Session 2 Flashcards
what are the four steps of business perfromance management?
- strategies
- plan
- monitor/analyse
- act/adjust
what happens in the strategize phase?
finding out about mission, value, goals, objectives, incentives and strategy maps
what happens in the plan phase?
we nee to conduct budgeting, forecasting, modelling, introducing initiatives or setting targets
what happens in the monitor/analyse phase?
we need to check perfromance dashboards, reports and analytical tools
what happens in the act/adjust phase?
we execute the strategy, we need to interpret, collaborate, assess, decide, act adjust and track what is happeninhg tp deal with changes circumstances
What is data?
collection of facts usually obtained as the result of experiences, observations and experiments
- may consist of numbersm, words or images
- lowest level of abstraction from which information and knowledge are derived
- data becomed information and knowledge once we analyze it
what are the two types of data?
structured
unstructured
what are the data categories for structured data?
what is categorial data?
can be put into groups and categories using data and labels
what is nominal data?
type pf categorial data: 1. nominal data: data classified without an ordering or a rank (female/ male)
what is ordinal data?
type of categorical data: 2. ordinal data: data that can be ranked w/o measurable intervals in-between (lower middle upper class)
what is numerical data? (and the two sub categories)
data referring to numbers (can be categorised, ranked and has equal intervals in-between)
what is interval data?
type of numerical data:
whithout a true/ natural zero (e.g. celsius, 0 degrees is no absence of temp, and 40 degrees is not 2x times 20 degrees)
what is ratio data?
type of numerical data:
with a true /natural zero that indicated compleete absence of quantuty (weight, income)
what three operations can we make to measure centrality?
- arthimetic mean (sum/ nomber of observations)
- mean (middle value of an odered dataset)
- mode (number that occurs most often)
what operastions can we make to measure dispersion?
- range
- variance
- standard deviation
- mean absolute deviation
- quartile and interquartile range
- box-wiskers plot
- shape and distribution (skewness, kurtosis)