Exam 1 Flashcards
Characteristics of good data
- Accurate
- Timely
- Relevant (in all ways)(to context and to subject)
- Just sufficient (just what you need and nothing else)
- Worth its cost
Non Routine marketable skills
- collaboration
- abstract reasoning
- systems thinking
- experiment
collaboration
develop ideas and plans with others. provide and receive critical feedback
abstract reasoning
construct a model or representation
systems thinking
model system components and show how components inputs and outputs relate to one another
experiment
create and test promising new alternatives, consistent with available resources
Metcalfe’s Law
network value equal to square of number of users connected to it (google, amazon, ebay exist due to large numbers of internet)
MIS key elements
- management
- development and use
- achieving strategies
management
develop, maintain and adapt; create an IS that meets your needs
development and use
active role, understand needs and requirements; consider users needs during development
achieving strategies
IS systems exist to help people in a business achieve the business strategy
Porters 5 forces
- bargaining power of customers
- threat of substitutes
- bargaining power of suppliers
- threat of new entrant
- rivalry
Primary activities of the value chain
- inbound logistics
- operations/manufacturing
- outbound logistics
- sales and marketing
- customer service
inbound logistics
receiving, storing and disseminating inputs to the products
operations/manufacturing
transforming inputs into the final product
outbound logistics
collecting, storing and physically distributing the products to the buyers
sales and marketing
inducing buyers to purchase the products and providing a means for them to do so
customer service
assisting the customers use of the products and thus maintaining and enhancing the product value
What is BI?
a technology driven process for analyzing data and presenting actionable information to help corporate executives, business managers and other end users make more informed business decisions
Activities in the BI process
- acquire data
- perform analysis
- publish results
acquire data
obtain, cleanse, organize and relate, catalog
perform analysis
reporting, data mining, big data, knowledge
publish results
print, web servers, report servers, automation
components of BI system
- operational
- social
- purchased
- employee knowledge
How do organizations use BI?
- project management
- problem solving
- deciding
- informing
project management
particulars of opening a new branch
problem solving
how do we decrease our overall budget
deciding
should we cancel this product line
informing
compare sales to forecasts
unsupervised data mining
- does not use a priori hypothesis or model
- findings obtained solely by data analysis
- hypothesized model created to explain patters found
- ex: cluster analysis
Supervised data mining
- uses priori model
- prediction, such as regression analysis
- ex: cellphoneweekendminutes
data mart
addresses a particular component or functional area of the business
market based analysis
an unsupervised data mining technique for determining sales patterns (statistical methods to identify sales patterns in large volumes of data, products customers tend to buy together, identify cross selling opportunities)
wrong granularity
- too fine
- not fine enough
reporting applications
create meaningful information from disparate data sources
basic operations in reporting applications
- sorting
- filtering
- grouping
- calculating
Moore’s law
computer price/performance ratio decreases
goals
- gain competitive advantage
- improve business processes
- gain knowledge about your business
intangible (nonphysical)
- patents
- property rights
- trademarks
- goodwill
- employee moral
- intellectual properties
tangible (physical)
- buildings
- computers
- any kind of equipment
