CH19: Data and information Flashcards
What are pros and cons of Primary Data?
i.e. data produced by the business itself
Pros: collected for specific purpose
Cons: reliability depends on staff skills and Expensive to produce
What are pros and cons of Secondary Data?
i.e. data obtained by the business from external sources
Pros: cost-effective/cheaper than producing primary data
Cons: information is too generic
What are the characteristics of good data/info?
TRRACC
Targeted - info is delivered to the right person at the right time
Reliable
Relevant
Clear - info is easily read and well-presented
Cost-efficient
What are INTERNAL sources of data?
Financial info - i.e. info used in accounting systems; cash books, sales ledgers
Management info - gathered from internal sources e.g. production reports
What are EXTERNAL sources of data?
*limitations of external sources of data: abundance of data so validity is dependent on the person doing the research hence reliability can be limited/inaccurate
Business contacts - info from customers/suppliers
Trade associations - info obtained through trade journals e.g regarding tech changes, accounting changes, legal info
News media- info obtained through media sources e.g. economic forecast, social trends
Government - info obtained from gov sources eg. current GDP, unemployment rate
What is Big data?
info which is too large to analyse or interpret using standard reporting facilities
What is Data and Information?
Data: initial input of raw facts and figures
Info: data which has been processed and converted into meaningful output
What are uses and limitations of big data?
Use: Allows info to be drawn from large amount of different datas vs. separate sets
Use: Big data has potential for almost universal application
Limitation: cost of storage
Limitation: factor in privacy and protection
What are Gartner’s 3 Vs which outline the challenges around using big data?
1) Volume- large amount of data being processed makes it harder to extract key info
2) Velocity - increasing speed of data in/out means it can quickly change. Analysis needs to be quick to spot and react to latest change.
3) Variety - the range of types/sources of data makes analysis difficult, e.g. data on different IT systems in an organisation cannot be easily brought together to analyse linkages
What is Gartner’s formal definition of big data?
High volume, high velocity, and/or high variety information that requires new forms of processing which enable advanced decision making, insight discovery, and process optimisation
What are the 7 stages to big data process?
1) Capture - collect data
2) Storage - where? IT needs?
3) Curation - organising the data
4) Analyse - examine data to produce useful info
5) Visualisation - presenting the data in a clear simple way
6) Search - allow users to search for the relevant info
7) Data sharing and Transfer - sending the relevant info to key people
How does using Big data provide a competitive advantage to businesses?
4 ways:
1) Produce improved PRODCUTS
2) Ensure STOCK levels are correct
3) Better TARGETING of MARKETING CAMPAIGNS
4) Effective PRICING strategy
What are the 3 types of bar charts?
Single
Multiple
Component (or percentage component bar - y-axis values presented as a % providing better insight as to the composition)
What are some cons to pie charts?
Does not show trends
info will need further analysis to be useful
What are scatter graphs useful for?
showing a connection/correlation between two pieces of data (by adding a line of best fit)
