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Principles of IQ > Midterm Prep > Flashcards

Midterm Prep Flashcards

1
Q

What is the purpose of information quality?

A
  1. Maximizing the value and minimizing the risk of an organization’s information assets
  2. Assuring the information products produced by the organization create value for the people and systems who use them

VALUE + RISK + ASSURANCE

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2
Q

What is IQ Principle #1

A

Data is a resource from which individuals and
organizations can produce information products for the purpose of creating value

information products + VALUE

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3
Q

Data and information should be controlled as an

organizational asset!

A

IQ Principle #2

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4
Q

What is value?

A

VALUE = BENEFITS - INVESTMENT

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5
Q

What are the three ways value be measured?

A
  1. Monetary
  2. human (quality of life)
  3. mission accomplished
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6
Q

Information can only produce value when it is used for some purpose!

A

IQ Principle #3

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7
Q

Information should be managed as a product: the product of an information system, not a by-product!

A

IQ Principle #4

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8
Q

How do you describe successful product management?

A
  1. Understand information consumer needs
  2. Manage information as the product of a well-defined production process
  3. Manage the life cycle of the information product
  4. Appoint an information product manager
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9
Q

Information Quality and Data Quality are related but are different in their focus

A

IQ Principle #5

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10
Q

To what is Information Quality applicable?

A

information products, including their governance and use

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11
Q

How is Data Quality measured?

A

– measured in percentage: degree to which data requirements are met

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12
Q

What is the difference between Information Quality and Data Quality?

A

DQ - Inward focus, about the condition of the data; conformance to requirements. measured in metrics

IQ- Outward focus. value and meeting consumer expectations. measured in outcomes.

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13
Q

What is the engineering dilemma?

A

Are you building the thing right? or Are you

building the right thing?

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14
Q

Information Quality is contextual, not absolute

A

IQ Principle #6

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15
Q

When does data quality change?

A

DQ changes when either data or the data requirements change

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16
Q

When do the requirements for data quality change?

A

Changes in the use of information products can change the data requirements

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17
Q

Data have many intrinsic characteristics or dimensions that can be used to express data requirements

A

IQ Principle #7

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18
Q

What are the four categories of dimensions of quality according to the Wang-Strong framework?

A
  1. Intrinsic
  2. Contextual
  3. Representational
  4. Accessibility
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19
Q

The ________ dimensions of quality according to the Wang-Strong framework are:

  • Accuracy
  • Believability
  • Objectivity
  • Reputation
A

Intrinsic

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20
Q

The ____________ dimensions of quality according to the Wang-Strong framework are:

  • Value-added
  • Relevancy
  • Timeliness
  • Completeness
  • Amount of data
A

CONTEXTUAL

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21
Q

The _________ dimensions of quality according to the Wang-Strong framework?

  • Interpretability
  • Ease of Understanding
  • Representational consistency
  • Conciseness of representation
  • Manipulability
A

REPRESENTATIONAL

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22
Q

What are the accessibility dimensions of quality according to the Wang-Strong framework?

A
  • Access

- Security

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23
Q

What are the six domains of IQ Knowledge & Practice?

A 
– IQ value & business impact
– IQ strategy & governance
– IQ environment & culture
– IQ measurement & improvement
– Sustaining IQ
– Information architecture quality
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24
Q

Which of the six domains of IQ Knowledge & Practice have to do with data quality?

A

– Information quality measurement & improvement
– Sustaining information quality
– Information architecture quality

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25
Q

What are the two ways to relate information to value?

A

Business Problems and Data Problems

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26
Q

What is return on investment (ROI)?

A

ROI is the net gain calculated as a percentage

of the amount invested.

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27
Q

How do you calculate ROI?

A

ROI = 100*(Net Gain) / (Cost of investment)

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28
Q

What is the basic assumption of net present value (NPV)?

A

Money should constantly be growing in value – annual discount rate X%
– Un-invested money loses value
– Future dollars are worth less today

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29
Q

In order to align IQ with business goals in a business case a business case must make a clear connection between _____________ and ______________.

A
  • Information quality improvement

* Achieving business goals and objectives

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30
Q

What are the stages of the Information Lifecycle?

