MIS 1.1

__ Trillion in poor data costs per year

3.1

Big Data will create ____ million global MIS jobs

4.4

___% of data created is unstructured

90

management information systems

A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving

Data analyst

Collects, queries, and consumes organizational data to uncover patterns and provide insights for strategic business decision making.

Information

Data converted into a meaningful and useful context

Information

Data converted into a meaningful and useful context (ie: best-selling product, best customer, worst-selling product, worst customer)

diagnostic analytics

Examines data or content to answer the question, "Why did it happen?". Helps determine the cause of a positive or negative outcome

Business Intelligence

Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making (ie: lowest sales per week compared with the economic interest rates, best-selling product by month compared to sports season and city team wins and losses)

Unstructured data

Not defined, does not follow a specified format, and is typically freeform text such as emails, Twitter tweets, text messages

Knowledge

Skills, experience, and expertise coupled with information and intelligence that creates a person's intellectual resources (ie: choosing not to fire a sales representative who is underperforming, knowing that person is experiencing family problems, listing products that are about to expire first on the menu)

Velocity

The analysis of streaming data as it travels around the internet. Analysis necessary of social media messages spreading globally.

Information Age

The present time, during which infinite quantities of facts are widely available to anyone who can use a computer

Volume

The scale of data. Includes enormous volumes of data generated daily. Big data tools necessary to analyze zettabytes and brontobytes. Massive volume created by machines and networks 90% of data is created daily

Veracity

The uncertainty or untrustworthiness of data, including biases, noise, and abnormalities. Must keep data clean and implement processes to keep dirty data from accumulating in systems 1 in 3 Business Leaders do not trust data to make decisions

Key Skills of a Data Analyst:

Understanding of math and statistics, coding skills to work with data, business area subject matter expertise

Big data

a collection of large, complex data sets, including structured and unstructured data, which cannot be analyzed using traditional database methods and tools

System

a collection of parts that link to achieve a common purpose

Variable

a data characteristic that stands for a value that changes or varies over time

systems thinking

a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part

Internet of Things (IoT)

a world where interconnected, Internet-enabled devices or "things" can collect and share data without human intervention

dynamic report

changes automatically during creation. Includes updating daily stock market prices or calculating inventory

prescriptive analytics

create models indicating the best decision to make or course of action to take. requires complex algortihms and machine learning

Machine-generated data

created by a machine without human intervention. Includes sensor data, point-of-sale data, and web log data

static report

created once based on data that does not change; Includes a sales report or salary report from 5 years ago

Human-generated data

data that humans, in interaction with computers, generate. Includes input data, clickstream data, or gaming data

Descriptive analytics

describe past performance and history. allow an organization to spot trends

Variety

different forms of structured and unstructured data (data from spreadsheets and databases, email, videos, photos, PDFs, etc.)

Predictive analytics

extracts information from data and uses it to predict future trends and identify behavioral patterns. allows an organization to take proactive action - such as reaching out to a customer who is unlikely to renew a contract.

data scientist

extracts knowledge from data by performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information

IT

hardware + software

IS

hardware + software + people + procedures + rules

Structured data

has a defined length, type, and format and includes numbers, dates, or strings such as Customer Address

Machine generated unstructured data

includes satellite images, scientific atmosphere data, and radar data

Human generated unstructured data

includes text messages, social media data, and emails

feedback

information that returns to its original transmitter (input, transform, or output) and modifies the transmitter's actions

MIS

management of IS

Data

raw facts that describe the characteristics of an event or object (ie: order date, amount sold, customer number, quantity ordered)

Machine to Machine (M2M)

refers to devices that connect directly to other devices

chief knowledge officer

responsible for collecting, maintaining, and distributing company knowledge

chief data officer

responsible for determining the types of information the enterprise will capture, retain, analyze, and share

chief privacy officer

responsible for ensuring the ethical and legal use of information within a company

Chief security officer

responsible for ensuring the security of business systems and developing strategies and safeguards against attacks by hackers and viruses

chief technology officer

responsible for ensuring the speed, accuracy, availability, and reliability of the MIS

chief information officer

responsible for overseeing all uses of MIS and ensuring that MIS strategically aligns with business goals and objectives

data democratization

the ability for data to be collected, analyzed, and accessible to all users

Fact

the confirmation or validation of an event or object

analytics

the science of fact-based decision making

business analytics

the scientific process of transforming data into insight for making better decisions

Bits

the smallest unit of data in a computer. Bits is short for binary digit and is the smallest unit of storage on a computer