Decision Making & Knowledge Management Flashcards
What process do decision makers follow?
A repeatable process
Steps in the Decision Process
- Define the problem
- Identify limiting factors
- Develop potential alternatives
- Analyze the alternatives
- Select the best alternative
- Implement the decision
- Establish a control and evaluation system
Structured Data
- Everything so far in course
- ERD
- Organizational Databases
- ERP
- Clearly defined data entities, types, relationships, hierarchies
Unstructured Data
- User generated data
- Tweets
- Comments
- Images
- Videos
- Blogs
Types of Decisions You Face
Recurring/Non-recurring
Unstructured/Structured
What type of decision is your daily/weekly regimented tasks?
Structured & Recurring
What type of decision is using analytics to solve complex problems and questions?
Unstructured & Non-recurring
Analytics
The process of making sense of large data sets and unlocking patterns, often using data visualization, to enable better decision making
Data Analytics
Art/Science of examining raw data for the purpose of gaining insight and drawing actionable conclusions about business problems
Big Data Analytics
Process of examining big data to uncover hidden patterns, unknown correlations, and other useful information that can be used to make better decisions
What should we do with all of this data?
Data –> Information –> Knowledge
Descriptive Analytics
- Tracks consumer behavior
- Describes what is happening
- “How do users interface with a website?”
Predictive Analytics
- What will consumers buy?
- When will demand surge?
Why should you care about data?
- Cost reduction
- Faster, better decision making
- New products and services
What does Google Analytics track?
- Site metadata/user engagement
- # of sessions
- Average session duration
- Number of pages visited and duration at each
- Bounce rate
- Conversion
Why do some organizations resist data driven decision making?
Because they don’t like what the data is telling them; People don’t like to be held accountable for problems
OTLP (Online Transaction Processing)
Class of information systems that facilitate and manage transaction-oriented applications, typically for data entry and retrieval transaction processing
OLAP (Online Analytical Processing)
Computer-based technique of analyzing data to look for insights. The term cube here refers to a multi-dimensional dataset, which is also sometimes called a hypercube if the number of dimensions is greater than 3
Characterization of OLTP vs. OLAP
- OLTP: large number of short on-line transactions
- OLAP: relatively low volume of transactions
Hypercube
Multi-dimensional “cubes” of information that summarize transactional data across a variety of dimensions
Knowledge Management
- Process of capturing, developing, sharing, and effectively using organizationalknowledge
- Refers to a multi-disciplinary approach to achieving organizational objectives by making the best use ofknowledge
Why are CEOs worried about Baby Boomers?
Because they are starting to retire so they will be losing out on these essential skills
What are communities of practice composed of?
Domain
Community
Practice
Purpose
Examples of Business Constraints
Budget, Schedule, Scope, Time
Satisfice
To make the best decision possible with all the information, time, and resources available
Nominal Group Technique
- Highly structured meeting/agenda
- Restricts discussion during decision making process
- Ensures equal input
- Avoids conformity
Delphi Technique
- Participants never meet
- Written questionnaires to conduct decision making
How are sport franchises like small businesses?
- Think they are too small to benefit from big data
- Data shows different states then what people actually think
What did SAP do to change the world of sports?
Integrated a software for a drafting application that measures more meaningful and desirable traits
Why do people tend to resist analytics?
- Creates new accountability which makes people nervous
- More data = more responsible for inefficiencies
- More invested in acquiring analytic capabilities than confronting accountability crisis
What are the assets of Knowledge Managements?
-Databases, documents, policies, procedures, expertise
Explicit Knowledge
Information or knowledge that is set in tangible form
Implicit Knowledge
Information or knowledge that is not set in tangible form but could be made explicit
Tacit Knowledge
Information or knowledge that one would have extreme difficulty operationally setting out in tangible form
Lesson Learned Database
Databases that attempt to capture and to make accessible knowledge that has been operationally obtained and typically wouldn’t be captured in fixed medium
Community of Practice
- Groups of individuals with shared interests that come together in person or virtually to tell stories, share/discuss problems/opportunities, talk about lessons learned, etc.
- Ex: World Bank
KM Development Stages
- Driven by IT
- HR/Corporate Culture
- Taxonomy and Content Management
Data Analytics
The use of tools and people to uncover hidden patterns in data that might not be readily available to the naked eye
Google Analytics
-Tracks web site metadata and user engagement
What is OTLP composed of?
High Transaction Volume + Quick Data Entry/Retrieval + Data Integrity
What is OLAP composed of?
Complex Queries + Data Mining + Multi Dimensional Reporting
What is the focus difference between OLAP and OLTP?
- OLTP focuses on business processes such as operations, business strategy, and master data transactions
- OLAP focuses on business data warehouse with information and data mining analytics decision making
OTLP/OLAP Database and Data Warehouse
-OLTP Database information is dumped into OLAP Data Warehouse (business intelligence)
What does a Hypercube allow us to do?
Allows department to figure out sales at a certain time, territory, etc. by eliminating queries
Data Marts
- Chunks/smaller versions of a hypercube
- Merchandising, Advertising, Distribution, Sales, Marketing
The Four Vs of Big Data
- Volume (lots of data)
- Variety (lots of types of data)
- Velocity (data must be changing rapidly)
- Veracity (truthful)
- Ex: Weather Channel
Big Data Tools
- Storage: Hadoop
- Processing: Hadoop Map Reduce
- Analytics/Visualization: Tableau
Brain Drain
Anticipated loss of technical skill, historical knowledge, and ability over time due to this rapid rate of retirement
Tacit Knowledge
- Difficult to transfer to others, visualize, write down
- Gained/Learned through experience
- Action-Oriented “how we know” information
- Ex: How to ride a bike, learning a language, team management
Explicit Knowledge
- Academic
- What you know
- Easy to describe in language and transfer between people
- Anything documented
- Work flow, SLD, Payroll
How do organizations transfer tacit knowledge to explicit knowledge?
Communities of Practice
Benefits of KM
- Improves performance
- Decreases learning curve
- Respond more rapidly
- Reduces rework, share knowledge for new ideas
Challenges of KM
- Employee buy in
- Knowledge overload
- Keeping data accurate
Communities of Practice
- Community: creates environment for people to discuss topic
- Domain: focuses on specific knowledge (expert)
- Purpose: hear about everyones experiences and share own
- Practice: continue to talk about techniques
