Chapter 16 Flashcards
A term describing the extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and actions.
analytics
Dynamic ticket pricing use takes off, and teams hope it’ll lure fans back into sports stadiums.
dynamic pricing
A type of artificial intelligence that leverages massive amounts of data so that computers can improve the accuracy of actions and predictions on their own without additional programming.
machine learning
A general term used to describe the massive amount of data available to today’s managers. Big Data are often unstructured and are too big and costly to easily work through use of conventional databases, but new tools are making these massive datasets available for analysis and insight.
Big Data
Data presented in a context so that it can answer a question or support decision-making.
information
A language used to create and manipulate databases.
structured query language (SQL)
Insight derived from experience and expertise.
knowledge
A single table or a collection of related tables.
database
A type of cloud computing where a third-party vendor manages servers, replication, fault-tolerance, computing scalability, and certain aspects of security, freeing software developers to focus on building “Business Solutions” and eliminating the need to spend time and resources managing the technology complexity of much of the underlying “IT Solution.”
serverless computing
A row in a database table. Records represent a single instance of whatever the table keeps track of (e.g., student, faculty, course title).
row or record
A column in a database table. Columns represent each category of data contained in a record (e.g., first name, last name, ID number, date of birth).
column or field
Job title focused on directing, performing, or overseeing activities associated with a database or set of databases. These may include (but not necessarily be limited to): database design, creation, implementation, maintenance, backup and recovery, policy setting and enforcement, and security.
database administrator (DBA)
A list of data, arranged in columns (fields) and rows (records).
table or file
The most common standard for expressing databases, whereby tables (files) are related based on common keys.
relational database
Raw facts and figures.
data
Systems that provide rewards and usage incentives, typically in exchange for a method that provides a more detailed tracking and recording of customer activity. In addition to enhancing data collection, loyalty cards can represent a significant switching cost.
loyalty program
Firms that collect and resell data.
data aggregators
Some kind of business exchange.
transaction
Systems that record a transaction (some form of business-related exchange), such as a cash register sale, ATM withdrawal, or product return.
transaction processing systems (TPS)
Older information systems that are often incompatible with other systems, technologies, and ways of conducting business. Incompatible legacy systems can be a major roadblock to turning data into information, and they can inhibit firm agility, holding back operational and strategic initiatives.
legacy systems
A method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data, and then stores the data in a special database called a data cube.
online analytical processing (OLAP)