ACC 270 Chapter 12
Data Warehouse
A type of data repository used by firms or their reporting and analytics work - It is a set of databases designed to support decision making in an organization
What is the most common standard for expressing databases
Relational Databases
Retail Link
all about inventory that WalMart uses
Data Mart
A database focused on addressing the concerns of a specific problem or business unit
Database Administrator
A job title focused on directing, performing, or overseeing activities associated with a database or set of databases
Structured Query Language (SQL)
A language for creating and manipulating databases
Knowledge
A managers insight from experience and expertise to make stronger decisions
Business Intelligence
A term combining aspects of reporting, data exploration, and ad hoc queries and sophisticated data molding and analysis
Expert Systems
AI systems that leverage rules or examples to perform a task in a way that mimics applied human expertise
Neural Networks
Algorithms and statistical techniques to hunt down and expose patterns and build models to exploit findings
Ad Hoc Reporting Tools
Allow users to dive in and create their own reports, selecting fields, rangers, and other parameters to build their own reports on the fly
Over-Engineering a model
Building it with so many variables that the solution arrived at might only work on the subset of data that used to create it
Data Cube
Data that is stored in a special data base
Column or Field
Defines the data that a table can hold
What is determined by CLV
Firms can decide how much they should spend to ensure that customers keep coming back, work on their core competency, and cut expenditure on loss making subsidaries
Data Aggregators
Firms that trawl data and package them up for resale
E- discovery
Identifying and retrieving relevant electronic information to support litigation efforts. - It is something a firm should account for in its archiving and data storage plans
Loyalty Cards
Marketing effort by a firm that is targeted at extracting information about and individual customer that might help the firm keep the customer faithful and satisfied
Genetic Algorithms
Model building techniques where computers examine many potential solutions to a problem, iteratively modifying(mutating) various mathematical models and comparing the mutated models to search for a best alternative
Legacy Systems
Outdated information systems
Data Mining
Process of using computers to identify hidden patterns and to build models from large data sets
Opt in
Program that requires customer consent
Dashboards
Provide a sort of heads up display of critical indicators, letting managers get a graphical glance at key performance metrics
Canned Reports
Provide regular summaries of information in a predetermined format
Data
Raw fact and figures
Online Analytical Processing
Refers to method of querying and reporting that takes data from standard relational databases, calculates and summarizes the data, and then stores the data in a special data bases called a DATA CUBE
Row or RRecord
Represents a single instance of whatever the table keeps track of
Customer Lifetime Value (CLV)
Represents the present value of the likely future income stream generated by an individual purchaser
Why do firms need to create separate data repositories for their reporting and analytics work?
Running analytics against transactional data can bog down a system
Database
Single Table or a collection of related tables
Transaction
Some kind of business exchange. Every time a consumer uses a point of sale system there is a transaction
Transaction Processing Systems (TPS):
Systems that record a transaction like an ATM
Analytics:
The extensive use of data, statistical and quantitative analysis, explanatory and predictive models, and fact-based management to drive decisions and acitons
Key
The field used to relate tables in a database
What is the Goal of Artificial Intelligence
To create computer programs that are able to mimic or improve upon functions of the human brain
Relational Databases
When databases are organized by relating multiple tables based on common keys -
Data becomes information when:
When its presented in a context so that it can answer a question or support decision-making
What is the problem of Incompatible Legacy Systems limiting firms' ability to turn data into information is
compounded by mergers and acquistions
Data is considered a..
defensible source of competitive advantage
What is a problem limiting the turning of data into infromation
is that most transactional databases are not set up to be simultaneously accessed for reporting and analysis
A publicly held company is said to be taken private if
its outstanding shares are purchased by an individual or by small group of individuals who wish to obtain complete ownership and control
Table or file
list of data
Which is Wal-Mart's motivation for sharing data with its supply partners?
lowering prices of products
Walmart stopped sharing its data assets with information brokers because
the agencies offered no extra value with their additional data
legacy systems can be a major road block to
turning data into information, and inhibits firm agility, holding back operational and strategic initiatives
To much inventory and to little inventory is known as
twin nightmares