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MIS30080 Info management for actuaries > Week 01 > Flashcards

Week 01 Flashcards

1
Q

Why is data collected and stored primarily?

A

Generally collected for operational processing (to sell/ to save money) and then the potential for analysis is a by product.
Generally in actuarial data is collected for analysis.

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2
Q

Define descriptive analytics

A

Descriptive analytics is the process of using current and historical data to identify trends and relationships.

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3
Q

Define predictive analytics

A

Predictive analytics is a branch of advanced analytics that makes predictions about future outcomes using historical data combined with statistical modeling, data mining techniques and machine learning.

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4
Q

Define prescriptive analytics

A

While prescriptive analytics helps you draw specific recommendations for the future

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5
Q

What should one be aware of when using data that has come from people remote from those who collected it?

A

What has happened to the data since its collection - need to know this to know if the data is suitable for my purpose and my analysis

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6
Q

How do computers help us? - Four functions and when they were realised?

A

Computation in 1950s
Storage in 1960s (meant databases were introduced)
Graphics in 1970s
Networks in 1980s

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7
Q

Explain original computation capacity of computers on computer circuits

A

Circuit was used - closed for true (1), open for false (0). This is a binary system

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8
Q

Define a byte

A

Cluster of 8 bits

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9
Q

Define a microprocessor

A

Computer processor where the data processing logic and control is included on a single integrated circuit. The microprocessor contains the arithmetic, logic, and control circuitry required to perform the functions of a computer’s central processing unit.

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10
Q

Explain the meaning of Moores law

A

Speed of computers doubles every 2/3 years and gets cheaper progressively

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11
Q

What is unique about the change in IT costs comparing to other sectors?

A

Changes are of a different magnitude. Cost of technology in 2019 vs 2000 is 0.38% as much

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12
Q

Using a comparison between first personal computer describe the developments in storage for computers

A

1983 IBM made first personal computer which the hard drive held 10 MB. In comparison where storage used to be very costly storage is now almost free and comes by the terabyte.

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13
Q

What is data

A

Its a starting point for a process to allow betetr decisions - includes raw measurements and is considered to have little or no value until it has been processed and transformed

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14
Q

Explain the meaning of noise

A

Unrelated data items

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15
Q

What is information

A

Data that has been process for a purpose making it now meaningful so that it can be interpreted and understood by the recipient.

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16
Q

What is significant about data processing which can affect its interpretation

A

Data can be processed in different ways to provide different forms of information

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17
Q

What si the general process to organise data into information (ie data transformation)

A

Classification
Rearranging/ sorting
Aggregating
Performing calculations
Selection

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18
Q

Give examples of how we summarise information for decision making using statistical method, visual method and textual ,method.

A

Stats - Central tendancy
Visual - charts
Textual - sentiment analysis

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19
Q

Give examples of how we subset information for decision making?

A

In a data base we can use selection and projection. We can use case based reasoning to provide relevant examples or we can do a full text search

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20
Q

Give examples of how we interpret information for decision making using statistical method, visual method rule based method or machine learning.

A

Stats - confidence interval
Visual - dashboards
Rule based - expert knowledge on whats good and whats bad
Machine learning - anomaly detection

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21
Q

What is the purpose of operation systems and what do they do to data

A

These systems process data into standard forms. The main reason we use IT for operation is to save money

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22
Q

What’s the difference between operational systems and information systems

A

Operational systems aim to save money doing things that need to be done. Information systems aim to provide information for better management decisions

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23
Q

Explain what web analytics do

A

Turn data collected from website into information about customers ex: why do people not proceed with a purchase/ who visits the site etc

