Concepts and BI Systems Flashcards
What is Data?
Autonomous facts, unlinked with no meaning
What is information?
Set of processed data in a format that wishes to be useful and meaingful for its user
What is Knowledge?
Information interpreted dynamically and spontaneously, based on experience, context dependent and created to act or decide in a given situation
What is Wisdom?
Accumulated knowledge of life or in a sphere of activity that is gained through experience. The ability to make sound judgements without thought.
What is strategy?
A future perspective of an organization based on smart goals. Requires definition of strategic and tactical actions.
What is Information Strategy?
Strategic approach applied to the information that is desired in an organisation, and requires identification of information needs close to the different types of users, definition of the way the information should be organized or presented.
Business Intelligence is…
The process of collecting, storing and analyzing data from business opeartions, with a focus on descriptive stats (what and how)
Business analytics is…
The practice of using company data to anticipate outcomes, with an operations on predictive analytics (why)
What is the cycle of implementation of the information strategy?
- Top management
- Mid Management
- Analysts
- IT department
Operational/ transactional source systems are
information systems which aim to register and monitor regular, usually daily transactions in an organisation or interactions with the environment, using so called master - data
What are examples of operational/transactional source systems
Enterprise Resource Planning (ERP)
Customer relationship management (CRM)
FacebookInteractions
Business Intelligence (BI) systems
BI systems are…
organisational information systems, which aim to provide information for knowledgeable business decision making (Visual and Predictive insights)
What type of data BI Systems use?
based on relevant, typically type series, transactional data
Internal or external source systems
- Distributors
- Advertisers
- Web-logs
- Research firms
- Social networks
- Machine generated data (sensors, radio frequency)
Are data engineers, data scientists, data analysts and business analysts all the same?
No one is the same as the other
Data scientist
Prepares data for use by others
data design
data framework
Data analyst
Structured data
May work with unstructured and big data
data analysis skills (visualisation)
Business analyst
Strong communication skills
good interpretation kills
what is Big data?
A field that treats ways to analyzed, systematically extract information from and deal with data sets that are too large or complex to be dealt with traditionally.
What are challenges with big data analysis?
Capturing data, data storage,
