8 The Informational Context of Business: Data and Information

Question 1

What is data?

Answer 1

facts , number or transactions not yet processed

Question 2

What is information?

Answer 2

data processed in such a way that it is meaningful.

Question 3

What are the characteristics of good information?

Answer 3

Accurate- precise enough to allow appropiate decision to be made
Complete- contain relevant facts
Cost-effective 
Understandable
Relevant
Authoritative
Timely 
Easy to use

Question 4

What is quantitative data?

Answer 4

datat that can be measured e.g. how old are you?

Question 5

What is qualitative data?

Answer 5

data that can’t be measured

Question 6

What is discrete data?

Answer 6

Values/observations are distinct/separate and can be counted.

Question 7

What is continuous data?

Answer 7

Values/observations that may take on any value within a finite or infinite interval

Question 8

What is primary and secondary data?

Answer 8

Primary - data gathered for a specific purpose by the user

Secondary - gathered by someone else for another purpose

Question 9

What is a random sample?

Answer 9

picked at random from the sampling frame until complete

Question 10

What is a stratified sample?

Answer 10

sampling frame is divided into non-overlapping groups or strata e.g. geographical area, age-groups

Question 11

What is systematic sample?

Answer 11

Every nth item in sampling frame taken for the sample

Question 12

What is cluster sampling?

Answer 12

Divide popln into groups - clusters are selected randomly to represent the popln then all units within selected clusters are inc in the sample.
- No units from unselected clusters are used in the sample

Question 13

What is multi-stage sampling?

Answer 13

like cluster sampling but involves selecting a sample within each chose cluster rather than all units within the cluster. At least two stages.

• Designed to contain more popln units than required for the final sample
• In the second stage popln units are chosen from selected clusters to derive final sample.

Question 14

What is quota sampling?

Answer 14

Sample of ‘x’ items is taken. May be a bias in the sample.

Question 15

What is structured, unstructured and metadata?

Answer 15

Structured data = data in traditional, organised database files
Unstructured data = images, videos
Metadata = other data e.g. keywords that describe the content

Question 16

What are the three characteristics of big data?

Answer 16

1. Volume - more data than ever before is being collected
2. Velocity - speed at which data is being streamed
3. Variety - different system will be in many different formats