Section C Flashcards
What are the three different levels of decision making?
Strategic
Tactical
Operational
What is strategic decision making?
Long term, complex decisions
Director and Senior Management
What is tactical decision making?
Medium Term
Strategic plan into action
What is operational decision making?
Day to day decisions
Junior levels of management
What are the benefits of enhanced information?
Greater customer insight Potential for new sources of competitive advantage New business models and revenue streams Early warning of problems Customised products for customer needs
What is marketing?
Management process that identifies, anticipates and supplies customer needs efficiently and profitability.
How can technology help marketing?
Pricing Targeting Products Segmentation Promotions Customer Relationship Management
How can technology help operations?
Cost saving Forecasting Improved Service Supply Chain Preventative Maintenance
What are digital assets?
Assets help by business in digital form that do not have physical substance
What does DAM stand for?
Digital Management System
What are the features of a DAM system?
Database specifically designed to manage digital assets
Central location for digital asset storage and access
Allows access only to those authorised
What are the benefits of a DAM system?
Strengthen relationship across teams
Improve services to customers
Provides data on usage
Cost and space saving
What CGMA skills are needed by finance professionals?
Technical Business People Leadership Digital
What are the three stages in transferring data?
Extraction, Transformation and Loading (ETL)
What is extraction?
Process of harvesting data from source databases and locations
What is transformation?
Data will be transformed into a format suitable for destination database
What is loading?
Newly cleaned and prepared data being uploaded to destination database ready for use
What is data profiling?
Before extraction
Data analysed to understand content, format and structure
What is a data warehouse?
Store for data that’s been loaded in the ETL process
What is Business Intelligence (BI)?
Technology driven process of analysing business data to create insightful and actionable information to help improve operations or products of a business
What is a data model?
Considers data of an organisation in a systematic way that allows it to be stored and retrieved in an efficient and effective way
What are the advantages of data modelling?
Foundation for handling data
Enforces business rules
Consistency
Quality of data enhanced
What are the three levels of data modelling?
Conceptual
Logical
Physical
What is the conceptual level of data modelling?
Considering Business data and its requirements
What is the logical level of data modelling?
Develop technical map of rules and data structures
What is the physical level of data modelling?
How defined system will be implemented using a database modelling system (DBMS)
What does DBMS stand for?
Database modelling system
What is data manipulation?
Process of changing data to make it easier to read
What is data strategy?
Coherent approach for organising, governing, analysing and deploying an organisations information assets.
What are data scientists?
Individuals with ability to extract meaning from and interpret data, which requires tools and methods from stats and machine learning.
