Introduction to Data Flashcards
Two main formats of data?
Structured and Unstructured
Data is dericed from the word _______, which means _________.
Datum, given/facts
Structured data is ______, ______, _______, _______.
Organized, easy to manage
Tabular Format
Predefined structure
Text and Numbers
Unstructured data is ______, ______, _______, _______.
Unorganized, difficult to manage
No specific format
No predefined structure
Text, images, audio, video
Examples of unstructured data
Reports and email messages
Surveillance videos
Quantitative data is also called
Numerical Data
Quantitative data can be
count, measure, represent with numbers
Qualitative data is also called
categorical data
Qualitative data can be
group into categories
Data does not tell anything without context.
True
Data context refers to
information that provides meaning to data
Characteristics of data:
Time frame
Location and source
Characteristics of the data are also called
Metadata
What is the goal of data in organizations?
Support Business Objectives
Data can help organizations by?
Improving decision making
How can Data help business organizations?
Profitability
Social Good
Research
Customer Satisfaction and Employee Happiness
Measure ROI (Return on Investments)
Optimize processes and find new opportunities
How does data help in healthcare?
Monitor Personal Data
What is supply chain?
The sequence of processes involved in the production and distribution of a product.
What is the goal of data in healthcare?
Detect and prevent health problems
Turn patient care into precision medicine
Advancing healthcare research worldwide
What is the goal of data in supply chain?
Make sense of the massive amount of generated data
Metrics used to optimize supply chain?
Average Inventory
Inventory turnover ratio
What is inventory turnover ratio?
Calculates how often a company has sold and replaced inventory during a given period.
Common analytics technique used in supply chain to predict whether the right products will be in stock in time?
Demand Forecasting
How does data help in education?
User feedback
What does the DIKW pyramid stand for?
Data
Information
Knowledge
Wisdom
This pyramid highlights the journey data takes in order to become valuable wisdom.
DIKW pyramid
What is the foundation of the DIKW pyramid?
Data
Data without context?
Raw Data
_________ is (organized) data with context.
Information
______ is a higher level of understanding than data and is created by adding context to data.
Information
_________ is information with meaning.
Knowledge
Transforming data to _______ is the hardest part of the entire pyramid.
Wisdom
Add more meaning to the information at hand and understand the relationships between each piece of information.
Transforming knowledge into wisdom
Allows us to make decisions and apply our knowledge the world around us.
Wisdom