Chapter 1 Flashcards
The confirmation or validation of an event or object
Fact
A time infinite quantities of facts are widely available to anyone who can use a computer
Information Age
A world where interconnected Internet-enabled devices or “things” have the ability to collect and share data without human intervention
Internet of Things (IoT)
Refers to devices that connect directly to other devices
Machine-to-machine (M2M)
- Data
- Information
- Business intelligence
- Knowledge
The Core drivers of the information age
Raw facts that describe the characteristics of an event or object
Data
A collection of large, complex datasets, which cannot be analyzed using traditional database methods and tools
Big Data
The uncertainty of data, including biases, noise, and abnormalities
Variety
The scale of data
Volume
The analysis of streaming data as it travels around the internet
Velocity
has a definite length, type, and format and includes numbers, dates, or strings such as Customer Address format
Structured Data
Created by a machine without human intervention
Machine-generated data
Data that humans, in interaction with computers, generate
Human-generated data
Not defined, does not follow a specified format, and is typically free-form text
Unstructured data
Satellite images, scientific atmosphere data, and radar data
Machine-generated unstructured data
emails, tweets, and texts
Human-generated unstructured data
Data converted into a meaningful and useful context
Information
A data characteristic that stands for a value that changes or varies over time
Variable
A document containing data organized in a table, matrix, or geographical format allowing users to easily comprehend and understand information
Report
Changes automatically during creation
Dynamic report
Created once based on data that does not change
Static report
Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends, and relationships for strategic decision making
Business intelligence
Collects, queries, and consumes organizational data to uncover patterns and provide insights for strategic business decision making
Data analyst
- Understanding math and statistics
- Coding skills to work with data
- Business area subject matter expertise
Three Key Skills of a Data Analyst
The science of fact-based decision making
Analytics
The scientific process of transforming data into insight for making better decisions
Business analytics
Extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, markets, changes, and other relevant information
Data scientist
- Descriptive analytics
- Diagnostic analytics
- Predictive analytics
- Prescriptive analytics
The Four Categories of Analytics
Describes part performance and history
Descriptive Analytics
Examines data or content to answer the question, “why did it happen?”
Diagnostic Analytics
Extracts information from data and uses it to predict future trends and identify behavioral patterns
Predictive analytics
Creates models including the best decision to make or course of action to take
Prescriptive Analytics
Skills, experiences, and expertise coupled with information and intelligence that creates a person’s intellectual resources
Knowledge
The human, structural, and recorded resources available to the organization
Knowledge assets
Helps harness the wealth of knowledge in the organization
Knowledge organization
Individual valued for their ability to interpret and analyze information
Knowledge worker
When one business is unable to freely communicate with other business units. This makes it difficult/impossible to work cross-functionally
Data silo
The ability for data to be collected, analyzed, and accessible to all users
Data democratization
Material items or products that customers will buy to satisfy a want or need
Goods
Tasks performed by people that customers will buy to satisfy a want or need
Services
The process where a business takes raw materials and processess them or converts them into a finished product for its goods or services
Production
A way of monitoring the entire system by viewing multiple inputs while continuously gathering feedback on each part
System thinking
A business function, accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving
Management Information Systems (MIS)
A product or service that an organization’s customer place a greater value on than similar offerings from a competitor
Competitive advantage
occurs when an organization can significantly impact its market chare by being first to market with a competitive advantage
First-mover advantage
evaluates project position
SWOT analysis
Evaluates industry attractiveness
The Five Forces Model
Choose business focus
The Three Generic Strategies
Executes business strategy
Value Chain Analysis
