MGT 3180 Exam 1 Kwag
financial services
risk analysis, fraud detection, attracting new customers
semi-structured data
semi-organized data. It doesn't conform to the formal structure of data. ex) CSV but XML and JSON documents
3 methods for accessing files
sequential, random, and indexed sequential
computer literacy
skill in using productivity software, as well as having a basic knowledge of hardware and software, the internet, and collaboration tools and technologies -software examples - word processors, spreadsheets, database management systems, and presentation software
data dictionary
stores definitions, such as data types for fields, default values, and validation rules for data in each field -field name, filed data type, default value, and validation rule
data hierarchy
structure and organization of data, which involves fields, records, and files
variety
the combination of structured data and unstructured data -structured, semi-structured, and unstructured data
Big Data
-it is data so voluminous that conventional computing methods are not able to efficiently process and manage it -it is not only characterized by the size of data. there are other factors too
threat of new entrants
-low when duplicating a company's product or service is difficult -focus strategies are used to ensure that the threat remains low
Management Information System (MIS)
-often considered a subset of IS -most relevant when securing and delivering information required to help corporate managers make operation, strategic, and proactive decisions -is often referred to as just IS
MIS management info sys
-organized integration of hardware and software technologies, data, processes, and human elements -designed to produce timely, integrated, relevant, accurate, useful information for decision-making
information is viewed in a database in two ways:
-physical view- how data is stored on and retrieved from storage media -logical view- how information appears to users and how it can be organized and retrieved & depending on user, there can be more than one
indexed sequential access method (ISAM)
-records accessed sequentially or randomly, depending on the number accessed --uses an index structure and has two parts 1. indexed value 2. pointer to the disk location of the record matching the indexed value -ex) a name index (alphabetically) vs department index
benefits of computers and information systems in daily life
-reduce costs -gain a competitive advantage in the marketplace -online classes -grocery and retail stores -telecommuting -social networking -video sharing
hierarchical model
-relationships between records from a treelike structure -records are called nodes, and relationships between records are called branches
Information Systems (IS)
a set of data, computers, software and management methodologies required to support the day-to-day "internal" operation of an organization
advertising and public relations
- targeted advertising, more effective messaging of the effectiveness of advertising campaigns
Predictive Analytics
-What happens if -forecasting future outcomes -proactive strategy -prepares decision makers for future events -"based on what happened in 2021 when a disruptor joined the marketplace, our sales could decline by 20%"
data marts
-a smaller version of a data warehouse, used by a single department or function -an organizations __________ together compromise the organizations data warehouse --HR: employees, benefits, payroll -- Retail Product: seasonal products, garden, foods
data driven websites
-act as an interface to a database --retrieve data and allow users to enter data in the database -change automatically as it retrieves content from external dynamic data sources --mySQL, Microsoft SQL, Microsoft access, Oracle, IMB DB2, etc -improve access to information --reduce support and overhead needed to maintain static web sites --gives users more current information from a variety of data sources -useful for the following applications: --e-commerce sites that need frequent updates --news sites that need need regular updating of content --forums and discussion groups --subscription services, such as newsletters
Internal Data
-collected from within an organization -stored in the organizations internal databases and can be used by functional information systems
External Data
-comes from a variety of sources -stored in a data wear-house
DBMS software components
-database engine -data definition -data manipulation -application generation -data administration
webmaster
-designs and maintains the organizations web site -have been in high demand owing to the popularity of e-commerce applications
Application generation
-designs elements of an application using a database -used by IT professionals and database administrators
Foreign Key
-field in a relational table that matches the primary key column of another table -used to cross reference tables
database administrators (DBAs)
-handle database design and management -establish security measures -develop recovery procedures -evaluate database performance -add and fine-tune database functions
data
-has a time orientation (past, current, and future) -can be collected in different forms -includes raw facts, observations, numbers
operations (the relational model)
-help retrieve data from tables -common: select, project, join, intersect, union, and difference
rivalry among existing competitors
-high when competitors occupy the same marketplace position -low when there are few competitors
supplier power
-high when customers have fewer options and low when customers have more options
buyer power
