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Outdated information systems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