24
Q

What does business analytics do

A

Processes quant data into information

25
Explain what financial reporting is doing in terms of data
Processes financial dara into standard reports for managing the business
26
What are three lower level information systems in order and what are they used for
Transaction processing systems - output used for business operations not decision making so much Office automation systems - transfer of information and coordination of work Management information systems - summary reports and systematic organisation of info. Produces simple models for business activity.
27
What is the cycle created by information systems
Systems save money for business - systems provide info to management - which saves money for the business
28
What are three management support systems
Decision support systems Executive information systems Expert systems
29
Explain decision support systems
Data subsystem - usually involves ability to model so you can try different scenarios. This tool allows interaction and flexibility not producing a single solution but helping explore all
30
Explain EIS Executive information systems
Form of user friendly management information system - summary of info for people who do not have expertise ex: executives allowing them to manipulate the information. More graphics than a typical MIS
31
Explain expert systems
Not used by experts but built using expert knowledge Limited form of AI - Stores the approach taken by experts to solving problems allowing a non expert to make a decision
32
Why use computerised MSS? Why use this IT in decision making?
Speedy computations Improved data management Problem visualisation Improved communication and collaboration Achieves: Better quality decisions and agility support Overcomes cognitive limits in processing and storing information
33
What are some attributes of information determining its quality in term of time
Timeliness Currency Frequency Time period Scope
34
What are some attributes of information determining its quality in term of content
Accuracy Relevance Completeness Brevity Media
35
What are some attributes of information determining its quality in term of form
Clarity Detail order Presentation Media
36
What are some attributes of information determining its quality in term of characteristics (not time, content, form)
Confidence in source Reliability Appropriate Received by correct person Sent by correct channels
37
What is a question to keep in mind when communicating information
Who is the audience and what do they expect
38
How does IT improve information?
Collects data automatically Performs calculations Removes unneeded data Identify's missing data/ outliers
39
Define a computer system
Interrelated components including hardware and software, that work together to convert data into information.
40
What is hardware and give examples
Hardware: physical components system: – central processing unit (CPU) – memory
40
What is hardware and give examples
Hardware: physical components system: – central processing unit (CPU) – memory Output/ input devices Storage devices
41
What are the two types of storage for PCs
Fast/ temporary Slow/ permanent
42
What is a mainframe computer
Powerful computer ffor large scae data processing - only used for centralisation of data or speedy computation in data centre for example Consider as legacy systems in many organisations
43
Define legacy system
A legacy system is outdated computing software and/or hardware that is still in use.
44
Define a minicomputer midsize and a microcomputer
Minicomputer midsize – Typically used as servers Microcomputer (powerful and low cost) – Client Desktop – PC is the market leader, with a significant proportion of Apple Macs
45
What are the two storage devices available
RAM (Random access memory and ROM (read only memory)
46
What is RAM
RAM stands for random-access memory, but what does that mean? Your computer RAM is essentially short term memory where data is stored as the processor needs it (turned on). Can read and write, available for general use and is temporary volatile.
47
Define ROM
Read-Only Memory. It refers to computer memory chips containing permanent or semi-permanent data. Unlike RAM, ROM is non-volatile; even after you turn off your computer, the contents of ROM will remain. Reserved by the CPU for its own use. Non volatile and permanent
48
Define CPU
The component of a computer system that controls the interpretation and execution of instructions
49
Give example of typical microcomputer hardware
Input devices: Keyboard, mouse, direct capture devices Central processing unit: Multicore microprocessor
50
External secondary storage
Fast RAM when computer is turned on is not permanent. Data should not be lost when power is turned off (non volatile) – Magnetic recording - disk – Optical recording – blu-ray – Solid State • Portable e.g. USB key • Built into device
51
What are the tradeoffs with storage
As Access speed increases, cost per byte increases and storage capacity decreases
52
define a bit
A single binary digit representing a 0 (zero) or a 1.
53
define a byte
uses eight bits and represents the space required to hold a single character
54
What is KB, MB, GB, TB, PB?
- Kilobyte (KB):  one thousand bytes – Megabyte (MB):  one million bytes – Gigabyte (GB):  one billion bytes – Terabyte (TB):  one trillion bytes – Petabyte (PB):  one quadrillion bytes
55
what would be storage of a top end phone/ computer
Top end phone – RAM 8/12GB – Storage 256/512GB Desktop computer – RAM 16/32GB – Storage 1TB

MIS30080 Info management for actuaries (13 decks)

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