-high when customers have many choices and low when customers have few choices -offering services that make it difficult to switch
threat of substitute products or services
-high when many alternatives to an organizations products and services are available -ex. cell phone companies add charges
Prescriptive Analytics
-how to make it happen -recommends a course of action that decision makers should follow -shows the likely outcome of each decision -ex) in health care systems, this is used to reduce the element of surprise when it comes to patient care and scheduling. It helps the healthcare systems to find the best possible times to schedule treatments and check up appointments
Database Engine
-responsible for data storage, manipulation, and retrieval -interacts with other components of the DBMS to convert logical requests from users into their physical equivalents -ex) want to see a list of the top three salespeople (logical request) -> display them on screen or in a printout (physical equivalent)
network model
-similar to the hierarchical model but records are organized differently -each record can have multiple parent and child records
database management software (DBMS)
-software for creating, storing, maintaining, and accessing database files -makes using databases more efficient
distributed database management system (DDBMS)
-stores data on multiple servers throughout an organization -several advantages: --design better reflects the firms structure --local data storage reduces the firms structure --minimizes effects of computer failure --cost advantage --not limited by physical location of the data
characteristics of data in a data warehouse
-subject oriented; focused on a specific area -comes from a variety of sources -categorized based on time -captures aggregated data -used for analytical purposes
sequential access file structure
-used for a large number -records in files are organized and processed in numerical or sequential order -records are organized based on a primary key (e.g. social security numbers or account numbers) -used for backup and archive files because they rarely need updating
random access file structure
-used for a small number -records can be accessed in any order, regardless of their physical locations in storage media -fast and very effective when a small number of records need to be processed daily or weekly -records are stored on magnetic disks to achieve speed -ex) in a database of 1000 students, a program can go straight to record number 233 to 995 without reading any of the other records
data administration
-used for tasks such as backup and recovery, security, and change management -used to determine who has permission to perform certain functions, summarized as create, read, update, and delete (CRUD)
MIS applications
-used in both private and public sectors -inventory control -forecast sales volume -a police department: crime statistics, forecasts, and allocation of police units
data manipulation
-used to add, delete, modify, and retrieve records from a database -uses a query language, such as structured query language (SQL) -SELECT field, FROM table, or file WHERE conditions -ex) SELECT NAME, SSN, TITLE, GENDER, SALARY, FROM EMPLOYEE, PAYROLL WHERE EMPLOYEE.SSN = PAYROLL.SSN AND TITLE = "ENGINEER"
data definition
-used to create and maintain the data dictionary and define database file structure -makes changes to a database's structure
Data-mining analysis
-used to discover patterns and relationships -e-commerce sites recommendations: amazon shows "people also viewed", "frequently bought together" to customers -American express: suggest products or services based on monthly expenditures
Normalization
-used to improve database efficiency --eliminates redundant data --ensures only related data is stored in a table -goes through different stages, from first normal form (1NF) to fifth normal form (5NF) -eliminate duplicated fields from the same table -create separate tables for each group of related data -identify each record with a unique field
marketing information system (MKIS)
-used to improve marketing decisions -provides timely, accurate, and integrated information about the marketing mix (4Ps)
business analytics
-uses data and statistical methods --gains insight into the data --provides decision makers with information to act on -methods: descriptive, predictive, prescriptive
Online Analytical Processing (OLAP)
-uses multiple sources of information and provides multidimensional analysis -"how product x performed in the northwest region during the previous quarter" -- total sales broke down into geography and time -- geography dimension broke down country, state, and county -- time dimension broke down into year, month, and day
Descriptive Analytics
-what happened --reviews past events, analyses the data, and provides a report indicating: what happened in a given period of time, how to prepare for the future - how many customers do we have in SC? - how much volume did we sell last week in SC? - Reactive strategy
Recent Trends in Database Design and Use
Include: •Data-driven Web sites •Natural language processing •Distributed databases •Object-oriented databases •Advances in artificial intelligence
categories of IT jobs
Operations and help desk Programming Systems design Web design and Web hosting Network design and maintenance Database design and maintenance Robotics and artificial intelligence
database
collection of related data that is stored in a central location or in multiple locations
aggregated data
Useful for reporting overall performance during a sales quarter
volume, variety, velocity, veracity, and value
What are the 5 V's of Big Data?
