BMGT301 Exam 2
Database
A single table or a collection of related tables.
SOLVER
An add-in application that manipulates variables based on constraints to find the optimal solution to a problem.
weak entity
An entity that displays existence dependence and inherits the primary key of its parent entity. For example, a TREATMENT requires the existence of a PRESCRIPTION and PATIENT.
refer to databases focused on addressing the concerns of a specific problem or business unit.
Data marts
Variety of data
Data of different shapes and forms
How are organizations leveraging wikis and what are the benefits of this technology?
Organizations leverage wikis to create a knowledge base for the company and use it to communicate with their customers.
When a firm preannounces a forthcoming product or service and experiences a sharp and detrimental drop in sales of current offerings as users wait for the new item best describes:
Osborne effect
Should a firm have a social media policy?
Yes and its imperative to have one for the organization. Should be "short, simple and clear"
· Network effects are often associated with technology, but tech isn't a prerequisite for the existence of network effects. Do you agree with this statement?
Yes because network effects deal with a common user base that its able to communicate and share with one another. Eg: traders buying and selling stock.
Are advantages based on analytics and modeling potentially sustainable? Why or why not?
Yes if you have the resources and capital to manage it
What are the three categories of Data Analytics
-Descriptive, summarize the past and describe WHAT happened not WHY -Predictive, Uses past data to model future outcomes (Customers responding to a promotion event or ad campaign) -Prescriptive, techniques such as optimization to help employees and managers do a better job (Excel solver)
An estimated____hours of Youtube are updated every min
500
CONDITIONAL FUNCTIONS (SUMIF, SUMIFS, AVERAGEIF, AVERAGEIFS, COUNTIF, COUNTIFS)
=SUMIF(range,criteria,[sum_range])=SUMIFS(sum_range,criteria_range1,criteria1,[criteria_range2,criteria2],...)=AVERAGEIF(range,criteria,[average_range])=AVERAGEIFS(average_range,criteria_range1,criteria1,[criteria_range2,criteria2],...)=COUNTIF(range,criteria)=COUNTIFS(criteria_range1,criteria1,[criteria_range2,criteria2],...)
Primary Key vs Foreign Key
A PRIMARY KEY is a field (or group of fields) that uniquely identifies a given entity in a table A FOREIGN KEY is a field (or collection of fields) in one table that refers to the PRIMARY KEY in another table.
Wiki
A collaborative website that can be edited by anyone that can access it. Every firm has to contend with wikipedia's entry as public records.
Record
A collection of fields that appear as a row in a database or table.
File
A collection of related records
Entity Relationship Diagram (ERD)
A diagram that depicts an entity relationship model's entities, attributes, and relations.
Web 2.0
A dynamic web that allows users to collaborate and create content. WEB 1.0 was static.
What role do technology and timing play in realizing advantages from the data asset?
A firm must have the technology available in the right period of time in order to be able to capitalize on a potential advantage from data.
Big Data
A general term used to describe massive amount of data available to today's managers. -Usually unstructured and are costly to easily work through use of conventional databases. -Sets are now available for analysis
dashboards
A heads-up display of critical indicators that allow managers to get a graphical glance at key performance metrics.
one-to-many relationship
A relationship between two tables in a database in which one record in the primary table can match many (zero, one, or many) records in the related table. (One mother to many kids or one product to many product lines).
data warehouse
A set of databases designed to support decision-making in an organization.
The ability to take advantage of complementary products developed for a prior generation of technology is known as _____.
Backward capability
What is a blog? How are organizations leveraging blogs?
Blogs are online journal entries usually made in reverse chronological order. They provide comment mechanisms for feedback. Organizations are using blogs to create immediate and unfiltered distribution of ideas to employees
An approach when firms seek to compete in uncontested markets
Blue Ocean Strategy
Are network effects good or bad for innovation?
Both. While network effects limit competition, innovation may blossom. Eg. Windows is a dominate product, but can be innovated through novel ideas from programmers and developers. They see that there's a potential market.
How can a firm monitor its reputation online?
By using a SMART team (Social Media Awareness and Response Team to create policies and provide support for social media efforts.
systems are often used to empower employees to track and record data at nearly every point of customer contact.
