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MGT405 IT in Business > Chapter 5: Data and Knowledge Management > Flashcards

Chapter 5: Data and Knowledge Management Flashcards

5. 1 The Difficulties of Managing Data

1
Q

What are the difficulties in managing data?

A
  1. Amount increases exponentially over time
  2. Scattered throughout organizations and collected by many individuals using various method and devices
  3. Generated from multiple sources
  4. New sources of data are constantly being developed
  5. Data rot and degradation
  6. Data security, integrity and quality are easily jeopardized
  7. Organizations have developed their own information systems for their business processes, which results in conflict and repetition, which then leads to inconsistent data among an enterprise; this prevents the company from developing a unified view of core business info
  8. Federal regulations
  9. Drowning in unstructured data
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2
Q

What are 4 examples of sources that data is generated in?

A
  1. Internal sources
  2. Personal sources
  3. External sources
  4. The web (in the form of click stream data)
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3
Q

Examples of internal sources

A

corporate databases and company documents

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4
Q

Examples of personal sources

A

personal thoughts, experiences and opinions

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5
Q

Examples of external sources

A

commercial databases, government reports, corporate websites

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6
Q

What is click stream data?

A

data that visitors and customers produce when they visit a website and click on the hyperlinks

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7
Q

What is the function of click stream data?

A

provides a trail of the user’s activities in the website, showing their user behavior and browsing patterns

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8
Q

What are some examples of new sources of data?

A

blogs, podcasts, video casts, RFID tags, wireless sensors

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9
Q

What does “data degradation” involve?

A

customers move to new addresses or change names, new products are developed, employees are hired and fired, companies expand into other countries, companies go out of business or are bought

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10
Q

What is data rot?

A

Primarily means the problems with the media in which the data is stored

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11
Q

Can you give examples of data rot?

A
  1. Data that is physically put in storage can lead to damage when exposed to temperature, humidity and light, making it difficult to access
  2. Finding machines to access data can be difficult, especially if data is in old media like 8-track tapes. 8 track tapes become worthless in this day and age unless you own an 8 track player or convert them into modern mediums like CDs
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12
Q

Why are data security, integrity and quality easily jeopardized?

A

Legal requirements relating to data differ between countries and industries, they also change frequently

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13
Q

What is involved in federal regulations?

A

Sarbanes-Oxley wants companies to better account for how they manage info.

  1. Companies have to evaluate and disclose the effectiveness of their inter financial controls
  2. The independent auditors have to agree to these disclosure
  3. CEOs and CFOs to be held responsible for such disclosures
  4. Fraud, security breaches and a lack of satisfactory data management policies can lead to prosecution of the CEOs and CFOs
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14
Q

What are 2 extra problems of managing data?

A

Big Data and data hoarding

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15
Q

How do companies address problems with managing data?

A

They turn to “data governance”

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16
Q

What the heck is data governance?

A

Data governance is an approach to managing information across an entire organization . It involves a set of business processes and policies that are designed to ensure that data is handled in a well-defined fashion. The organization follows the rules to creating, handling, collecting and protecting its information. The objective is to make the data available, transparent and useful for the people who access it

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17
Q

What is a strategy for data governance?

A

Master data management

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18
Q

What is master data management?

A

It is a process that spans all of the organizational business processes and applications

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19
Q

What is the function of master data management?

A

It provides the ability to store, maintain, exchange and synchronize a consistent, timely and accurate single version of the truth for the company’s master data

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20
Q

What is master data?

A

A set of core data such as customer, product, employee, vendor, geographic location, etc. that span the enterprise information systems

21
Q

What is the difference between “master data” and “transaction data”?

A
  1. Transaction data is generated by operational systems, they DESCRIBE BUSINESS’ ACTIVITIES AND TRANSACTIONS
  2. Master data are applied to multiple transactions to CATEGORIZE, AGGRAGATE AND EVALUATE TRANSACTION DATA
22
Q

What are 2 examples of master data and transaction data?

A

You buy a Samsung TV on 20 May.

The master data is “type of product sold” and the transaction data is “Samsung TV”.

Another example, the master data is “date of purchase”, the transaction data is “20 May”.

23
Q

What is BIG DATA according to Gartner?

A

BIG DATA are diverse, high-volume, high-velocity information assets that require new forms of processing to enable enhanced decision making, insight discovery and process optimization

24
Q

What is BIG DATA according to The Big Data Institute?

A
  1. Exhibit variety
  2. Include structured, unstructured and semi structured data
  3. Don’t fit neatly into traditional, structured and relational databases
  4. Can be captured, processed, transformed, analyzed in a reasonable amount of time by only sophisticated information systems
25
Q

What does BIG DATA consist of?

A

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26
Q

Examples of BIG DATA?

A

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27
Q

What are the 3 characteristics of BIG DATA?

A
  1. Volume
  2. Velocity
  3. Variety
28
Q

What is variety?

A

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29
Q

What is volume?

A

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30
Q

What is velocity?

A

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31
Q

What are examples of variety in BIG DATA?

A

satellite imagery, broadcast audio streams, digital music files, website content, scans of government documents and comments on social media

32
Q

What are examples of volume in BIG DATA?

A

machine-generated data like a jet engine can generate 10 terabytes of data in 30 mins

33
Q

What are examples of velocity in BIG DATA?

A

quickly recommend additional purchases to customers

34
Q

3 benefits of BIG DATA

A
  1. spot business trends more rapidly and accurately
  2. track crime
  3. prevent disease
35
Q

Why were Walmart and Google the only corporations to use BIG DATA earlier on?

A

Because BIG DATA requires a great expense

36
Q

What has made BIG DATA affordable for most corporations today?

A
  1. hardware
  2. cloud computing
  3. open-source software
    4, NoSQL databases
37
Q

2 steps that corporations today take to manage BIG DATA

A
  1. USIYGFIUDYG
38
Q

What is the function/advantage of NoSQL database?

A

Function: They provide alternatives to firms that have more and different forms of data

Advantage: They can manipulate structured and unstructured data as well as inconsistent or missing data

39
Q

What are 2 examples of traditional relational databases?

A

Oracle and MySQL

40
Q

How are traditional relational databases store data?

A

In tables organized into rows and columns. Each row is associated with a unique record such as “customer account” and in that is “customer name, address, ID number”, etc.

41
Q

Why do corporations leverage BIG DATA?

A

to gain value from it

42
Q

What are the 6 ways to leverage BIG DATA?

A
  1. Creating transparency
  2. Enabling experimentation
  3. Segmenting population to customize actions
  4. Replacing/supporting human decisions with automated algorithms
  5. Innovating new business models, products and services
  6. Corporations can analyze far more data
43
Q

creating transparency

A

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44
Q

jshfsjd

A

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45
Q

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A

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46
Q

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A

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47
Q

gfgf

A

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48
Q

dgdg

A

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MGT405 IT in Business (2 decks)

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