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