MIS Exam 2

Potential order of importance: • Timeliness - Information must be timely. If users are receiving old and outdated answers to their queries, they will not use the website and head to a competitors. • Accuracy - All information must be accurate. If the information is not accurate then the analysis and business decisions made based on the information will be inaccurate. • Consistency - Results must be consistent. Users will not trust the system if it provides different results or prices for the same hotel at different times. One of the issues with big data is finding a single source of the truth and the more data dumped in a data lake the more likely the sample analysis results could differ. • Completeness - With a data warehouse incomplete records can be completed during the ETL process. For example, incomplete address can be found by pulling in USPS information. • Uniqueness - With a data warehouse or data lake unique information can be sorted and correlated during analysis.

Analysis: Categorize the five common characteristics of high-quality information and rank them in order of importance for big data.

useful when the website offers a great deal of information, products, or services because visitors are frequently annoyed if they are buried under an avalanche of information when searching a website. Many companies use the Web to make some of the information in their internal databases available to customers and business partners.

Benefits of a data driven website

Low-quality data will impact every area of the organization including big data. It does not matter how much money a company spends on data analysis tools if the data it is collecting is of poor quality. Garbage in is garbage out and not even big data can fix bad data. It is critical to remember that the analysis will only be as good or accurate as the data used in the analysis. With the petabytes of data now being stored by corporations it is getting harder and harder to cleanse, stage, and analyze the data.

Comprehension: Explain how issues with low-quality information will impact big data.

Database Management System (DBMS)

Creates, reads, updates, and deletes data in a database while controlling access and security. It also provides methodologies for creating, updating, storing, and retrieving data in a database. In addition, it provides facilities for controlling data access and security, allowing data sharing, and enforcing data integrity.

Information

Data converted into meaningful and useful context

Organizations can use BI to find the cause to many issues and problems simply by asking "Why?" The process starts by analyzing a report such as sales amounts by quarter. Managers will drill down into the report looking for why sales are up or why sales are down. Once they understand why a certain location or product is experiencing an increase in sales, they can share the information in an effort to raise enterprisewide sales. Once they understand the cause for a decrease in sales, they can take effective action to resolve the issue. Here are a few examples of how managers can use BI to answer tough business questions: • Where has the business been? Historical perspective offers important variables for determining trends and patterns. • Where is the business now? Looking at the current business situation allows managers to take effective action to solve issues before they grow out of control. • Where is the business going? Setting strategic direction is critical for planning and creating solid business strategies.

Evaluate: Assess how a business could use a few of the data analysis techniques to understand how the business is operating.

1. Faster reporting, analysis, and planning 2. More accurate reporting, analysis, and planning 3. Provides information to make better business decisions 4. Improved data quality 5. Improved customer satisfaction

Identify some of the advantages of using business intelligence to support managerial decision making.

Information is powerful. Information can tell an organization how its current operations are performing and help it estimate and strategize about how future operations might perform. The ability to understand, digest, analyze, and filter information is key to growth and success to any professional in any industry. Remember that new perspectives and opportunities can open up when you have the right data that you can turn into information and ultimately business intelligence. The value of timely information is critical to any business that wants to operate at the same speed as its customers, suppliers, and competitors.

Knowledge: List the reasons a business would want to display information in a graphic or visual format.

to combine information, more specifically, strategic information, throughout an organization into a single repository in such a way that the people who need that information can make decisions and undertake business analysis.

Primary use of a data warehouse

Voluminous

Scale of the data

Information Timeliness

The availability of the output information at a time suitable for its use.

Information governance

The management of information at an organization relating to the security of the information at hand

True

True or false, Organizational information has three characteristics including levels, formats, and granularities

True

True or false? The banking industry uses business intelligence to understand customer credit card usage and nonpayment rates.

1. Variety 2. Veracity 3. Voluminous 4. Velocity

What are the 4 common characteristics of big data

The five characteristics for high-quality information include accurate, complete, consistent, timely, and unique

What are the five characteristics common to high-quality information?

The four primary traits of the value of information include information type, information timeliness, information quality, and information governance.

What are the four primary traits that help determine the value of information?

A data warehouse is a logical collection of information, gathered from many different operational databases, that supports business analysis activities and decision-making tasks. Data warehouses allow organizations to have a single source of information for detailed cross-functional business analysis.

What is a data warehouse and why would a business want to implement one?

Business intelligence can find the cause to many issues and problems simply by asking "Why?". The process starts by analyzing a report such as sales amounts by quarter. Managers will drill down into the report looking for why sales are up or why sales are down. BI can include comparative analysis and competitive monitoring - just to name a few benefits.

What is business intelligence and how can it help a company achieve success?

An entity stores information about a person, place, thing, transaction, or event. An attribute includes the data elements associated with an entity

What is the difference between an entity and an attribute?

Analytics is the science of fact-based decision making. Analytics uses software-based algorithms and statistics to derive meaning from data. Advanced analytics uses data patterns to make forward-looking predictions to explain to the organization where it is headed. Data visualization describes technologies that allow users to see or visualize data to transform information into a business perspective. Data visualization is a powerful way to simplify complex data sets by placing data in a format that is easily grasped and understood far quicker than the raw data alone.

What is the importance of data analytics and data visualization?

Without high-quality data no matter how good the business is running the decision managers make will be inaccurate and incorrect.

Why does a business need to be concerned with the quality of its data?

It does not matter how much data an organization stores if the data cannot be analyzed and turned into information it is useless.

Why would a business be data rich, but information poor?

With data that is out-of-date the company will make incorrect decisions.

Why would a company care about the timeliness of its data?

Data Warehouse

a logical collection of information, gathered from many different operational databases, that supports business analysis and decision making

Information quality

a measure of the value which the information provides to the user of that information

Transactional and analytical information

all the information contained within a business unit. The primary purpose of this is to support day-to-day operations of the unit

Data driven website

an interactive website kept constantly updated and relevant to the needs of its customers using a database

Variety

includes different forms of structured and unstructured data

Veracity

includes the uncertainty of data, including biases, noise, and abnormalities

Database

maintains information about various types of objects (inventory), events (transactions), people (employees), and places (warehouses).

Velocity

the analysis of streaming data as it travels around the Internet.