A

POSMAD
• Plan for information
• Obtain the information
• Store and Share the information
• Maintain and manage information
• Apply the information to accomplish your goals
• Dispose of the information it is no longer needed

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31
Q

Is the information lifecycle a linear process?

A

No

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32
Q

What are the activities within the PLAN stage of the information lifecycle?

A 
– Identify objectives
– plan information architecture,
– develop standards and definitions.
– Understand limitations and restrictions on the use
of the data (regulatory, privacy)
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33
Q

What are the activities within the OBTAIN stage of the information lifecycle?

A

– Create or compile records
– Purchase/rent data
– Load external files
– Extraction and capture of unstructured information

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34
Q

What are the activities within the STORE stage of the information lifecycle?

A

– Store data electronically in databases or file
– Store hardcopy as a paper or image
– Share physical access to the information
– Share logical access to the information through data catalogs and metadata specifications

35
Q

What are the activities within the MAINTAIN stage of the information lifecycle?

A

– Update, change, manipulate, parse, standardize,
validate, or verify data.
– Enhance or augment data cleanse, scrub, or transform data.
– De-duplicate, link, or match records.
– Merge or consolidate records

36
Q

What are the activities within the APPLY stage of the information lifecycle?

A

– Retrieve and use information

– Create information products for users

37
Q

What are the activities within the DISPOSE stage of the information lifecycle?

A

– Archive information for later access

– Delete or destroy data or records for legal reasons

38
Q

What phases of the information lifecycle carry costs?

A

All of them

39
Q

What phases of the information lifecycle generate value?

A

Apply

40
Q

What phases of the lifecycle are affected by information quality?

A

All of them

41
Q

What are the categories of data by structure?

A
  • Structured Data
  • Unstructured Data
  • Semi-Structured Data
42
Q

What are the categories of data by function?

A
  • Operational Data
  • User Generated Data
  • Machine Generated Data
43
Q

What is master data?

A

Master data describe people, places, and things critical to the organization “Nouns of the data vocabulary”

44
Q

What is transactional data?

A

Describe events that take place as an organization conducts its business “Verbs of the data vocabulary”

45
Q

What is reference data?

A

Sets of valid codes or classification schemes that

are referenced by

46
Q

What is metadata?

A
  • Metadata literally means “data about data.”

* Metadata label, describe, or characterize other data and make it easier to retrieve, interpret, or use information

47
Q

What are the types of metadata?

A
  • Business metadata
  • Technical metadata
  • Process metadata
48
Q

What things are included in data requirements?

A

– Data models and schemas
– Business rules
– Data quality requirements
– Data standards

49
Q

Data Quality is conformance to ________.

A

Data Requirements

50
Q

What is a data standard?

A

Data standard is a collection of related data

requirements to ensure everyone in an organization is acting in a consistent way.

51
Q

What activities are required to uphold data standards?

A

– Name, define, and format data
– Establish valid values
– Specify business rules

52
Q

What are data models?

A

• A way of visually representing the structure of
an organization’s data.
• It is also a specification of how data are to be
represented in a data store

53
Q

What are the three types of data models?

A

– Conceptual
– Logical
– Physical

54
Q

Who is Walter Shewhart?

A
  • The “Father” of statistical process control

* Pioneered the application of statistics to quality

55
Q

What are Walter Shewhart’s principles?

A

– Data have no meaning apart from their context

– Data contain both signal and noise. To obtain information you must separate signal from noise

56
Q

Who invented the Plan-Do-Check-Act cycle?

A

Walter Shewart

57
Q

Who is W. Edwards Demming?

A

American Engineer, Statistician, and Professor

• 7 Deadly Sins of Management

58
Q

What was W. Edwards Demming’s key message?

A

90% of problems are caused by management, 10% workers

59
Q
  1. Lack of Constancy of Purpose
  2. Emphasis on short-term profits
  3. Performance Appraisals that promote fear
  4. Mobility of Management
  5. Management by the use of visible numbers.
  6. Excessive medical costs
  7. Excessive cost of liability
A

Demming’s “7 Deadly Sins”

60
Q

Who is Joseph Juran?