Fragmentation
addresses how tables are divided among multiple locations (horizontal, vertical, and mixed)
Database
collection of relevant data organized in a series of integrated files -essential for the success of any information system
allocation
combines fragmentation and replication
data marketplace
an online transactional location or store that facilitates the buying and selling of data. as many companies seek to enrich internal data sets with external data, cloud-based data marketplaces are appearing at a growing rate to match data consumers with the right data sellers
porters five forces model
analyzes a firms position in the marketplace and how information systems can make it more competitive
five forces in porters model
buyer power, supplier power, threat of substitute products or services, threat of new entrants, rivalry among existing competitors
storage
collected information is organized in a data warehouse as: -raw data: information in its original form -summary data: gives users subtotals of various categories -meta data: information about data's content, quality, condition, origin, and other characteristics
data warehouse
collection of data from a variety of sources - support decision making applications - generate business intelligence called hypercubes because they store multidimensional data
data component
considered the input of the information system
information
consists of facts analyzed by the process component and is an output of an information systems -useful qualities: timeliness, integration with other data and information, consistency and accuracy, relevance
retail
customer relationship management, tailoring retail offerings to customer needs, offering personalized service, finding optimum store location and layout
media and telecommunications
customer scoring, network optimization, effective media programming
object-oriented databases
data and their relationships are contained in a single object - an object consists of attributes and methods that can be performed on the objects data advantages: -supports more complex data management -handles storing and manipulating all types of multimedia as well as numbers and characters
-online analytical processing (OLAP), data-mining analysis, decision-making reports
data warehouses use the following to generate reports:
Major components of information systems
data, database, process, information
Personnel information system (PIS) or human resource information system (HRIS)
designed to provide information that helps decision makers in personnel carry out tasks effectively
logistics information system (LIS)
designed to reduce the cost of transporting materials while maintaining safe and reliable delivery
data model
determines how data is created, represented, organized, and maintained -includes: -data structure- how data is organized -operations- updating and querying data -integrity rules- boundaries
Replication
each site stores a copy of the data in the organizations database
ETL
extraction, transformation, and loading -process used in a data warehouse --extracting (collecting) data from a variety of sources --transformation processing to make sure data fits operational needs --loading into the end target (database or data warehouse
three approaches to setting up a DDBMS
fragmentation, replication, allocation
process
generates the most useful type of information for making decisions -transaction-processing reports -models for decision analysis that can be built into the system of accessed from external sources
encapsulation
grouping objects along with their attributes and methods into a class -(i.e. grouping related items into a single unit)
disaggregated data
helps analyze sales by product, territory, or salesperson
sources of data
internal: sales and personnel records external: customers, competitors, suppliers, government agencies, financial institutions, labor and population statistics, as well as economic conditions
the four Ms of resources
manpower, machinery, materials, and money
Inheritance
new objects can be created faster and more easily by entering new data in attributes
unstructured data
not organized data and doesn't fit into rows and columns structure of a relational data base ex) text files, emails, images, videos, voicemails, audio files etc.
structured data
organized data and can be stored in a relational database ex) student data containing name, major, birthday, age etc.
4 Ps of marketing
place, product, price, promotion
manufacturing
product research, process and quality analysis, route and distribution optimization
Business Inteligence (BI)
provides historical, current, and predictive views of business operations and environments and gives organizations a competitive advantages in the marketplace
Volume
the sheer quantity of transactions, measured in petabytes or exabytes -example) in year 2018, the estimated global mobile traffic was 6.2 exabytes(6.2 billion GB) per month. Also, by the year 2022 we will have almost 40000 Exabytes of data
velocity
the speed with which the data has to be gathered and processed ex) every minute of everyday, we upload hundreds hours of video on youtube, we send over 200 million emails through gmails ex) approximate monthly active users as of 2018: -Facebook 2.41 billion, instagram 1 billion, twitter 320 million, linkedin 575 million
veracity
the trustworthiness and accuracy of the data ex) contacts that enter your marketing automation system with false names and inaccurate contact information ex) social media posts, abbreviations, typos, and colloquial speeches
value
the value that the collected data brings to the decision-making process -big data can provide and relate directly to what companies can do with that collected data -"garbage in, garbage out" -if incorrect data is input to a program, the output is unlikely to be informative
information literacy
understanding the role of information in generating and using business intelligence
Primary Key
uniquely identifies every record in a relational database
database management system (DBMS)
used to create, organize, and manage databases
manufacturing information system (MFIS)
used to manage manufacturing resources -reduce manufacturing costs -increase product quality -improve inventory decisions
Financial information system (FIS)
used to provide information to financial executives in a timely manner
the relational model
uses a two dimensional table of rows and columns of data -rows are records -columns are fields
retail, financial services, advertising and public relations, government, manufacturing, media and telecommunications, energy, healthcare
who benefits from big data
computer programmer
writes programs or software segments that allow the information system to perform a specific task