Chapter 2 Flashcards
Data
autonomous facts, unlinked, with no meaning
Information
set of processed data (organized, put into context) in a format that is useful and meaningful and UP-TO-DATE
Knowledge
information interpreted based on the owner’s experiences, created in order to act or decide in a given situation
Wisdom
Accumulated knowledge that has been gained through experience, ability to make judgements and decisions without apparent thought
Information system
manual or technological system that collects data, stores them and transforms them into information (the way information is presented should be adapted to the needs of each user)
Information technologies
components of information systems (e.g software, hardware, networks) which turn more agile the process of storage and treatment of data and help transforming them into information
Strategy
- definition of a future perspective of an organization based on SMART goals
- you need to define strategic and tactical actions, as well as the allocation of human, financial, technological and information resources
Information Strategy
- strategic approach applied to the information that is desired in an organization
- you need to identify information needs, define the way information should be organized (information architecture) or presented (information visualization)
Business Intelligence
process of collecting, storing and analyzing data from business operations in order to help decision making (scope: what? how?)
Business analytics
using company’s data to anticipate trends and outcomes, includes data mining, statistical analysis, and predictive modeling, also helps make more informed decisions (scope: why?)
Final goal of BI System
value creation based on quality information and continuous improvement processes that may support better decision-making
Operational/Transactional source systems
information systems which aim to register and monitor regular transactions in an organization
BI Systems
organizational information systems, which aim to provide information for knwoledgeable business decision-making, based on relevant, typically time-series, transactional data
BI Architecture
structure and components of a BI system
What does the structure of a BI system include:
Inputs: Data from different sources
Processing: Analyzing and organizing daata
Storage: Keeping the data in a place where it can be easily accessed
Outputs: The repots, dashboards, or visualizations that help people make decisions
Data engineer
builds and maintains the systems that collect and store data
Data analyst
analyzes data to find trends and create reports
Data scientist
uses advanced techniques (like machine learning) to predict future trends or hidden patterns in data
Business analyst
focuses on using data to improve business processes and decision-making
Staheolders in BI projects
individuals with interest in the BI project, such as the CEO, IT team, sales team…
Big Data
refers to extremely large datasets that are too complex for traditional data processing tools, it is used to find patterns and trends that can help businesses make better decisions
Atrificial Intelligence
when machines are programmed to think and learn like humans, it can be used to analyze data, make predictions, and even create new content
Machine learning
a type of AI where machines learn from data over time
Deep learning
a more advanced type of “machine learning” that uses neural networks to solve complex problems
