W8: Business Intelligence Flashcards
Draw the traditional file system
slide 519
What are the issues with the traditional file system (7 POINTS)
- redundancy
- inconsistency
- processing inflexibility
- wasted storage resources
- just present data, dont make reports
- only internal historical data, no external
- limeted statistical analysis
list the differences that newer databases bring
- relational data
- data represented as 2D tables
- each table contains data about an entity and its attributes
- foreign rays link records that are related
what do Database management systems (DBMS) offer
Database Management Systems (DBMS) offer a systematic and efficient way to create, manage, retrieve, and update data in databases.
define BI
Term for software and data tools for organising, analysing and providing access to data to help managers etc make improved decisions.
5 BI uses
- transaction processing systems - daily routine activities and transactions
- management information systems - routine reports for managers
- decision support systems - support non routine and rapidly changing decisions
- executive support systems - senior management for non routine issues, long-term trends
- enterprise apps - SCM, CRM and knowledge management
WHEN can BI give a competitive advantage
- high quality and detailed data
- optimisation, predictive modelling, statistical analysis etc
define big data
large sets that are computationally analysed for patterns, trends etc
List 4 V’s IBM model for big data
- volume - scale of data
- variety - different forms of data
- velocity - speed of analysis of sharing data
- veracity - uncertainty of data
what are non-relational databases
an innovation triggered by cloud computing and an increase in workload etc
- use a flexible data model
- designed for managing large datasets across many machines
- easy scaling
- useful for solving simple queries with large volumes of unstructured data from a variety of sources
Explain Blockchain
- database technology that allows the creation and verification of transactions instantaneously on a network without central authority
- basically a cloud network of transactions
- transactions stored in one ledger (financial diary) which can be accessed by a network of computers
- all computers continuously update
safe because once a block of data is recorded it cant be changed - uses authentication and encryption
draw blockchain model
slide 537
Define analytics
- means of extracting insights from big data
- process of inspecting cleaning, transforming and modelling big data to discover useful info
- includes both data analysis and communication
how has big data changed
- at first was just about measuring customers to sell things
- now data integrated with operations for additional capabilities like predictive etc
- can quantify value of assets
- allows for mass customisation and fusion of different data types
list 3 key big data questions
- how can we leverage big data for new oppurtunities
- how are digi platforms such as apps/SM changing customer interactions and expectations
- how can we asses companys readiness for benefitting from big data
