6: Using Data to Create and Preserve Value

Question 1

feedback

Answer 1

whenever you take results for a process, gather results and use the information to influence future performance by adjusting inputs

Question 2

single feedback loop control system

Answer 2

go around in circles without human intervention

highly automated and dependable - think about a home central heating system

sensor senses outputs, feeds that into a comparator, which plays with the effector which adjusts inputs to control the process

Question 3

double loop feedback system

Answer 3

higher level of human control with the human adjusting the standard

Question 4

data extraction, transformation and loading (ETL) systems

Answer 4

3 part process

1. extract - taking data from one database and putting it into another
2. transform - converting the data for the new database
3. loading - writing the transformed data into the target database

data supplied by the ETL system is data drawn by a lot of independent business systems within the organisation

sitting above the ETL system is software analysing data supplied by the ETL system

then above that is data dashboards and data visualisations

Question 5

business intelligence (BI) systems

Answer 5

systems describing the technological architecture that extract, assemble, store and access data to provide reports and analysis

Question 6

structure of business intelligence (BI) systems/stack

Answer 6

IT infrastructure at the bottom as the basic hardware/software

then specialist information systems like CRM, finance, ERP, HR, etc.

ETL systems drag data together to recode and resort it before loading it into the centralised warehouse

systems store the transformed data and manage it for use by higher-level systems

OLAP systems process inputs on a real-time basis and data mining allows us to extract information from data

main systems we use to make business decisions

real-time access to reports, dashboards and updates

Question 7

hadoop

Answer 7

technological solution allowing us to deal with big data

example - GoogleBigQuery

increases the speed at which tasks can be completed
- breaks down the task into component parts, each of which is sent to a separate server which works independently so systems are not overloaded with excessive data or processing requirements

Question 8

hadoop distribute file system (HDFS)

Answer 8

software coordinating what process goes to which server

MapReduce framework

Question 9

data modelling

Answer 9

understanding of what data the business needs to support business processes

Question 10

data manipulation

Answer 10

reorganising and transforming the data you have to make it easier to use

Question 11

data analysis

Answer 11

collecting, cleansing, manipulating and modelling of data to support decision-making

Question 12

3 stages of data modelling

Answer 12

1. conceptual model - what data do you have? what do you need?
2. logical model - thinking about what the system looks like, finance function reviews to ensure completion and accuracy
3. physical model - finance function tests to ensure the physical model aligns with the conceptual model

Question 13

advantages of data modelling

Answer 13

data compliance
enhancing the quality of data
good foundation for data handling and facilitation processes
improving the consistency in which the database is built

Question 14

data manipulation language (DML)

Answer 14

allows us to automate the process of handling data sets

Question 15

levels/types of data analysis which informs decision-making

Answer 15

exploratory data analysis

confirmatory data analysis

predictive data analysis

text data analysis