CHIA B Flashcards
Heirachy in the data, information, knowledge, wisdom (DIKW) model
“Wisdom
Knowledge
Information
Data”
Definitiosn of data, information, knowledge, wisdom
”* Data – representation of facts such as measurements or statistics collected for reference or analysis. For completeness, a fact is defined as something that truly exists or happens.
- Information – data in context, i.e., the meaning given to data by the way in which it is used and interpreted.
- Knowledge – an understanding about a subject attained via experience or study, either known by one person or by people generally.
- Wisdom – the ability to use knowledge and other personal attributes to make good decisions and judgments.
“
Define information management in contet of DIKW model
“Information management, of which data management is a subset, can be described as ““the process of collecting, storing, managing and maintaining information in all its forms”” (Techopedia, 2017). It involves:
* Identifying, capturing, assuring the quality of, and storing the subset of all available data and information likely to add the most value to the organisation, bearing in mind the associated costs and other relevant constraints.
* Organising, transforming, analysing, and assimilating data and information into forms that enable authorised users to access and generate insights from them appropriately, efficiently, and effectively.
* Managing data, information, and the resources their management consumes cost-effectively from conceptualisation to archival/disposal.”
Define knowledge management in contet of DIKW model
“Knowledge management can be described as ““the process of capturing or creating, distributing, and effectively using knowledge”” (Davenport, as cited in Koenig, 2018). Information is either:
* Used in conjunction with existing knowledge to draw conclusions about the subject matter concerned, or
* Analysed to add to or modify the existing body of knowledge (or both).”
The nature of wisdom - Western (2)
”* Theoretical – concerning ‘truth’ itself.
* Practical – essentially concerning whether or not a particular action should be done in a specific circumstance.”
The nature of wisdom - Psychology (5)
“Wisdom
* Is interwoven with values and ethics.
* Is linked to practice and action.
* Is a mixture of cognition and emotion.
* Engages knowledge and experience.
* Goes beyond the personal level, aiming for the common good””.”
The nature of wisdom - Management (10)
“The management view of wisdom tends to be ““a moral, epistemic [knowledge-based], and practical virtue geared towards achieving appropriate goals through appropriate management decisions and actions””
- Concerned with the fundamental aspects and uncertainty of human lives.
- Associated with possessing both knowledge and the ability to use knowledge and experience effectively.
- Dependent on experience. ““Although experience, in and of itself, does not necessarily lead to wisdom, it is essential and required for practical wisdom”” (Intezari & Pauleen, 2018, p.53).
- Practice-oriented, not merely theoretical.
- Ethical. Morality is considered an essential feature of wisdom. However, it must be remembered that different ethical approaches can lead to different conclusions from any given set of circumstances or facts. Accordingly, it is important to understand that there are various ways of thinking about things and possess self-awareness concerning ethical thinking.
- Self-transcendent. Practical wisdom is not limited to individualism but includes enhancing the well-being of others and possessing the awareness that personal actions have social consequences.
- Associated with good character (to make the right decisions) and judgement (to know what decisions need to be made).
- A unifying quality of rationality (cognition, reason) and non-rationality (feeling, intuition).
- Emotional. ““Wise people acknowledge the emotional component of all stakeholders including themselves when making decisions”” (Intezari & Pauleen, 2018, p.55).
- Self-aware. ““Wise people are aware of the limitations of their knowledge (Intezari & Pauleen, 2018, p.55).”
Derscriptive statistics
“Describe the data
Central tendency (mean, mode, median
Dispersion (percentiles, std deviation)”
Disadvanages of central tendancy
Mean = Outliers, mutli-modal
How to calculate std deviation
“Calculate mean
Variance of each data point from mean - squared
Sum thse values
divide by number of values (or 1 less than the number of values if a population)
Square root of that”
Inferential statistics
“Describe the inferences from the data sampolkes from large populations using probabilty theory
(Estimation and hypothesis theory)”
How to calculate probability
“The probability of a specific event (Px) is the number of possible instances of that event x divided by the total number of possible outcomes.
The addition rule of probability states that if two events are independent, then the probability of one or another event occurring is equal to the sum of the probabilities of each event
The multiplication rule of probability states that if two events are independent, then the probability of their joint occurrence is equal to the product of their individual probabilities”
Define statistics
Statistics are concerned with the collection and summary of empirical data. Statistical reasoning is inductive - it argues from observed specifics (e.g., an observed set of outcomes from a series of coin tosses) to broader generalisations.
Characeteritsi of an ideal sample
“The ideal sample is a random sample of the target population of a suitable size to draw valid conclusions. In other words:
* Every member of the target population should have an equal probability of being selected as part of the sample.
* The population from which the sample is taken should be the target population. In case this point is less obvious, consider the case where the target population is females aged 25-40 years. Surveying every third person passing a point on a street does not target this population. Unless the street has been chosen for its special characteristics, the sample will most likely include males and females outside the targeted age range.
* There must be enough respondents in the sample to control sampling errors.”
What is a confidence interval
The central question here is ‘how certain can we be that a statistic produced from a sample approximates the statistic that would have been produced from a census of the entire target population?’
Confidence interval 6 stigma
The basis of Six Sigma is in fact “six standard deviations”. 99.99966% of values lie within 6 standard deviations of the mean. Turning this around, attaining Six Sigma quality means attaining a sustained standard of fewer than 3.4 mistakes per million opportunities to make a mistake.
Estimation using students t-values
“Student’s t distributions are a family of probability models that are bell-shaped and centred on 0. There is more than one t distribution, each identified by a parameter known as its degree of freedom. Student’s t distributions become increasingly normal as the degrees of freedom rise, and a t distribution with infinite degrees of freedom is a standard normal distribution
Give the range for the true mean of a population from a sample
caclulate mean +/- (t-table value times std deviation divided by square root of the sample size)”