelling
Data manipulation
Data analysis

21
Q

Define data modelling

A

Analysis of organisation’s data needs required to support business processes

22
Q

Define data manipulation

A

reorganisation or transformation of data to make it easier to read or more meaningful

23
Q

Define data analysis

A

Overall process of collecting, cleansing, manipulation and modelling data to support decision making

24
Q

What are the three stages of data modelling

A

Conceptual Model
Logical Model
Physical Model

25
Q

What is meant by conceptual mode

A
  • stage on eof data modelling
  • consultation with internal stakeholders to determine and record data requirements
  • Finance: Liason with stakeholders to determine types of insights required
26
Q

What is meant by logical model

A

-Stage two of data modelling
- Data requirements are developed into formal documents specifying data structures to be use
- Finance: reviews the logical structure to ensure data requirements will be met

27
Q

What is meant by physical model

A

-Stage three of data modelling
- Physical model is created ot manage data
- Finance: testing of physical modelto ensure correct insights can be made

28
Q

What are the advantages of data modelling

A
  • Foundation for handling data
  • Helps with compliance of data regulation
  • Enhances data quality
  • Improves consistency of database
29
Q

What is the role of the finace function in data manipulation

A
  • Data manipulation language: DML
  • DML used to automate processes and handle complex data
  • Finance: manipulate data using accoutning fields
30
Q

What are the different types of data analysis for decision making

A
  • Exploratory data anlysis
  • Confirmatory data analysis
  • Predictive data anlysis
  • Text data analysis
31
Q

What is meant by explaratory data analysis

A

Finding new relationships or detures in data sets

32
Q

What is menat by confirmatory data analysis

A

Confirming or disproving hypothesis

33
Q

What is predictive data anlysis

A

Making forecasts based on techniques like statistical modelling

34
Q

What is text data anlysis

A

Extracting and classifying data from textual sources

35
Q

How do the characteristics od big data affect its storage requirements

A

Volume: infrastructure
Velocity: network and communicaiton systems
Variety: Data connection and data visualisation tools

36
Q

Which charecteristic of big data mainly affects the infrastructure used to store it

A

Volume

37
Q

What is the finance function roles in relation to big data qualities

A

Volume: internal audit for data storage
Velocity: benchmarking insights to IT Function
Variety: Ensure data connection and visualisation tools are adequate

38
Q

What questions does effective visualisation tools consider

A
  • who is the audience (level of detail and technical ability)
  • How do they want the data (form)
  • What outcome do they want
39
Q

Why does the finance function perform data visualisation

A
  • Responsibility to provide key insights
  • Knowledge and expertise required
  • Improved communication
  • Knowledgeof overall organisational strategy

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