A

Came up with the quality trilogy

61
Q
  • Planning
  • Improvement
  • Control
A

Juran’s Quality Trilogy

62
Q

What questions do you ask in quality planning?

A 
Who are your customers?
What are their needs and wants?
What are their quality characteristics?
How will you make the product/service?
How will you deliver the product/service?
63
Q
  • the governance process that makes sure things don’t get worse.
  • Inspection of actual performance against planned performance
  • Resolution of differences (root cause investigation)
  • Makes use of Statistical measures of performance to ensure control
A

Quality Control

64
Q

What is the focus of quality improvement?

A
  • fitness for use

- error reduction

65
Q

Who is ARMAND FEIGENBAUM?

A
  • Total Quality Control - Everyone working for full customer satisfaction
  • “Hidden” plant - extra work performed in correcting mistakes hidden within any factory
  • Accountability For Quality - quality must be visble at the highest levels of management
  • Quality Costs – quantifying the cost of quality
66
Q

Who is Philip Crosby?

A

• DIRFT system – “doing it right the first time”
– Quality is conformance to requirements
– The system of quality is prevention
– The performance standard is zero defects
– The measure of quality is the price nonconformance

67
Q

Who is KAORU ISHIKAWA?

A
  • Fishbone Cause and Effect Diagram - Ishikawa diagram
  • Implementation of Quality Circles
  • Emphasized the Internal customer
68
Q

Who is SHIGEO SHINGO?

A

Major contributor to the Toyota Production System now used by companies worldwide

Also pioneered
– “Just in time” production
– “Lean” production

69
Q

Who is GENICHI TAGUCHI?

A
  • Taguchi loss function, measures financial loss to society resulting from poor quality
  • “Off-line quality control”- products and processes insensitive to parameters outside the design engineer’s control
  • Innovations in the statistical design of experiments
70
Q

Who are the Japanese contributors to quality?

A

KAORU ISHIKAWA
SHIGEO SHINGO
GENICHI TAGUCHI

71
Q

Who are the contemporary academics and practitioners?

A 
Larry English
Dr. Richard Wang
Dr. Thomas Redman
Danette McGilvray
Laura Sebasitan-Coleman
David Loshin
72
Q

What is Redman’s “Rule of 10”?

A

It costs 10x as much to complete a unit of work when input data are defective as it does when the input data are perfect.

73
Q

What are information chains and why are they important?

A

• An information chain is effectively a chain of
processes through which information flows to
achieve an objective in the organization.
• Only by understanding how information flows can
you understand how the quality of the information
– Affects the Organization
– Is affected by the Organization

74
Q

What is McGilvray’s 10 steps method?

A
  1. Define business need and approach
  2. Analyse information environment
  3. Assess data quality
  4. Assess business impact
  5. Identify root causes
  6. Develop improvement plans
  7. Prevent future data errors
  8. Correct current data errors
  9. Implement controls
  10. Communicate actions and results
75
Q

What are the four steps in the solution process for the real options approach proposed by Amram and Kulatilaka?

A
  1. Frame the application
  2. Implement the option evaluation model
  3. Review the results.
  4. Redesign
76
Q

In calculating “Value = Benefits - Cost” what did the authors cite as the most difficult benefit
to quantify?

A

competitive advantage translated to improving the balance sheet as the most difficult benefit to quantify, compared with cost-avoidance metrics

77
Q

Who were the two data quality practitioners that documented the negative impact of poor
data quality on companies?

A

Larry English

Tom Redman

78
Q

To what does data quality apply?

A

Operational Data

79
Q

In what situation can the same data have different information quality?

A

when the same data is used in different information products for different purposes

80
Q

In what situation does data have “fixed data quality”?

A

The same data with the same set of data requirements

81
Q

What was Danette’s contribution to IQ?

A

10 Steps to Data Quality

82
Q

How is Information Quality measured?

A

Value Units

83
Q

What did Shewhart create?

A

Plan - Do -Check - Act

84
Q

What is the objective of Quality Improvement?

A

To achieve a new level of performance superior to previous levels

Principles of IQ (2 decks)

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