For test Flashcards
(43 cards)
What is data?
Autonomous facts, unliked with no meaning
What is information?
Set of processed data (organizes and contextualizes) in a format to be useful for its users.
what is knowledge?
Information interpreted dynamically and spontaneously based on experience. Created to act or decide in a given situation.
What is wisdom?
Accumulated knowledge of life or sphere of activity that is gained through experience. Ability to make sound decisions without thought.
What are information systems?
manual or technological systems that collects data, stores them and transforms them into information.
What are information technologies?
Components of information systems (software, hardware, networks)
What is strategy?
a future perspective of an organisation based on smart goals. Requires definition of strategic and tactical actions and resource allocation.
What is information strategy?
Strategic approach applied to the information desired by organization.
What does it take to build the information strategy? (3)
- Requires identification of information needs close to the different types of users
- Definition of the way information should be organized or presented
- Adequacy of the tech infrastructure and information systems to make knowledge creation easier.
What is business intelligence?
Process of collecting, storing and analysing data from business operations.
What does business intelligence provide?
Provides comprehensive business metrics, in real time to support better decision making
What is the main focus and the scope of business intelligence?
Descriptive statistics
What and How
What is Business analytics?
Practice of using company’s data to anticipate trends and outcomes.
What does Business analytics provide?
Data mining, statistical analysis and predictive modeling that help make more informed decisions
What is the main focus and scope of business analytics?
Predictive analytics
Why
In a real life example, you sell homemade jewerly at an online store. What does Business Intelligence provide?
provides helpful reports of past and current state of business.
In a real life example, you sell homemade jewelry at an online store. What does Business Analytics provide?
it asks why did the sales of product X spike in country Y. It further mines your website data to learn where majority of traffic comes from.
What is the difference between Business intelligence and Business analytics?
BI is descriptive, the whats, while BA is diagnostic, predictive, the why and what will occur.
What are activities involved with business intelligence?
- Reporting
- Automated monitoring
- Dashboard
- Scorecards
- Ad hoc query
What are activities involved with business analytics?
- Statistical/quantitative analysis
- Data mining
- Text mining
- Predictive modelling
- Multivariate testing
- Forecasting
- Optimizations techniques
What is the utility perspective over the generated data? (4)
- Who will use the information generated?
- Are we sending the right info to the right user?
- Are we presenting the information in the right format?
- How can we improve?
What are BI systems?
Organizational information systems, aiming to provide information for knowledgeable business decision making.
What is BI architecture?
The structure and components of a BI system.
What systems provide data (BI inputs) to the BI system?
- Operational/Transactional source systems
- Other internal or external source systems.
