Lecture 12 Business Intelligence & Knowledge Management Flashcards
Data:
Raw symbols, numbers, or words without specific meaning (e.g., “1811121250”).
Information
Processed data that is contextual and meaningful (e.g., “The global temperature is rising”).
Knowledge
Combination of skills, experience, and learning that enables decision-making (e.g., “Reducing carbon emissions could slow temperature rise”).
What is the difference between Data, Information, and Knowledge?
Data is processed into information, and through experience, it becomes knowledge.
What are the key aspects of Knowledge Management (KM)?
KM involves managing knowledge through:
Acquisition: Gathering knowledge internally and externally.
Access: Knowing who holds knowledge or where it is stored.
Sharing: Transferring knowledge across teams or individuals.
Application: Using knowledge for practical outcomes.
Evaluation: Assessing the value of knowledge.
Objectivist Perspective (Explicit Knowledge):
Knowledge is explicit, codified, and stored in systems like databases (e.g., ERP, Business Intelligence Systems).
Subjective Perspective (Tacit Knowledge):
Knowledge is tacit, social, and culturally embedded, emphasizing collaboration and social interaction (e.g., wikis, blogs, Gemba walks).
What is the difference between Explicit and Tacit knowledge?
Explicit Knowledge: Knowledge that is codified and can be documented (e.g., manuals, databases).
Tacit Knowledge: Knowledge that is personal, experiential, and difficult to articulate (e.g., insights, intuitions
What are the four stages of knowledge conversion in the SECI Model?
Socialization: Sharing experiences and learning through imitation (Tacit to Tacit).
Externalization: Articulating personal knowledge into explicit forms (Tacit to Explicit).
Combination: Combining different types of explicit knowledge (Explicit to Explicit).
Internalization: Making explicit knowledge your own and applying it (Explicit to Tacit).
How does Social Media impact Knowledge Management (KM)?
Reduces organizational control and predictability.
Increases employee involvement and informal knowledge sharing.
Enhances interaction, reputation building, and collective intelligence.
What is Business Intelligence (BI)
BI refers to processes and technologies for gathering, analyzing, and presenting business data for better decision-making
What are key elements from business intelligence
BI Systems: Also known as Decision Support Systems.
Data Warehouses: Store and integrate data.
Data Processing: Identifies patterns and trends.
What are the two types of Business Intelligence (BI)?
Operational BI: Provides immediate insights for daily decisions (e.g., alerts, reports).
Tactical/Strategic BI: Supports long-term planning through forecasting and predictive modeling.
What is the difference between Reporting and Data Mining?
Reporting: Collects and organizes data to produce standard reports (e.g., RFM Analysis, OLAP).
Data Mining: Uses statistical techniques to find patterns and make predictions.
Exploratory (Unsupervised): Finds unknown patterns (e.g., cluster analysis, machine learning).
Confirmatory (Supervised): Tests hypotheses (e.g., regression analysis).
What are the key takeaways about Knowledge Management (KM) and Business Intelligence (BI)?
KM focuses on managing both explicit and tacit knowledge to enhance learning and performance.
BI integrates data analysis and decision-support tools to provide actionable business insights.
Social Media bridges formal KM systems and informal knowledge sharing, fostering collaboration and innovation