CRM
PMT
Calculates the loan payment based on a constant rate and period length =PMT(rate/length, nper, pv, [fv],[0=end,1=beg]
NPV
Calculates the present value of a series of future cash flows =NPV(rate, val1, val2)
Software that monitors trends among customers and uses the data to personalize the customer experience
Collaborative filtering
What is technological leapfrogging?
Competing by offering a new technology that is so superior to existing offerings that the value overcomes the total resistance that older technologies might enjoy via exchange, switching cost, and complimentary benefits best describes
When increasing number of users lower the value of a product or service
Congestion effect
When two markets considered different offer similar capabilities
Convergence
CRUD
Create, Read, Update, Delete
This is the act of taking a job traditionally performed by a designated agent (usually an employee) and outsourcing it to an undefined generally large group of people in the form of an open call
Crowdsourcing
DELTA Model
Data - unique, accessible and available to you Enterprise wide - focus where data and analytics available to a firm Leaders - at all levels that promote data analytics culture Targets - dealing with identifying business areas that benefit Analysts - to execute strategy
one-to-one
Each entity in the relationship will have exactly one related entity (One parking space, one employee)
What kinds of products or services are subject to network effects?
Facebook, Airbnb, eBay, computer systems, social networks, etc.
The greater the number of wiki users there are the less accurate the information will be
False
Unlike Facebook friending, Twitter's default setting allows for symmetrical following.
False (Allow for asymmetric information)
Blogs are used to collaborate on common tasks or to create a common knowledge base.
False (Thats a wiki)
Exists when savvy rivals watch a pioneer's efforts, learn from their successes and missteps, then enter the market quickly with a comparable or superior product at a lower cost before the first mover can dominate.
Fast follower problem
In database systems, a _____ defines the data that a table can hold.
Field
How are organizations effectively leveraging social networks?
Firms are now creating internal social networks to tailor their own needs (Deloitte) and are using social networks to add value and establish their dominance and viral marketing to build awareness and attract users.
How would you recommend a firm train its employees, especially given that technologies, services, expectations, and norms continue to evolve?
Firms must train employees and update their knowledge as technologies, effective use, and threats emerge. Security training is a vital component of establishing social media policy. Penalties for violation should be clear and backed by enforcement
data aggregators
Firms that collect and resell data.
Veracity of data
How clean and "trustworthy" your data is.
Velocity of data
How fast the data is being produced and how fast the data must be processed to meet demand
many-to-many relationship
In databases, a relationship in which one record in Table A can relate to many matching records in Table B, and vice versa.
What are network effects?
Increases in the value of a product to each user, including existing users, as the total number of users rises.
VLOOKUP
It is a function that makes Excel search for a certain value in a column (the so called 'table array'), in order to return a value from a different column in the same row. =VLOOKUP(lookup value,table array,column number, Approximate (True or False))
Refers to an extremely large selection of content or products. This is a phenomenon where firms can make money by offering near limitless selection
Longtail
What are peer production and social media? Give examples of each.
Peer production: Users working collaboratively to create content Social media: Content that is created and shared by a broader community of users Ex Wikipedia, a knowledge based platform
Which firm do you suspect has stronger end-user network effects: Google's online search tool or Microsoft's Windows operating system? Why?
Microsoft Windows because of its high switching costs and the fact that the Google search tool is interchangeable with other online search tools like Yahoo
What are the other names of network effects?
Network externalities or Metcalf's law
legacy systems
Older information systems that are often incompatible with other systems, technologies, and ways of conducting business.
Social networks
Online community that allows users to establish a personal profile and communicate with others
firm that exists exclusively online
Pure player
canned reports
Reports that provide regular summaries of information in a predetermined format.
Database Management System (DBMS)
Sometimes referred to as database software; software for creating, maintaining, and manipulating data.
Other terms for switching costs
Stickiness, lock-in, friction, barnacles
When a firm attempts to match the benefits of a successful position while maintaining its existing position
Straddling
Complexity of data means...
That different standards, rules, and even storage formats can exist with each asset type.
Volume
The amount of data being processed
ad hoc reporting tools
Tools that put users in control so that they can create custom reports on an as-needed basis by selecting fields, ranges, summary conditions, and other parameters.
