ch8 Flashcards
2 managerial keys
decision making between alternatives and fast decision making
rational managing (5)
figure out what the problem is by asking the right questions get all the relevant info talk to all parties involved weigh all factors choose the most optimal solution
decision making steps (5)
get intelligence alternative formulation choice implementation review
3 factors to decision making
data
info
knowledge
problematic data (4)
wrong granularity
inconsistent data
nonintegrated data
dirty data because of nature of the business
what does OLTP stand for
online transaction processing
what does OLTP do
collects data and processes transactions
backbone of functional, cross functional, inter-organizational systems
2 types of transaction processing
real time and batch
what does OLAP stand for
online analytical processing
what does OLAP do
improves OLTP and does aritmitic functions
characteristics of data as a asset 4
reusable
low cost
can improve revenue and decisions
lower costs
what does BI stand for
business intelligence
what does BI do
gives information to improve business decision making
makes sure that the info is given to the right user
what are the primary BI systems 4
reporting systems
data mining systems
knowledge management systems
expert systems
what is a data wharhouse
collects and stores data from other sources
data warehouse things it does 5
prepares data for BI processing cleans the data catalogs the data obtains the data organizes and relates the data
what is a data mart
a smaller data warehouse for particular needs
what is data mining
finding patterns and relationships in data to make predictions
what is unsupervised mining
no model or hypotheses is made before the analysis instead hypothesis is made after to explain the results
what is supervised data mining
- hypothesis and a model is made before the analysis
- stats are used to estimate the parameters of the model
what are the three V’s in data mining
volume
velocity
variety
what is information overload
a lot of irrelevant info
Granularity
its the level of detail in data
clickstream data
e commerce data that describes a customers clicking behaviour
what does DSS stand for
decision support systems
what does dss do
it makes data collected by OLTP useful for decision making
what is drill down
further dividing data into more detail
data resource challenge
when OLTP data isn’t used for decision making
what does GDSS stand for
group decision support system
what does GDSS do
its a application that allows more than one individual to make a decision
market-basket analysis
its a data mining technique that determines sales patterns and shows what customers buy together
knowladge management system
retrieves a organizations knowledge
expert systems
systems created by interviewing experts and using their knowledge
what is RFM analysis
ranking customers based on their purchasing patterns
what is metadata
data that describes data
what is cluster mining
identifying groups that have similar data characteristics
what is lift
its the ratio of confidence to the base probability to buying the item
what is big data
term refers to a large volume and variety of data over a period in time
what does a OLAP report have
measurements and dimensions
