all things data Flashcards
what is data ?
Data is the raw and unprocessed facts that we capture according to some agreed-upon standards. Data could be a number, an image, an audio clip, a transcription, or similar.
what is information ?
Information is data that has been processed, aggregated, and organized into a more human-friendly format. Data visualizations, reports and dashboards are common ways to present information. (facts revealed by data fitted with context)
what is insight ?
Insight is gained by analyzing data and information in order to understand the context of a particular situation and draw conclusions. Those conclusions lead to actions you can apply to your business
what is the goal of data management ?
enable an organization to get more value from its data, Successfully being able to share, store, protect and retrieve data can be the competitive advantage. It helps to mitigate risks and enables decision making in organizations
COSTS OF POOR DATA MANAGEMENT:
- Misinterpretation of data
- Lost data
- Inaccessible data
- Wasted time and money
- Missed deadlines
which data managements activities are there
- Governance activities
- Lifecycle activities
- Foundational activities
GOVERNANCE ACTIVITIES
= Help control data development and reduce risks associated with data use, while at the same time, enabling an organization to leverage data strategically. The purpose of data governance is to ensure that data is managed properly, according to policies and best practices
What do you need to define A DATA STRATEGY
- Setting data policies
- Data stewardship
- Data ownership
- Data valuation
- Data maturity assessment
- Data classification
- Installing a cultural change
- Principles & ethics
Break down the data strategy develoment in 4 key stages
- Identify
strategic business goals and align planned data initiatives with them - Assess
the current state and maturity of your data management environment - Propose new capabilities, processes and technologies to meet business needs
- Plot out an implementation roadmap and an internal communication plan
what is data stewardship
Data stewardship refers to the management and oversight of an organization’s data. This includes ensuring the quality, accuracy, and security of the data, as well as ensuring that policies and procedures are in place to protect the data. Data stewards are responsible for overseeing the data and ensuring that it is being used appropriately, but they don’t own it.
data ownership
Data ownership refers to the individual or group within an organization that is responsible for the data and its use. Data owners are responsible for ensuring that the data is accurate, complete, and protected, and that it is being used in compliance with legal and regulatory requirements. They also have decision making power on how the data is used and shared.
classify data categories
Public :
Data that may be freely disclosed to the public
Marketing materials, contact information, price lists
Internal Only :
Internal data not meant for public disclosure
Battlecards, sales playbooks, Organizational charts
Confidential :
Sensitive data that if compromised could negatively affect operations
Contracts with vendors, employee reviews
Restricted :
Highly sensitive corporate data that if compromised could put the organization at financial or legal risk.
IP, credit card information, social security numbers, PHI
what are lifecycle activities ?
Lifecycle activities refer to the various stages that data goes through from its creation to its disposal. These stages include data collection, data processing, data storage, data analysis, data visualization, data archiving, and data deletion
what is plan&design , enable&maintain, use&enhance
Plan & design” involves determining the specific data requirements and goals for a project and creating a plan to achieve those goals, including data governance policies and technical infrastructure.
“Enable & maintain” ensures that the data is accurate, accessible, and protected, and manages the day-to-day operations of the data management system.
“Use & enhance” leverages the data for its intended purpose and continuously monitors and evaluates its effectiveness, identifying opportunities to improve or enhance data-driven processes.
what are foundational activites
Foundational activities refer to the basic tasks and processes that organizations must undertake in order to establish a solid foundation for data management. These activities are essential for ensuring the quality, accuracy, and security of the data and are typically the starting point for any data management initiative.
for a good foundation we need :
- Data quality
- Data protection & security
- Risk management
- Data privacy
explain data quality and gigo
GIGO is an acronym for “garbage in, garbage out.” It is a principle that states that if the input data to a system is inaccurate or of poor quality, then the output from that system will also be inaccurate or of poor quality. In other words, if the data that is being used as an input is not accurate or reliable, the output will not be accurate or reliable either. This principle applies to a wide range of systems, including computer systems, data analysis, decision-making processes, and many others.
Data quality= If the data meets the expectations and needs of data consumers