Astroturfing is a term used to refer to a company engineering the posting of positive comments and reviews of its products or services
True
wisdom of crowds
The idea that a group of individuals (the crowd), often consisting of untrained amateurs, will collectively have more insight than a single or small group of trained professionals.
Why is staying power important to many technologies and products?
The investment of learning the technology, entering data, creating files, usually exceeds the price paid for the technology. Consumers are reluctant to make an investment if it's unlikely the network will survive.
relational database
The most common standard for expressing databases, whereby tables (files) are related based on common keys.
e-discovery
The process of identifying and retrieving relevant electronic information to support litigation efforts.
collaborative consumption
The process of tracking and responding to online mentions of a product, organization, or individual.
Value of data
The significance your data to your business goals and the impact it has on the bottom line.
How are firms negatively impacted by the use of Twitter and other social media?
Twitter can facilitate the spread of fake news through online trolls, which can make the platform hostile. Solutions include algorithmic filtering, where negative content is "buried" rather than removing the account.
What is Twitter? How are firms effectively using Twitter?
Twitter is a microblogging service that allows users to type up to 280 characters via the Web. Firms are leveraging Twitter in a variety of ways such as real time promotions, for scheduling and yield management, promotions, and custom hashtags.
What sort of exchanges do Ebay and Twitter leverage
Twitter is useul in sharing information and pictures while eBay benefits from the network effects by exchanges in the form of sales and revenues.
SQL (Structured Query Language)
Used to create and manipulate databases; used to communicate with a database
What is data analytics?
Using math and statistics to derive meaning from data
What are the two additional Vs of big data?
Value and Veracity
The three main dimensions of big data
Volume, Velocity, and Variety
When might data not yield sustainable advantage?
When the data can be purchased from aggregators or if it doesn't have VRIS
Why would a firm use a loyalty card? What is the incentive for the firm? What is the incentive for consumers to opt in and use loyalty cards? What kinds of strategic assets can these systems create?
When you use a loyalty gift card, you give information in exchange for some financial incentive such as a discount or loyalty points
This is an industry practice whereby content (usually a motion picture) is available to a given distribution channel for a specified time period usually under a different revenue model (usually ticket sale, license fee, etc.
Windowing
Is data a source of competitive advantage?
Yes, but advantages based on capability and data that others can acquire are often short lived. Can leverage if its valuable, rare, difficult to immitate, no close substitutes.
Is data privacy a concern
Yes, need to make sure data is secured and companies have CISOs (Chief Information Security Officers) that incorporate privacy in the fabric in firm.
Field
a single characteristic of data that appears in a table as a column
Data Hierarchy
bit, byte, field, record, file, database
Problems with traditional file environment
data redundancy (duplicate data), data inconsistency, program-data dependence, lack of flexibility, poor security, lack of data sharing and availability
Sources of Network Effects
exchange, staying power, complementary benefits
Cardinality
expresses the specific number of instances in an entity
is a term used to describe others taking advantage of a user or service without providing any sort of reciprocal benefit.
free rider problem
· Are advantages based on analytics and modeling potentially sustainable? Why or why not?
if more data brings more accurate modeling, moving early to capture this rare asset can be the difference between a dominating firm and an also-ran- YES, these advantages are potentially sustainable IF the company can continually adapt and maintain data that gives competitive advantages-need to employ the DELTA model
Knowledge is defined as:
insight derived from experience and expertise
If a customer pays a retailer in cash, he is likely to remain a mystery to the retailer because his name is not attached to the money. Retailers can tie the customer to cash transactions and track the customer's activity if they can convince the customer to use a _____.
loyalty card
refers to type of artificial intelligence that leverages massive amounts of data so that computers can improve the accuracy of actions and predictions on their own without additional programming
machine learning
How might firms leverage this data to better serve you and improve their performance?
· Firms can learn about your buying history and use that to give you targeted discounts, which establishes loyalty and increases switching costs.
Apple Economy
·Apple creates jobs by offering its platform for app developers and other market products.
DBMS capabilities
·Data definition language:, define structure of database (ID, name); Data manipulation language: used to add change or delete data; Dictionary: stores the definition of elements of data.
