Session 3 Flashcards
(46 cards)
Data
- Raw facts
- Just numbers(s) and /or text
- Context is not always provided
Information
- Data with context
- Processed data
- Value-added to data (Summarized, Organized, Analyzed)
Data transformation
- Organizing (re-grouping, clustering)
- Analysing (summarizing, manipulating)
- Contextualizing (giving meaning, sense, setting)
Propreties of information
- Intagibility & non-rivalrousness
- Multiple re-uses
- Use/exploitation is capability-based
- Information asymmetry
Why does digital ecosystems providers exploit information asymmetries ?
Because that imbalance means that the side with more, better or unique information enjoys a competitive advantage over others.
Structured data
Follows strict norms and conventions which make it easy to store and query
Unstructured data
Do not follow strict norms and conventions, which make it harder to store and query
What are the 2 types of Quantitative data ?
- Discrete data
- Contininuous data
Discrete data
- The number of students in a class
- The number of workers in a company
- The number of home runs in a baseball game
Continuous data
- The height of children
- The square footage of a two-bedroom house
- The speed of cars
Qualitative data
Descriptive or non-numerical data used to describe and understand characteristics, attributes, or experiences
What are the 2 types of Qualitative data ?
- Nominal data
- Ordinal data
Nominal data
Categorical data that has no inherent order or rank. It can take on any value from a set of categories, but the categories themselves have no specific meaning or order (ex: gender, hair color, ethinicty)
Ordinal data
Categorical data that has a natural order or ranking. Unlike nominal data, ordinal data categories have a specific meaning and order (ex: first, second and third; letter grades; economic status)
Types of data ownership:
- Organizational data
- Public or open data
- Personal data
Organizational data
Data that is privately owned by companies (Transaction data, Social media data, Clickstream data, System logs)
Public or open data
Data that is publicly available and accessible by everyone
Personal data
Data belonging or private to individual / person. Data that can be used to identify person (date of birth, fingerprints, DNA, income, address, health information)
Relational Databases
Data model based on storing data as an organized collection of interrelated tables containing data
Data warehouse
Digital storage system that connects large amounts of structured organizational data from many different sources : store current and historical data in one place (single source of truth for an organization)
Data lake
Digital storage system that conncets large amouths of unstructured data from many different sources
Metadata
“Data about data”
Business metadata
Adds context to your data
Technical metadata
Describes how to access data - including how it is structured
