itm100 assignment 2 review

What is tactical BI?

analyzing performance to achieve goals —- related to specific projects (analysts, takes weeks-months)

What is operational BI?

monitoring daily operations (real-time, for managers)

What is strategic BI?

setting long-term objectives, monitoring progress

Describe the four categories of BI business

benefits

Quantifiable: MEASURABLE 

• reduced latency (time saved), ROI

Indirectly Quantifiable: not intended

Unpredictable: also creative unintended discoveries

Intangible: NOT MEASUREABLE 

• ex. improved communication, improved knowledge sharing

What is Agile BI

incorporates Agile software development methods

• accelerate + improve outcomes of BI.

• reduce total cost of change 

• promote a culture that values reflection, accepts change, + understands how to respond flexibly to shifts in organizational value.

reasons for growth of WWW

Microcomputer revolution
Advancements in networking
Easy browser software
Speed, convenience, and low cost of email
Web pages easy to create and flexible
Smartphones

Explain how the Internet and WWW caused

business disruption

The world wide web caused business disruption because it created the e-business model,

• businesses who do not adapt to the effects of WWW (trends, internet, tech advancements), become obsolete and are overtaken by competitors 

• creates new marketing factors to consider (ads, SEO)

• brick-and-mortar businesses who do not branch out into e-business suffer 

What is disruptive technology?

Offers new tech. that enters and changes the market unnoticed

What is sustaining technology?:

innovations that focus on improving the performance, quality, and features of existing products and services within an established market

what is digital darwinism?

When organizations cannot adapt to new technological advancements - new demands of information age

What is net neutrality? 

all internet traffic is treated equally - no preference of specific content

What are internet fast lanes?

service that allows companies to pay extra fees to content providers - in order to get faster + more reliable internet access/

Describe ebusiness

ebusiness Includes ecommerce along with all activities related to internal and external business operations

What is B2B ebusiness model

Business to Business -:

businesses buying / selling to each other over the internet

What is B2C ebusiness model

Business to consumer:

Business selling to consumers over the internet

What is C2B ebusiness model

Consumer to business;

consumer selling product / service to ebusiness

What is C2C ebusiness model

consumer to consumer:

Sites that offer goods / services to assist consumers interacting with each other over the internet.

What are the four different E-business models?

B2B (business to business),

B2C (Business to consumer),

C2B (Consumer to business),

C2C (consumer to consumer)

Describe the five ebusiness tools for connecting and communicating

email, instant messaging/chat, video conferencing, project management platforms, and social media

What is search engine optimization?

process of improving a website's visibility in search engine results, such as Google, to increase organic (non-paid) traffic

describe e-business and its advantages

Ebusiness - Includes ecommerce along with all activities related to internal and external business operations

Advantages- Expanding Global Reach, Opening New Markets, Reducing Costs, Improving Operations, Improving Effectiveness

Describe the six ebusiness tools for connecting and communicating

1. Email
2. Instant Messaging
3. Podcasting
4. Videoconference
5. Web Conferencing
6.Content Management System

Identify the four challenges associated with ebusiness

1. Identifying Limited Market Segments
2.Managing Consumer Trust
3. Ensuring Consumer Protection
4. Adhering to Taxation Rules

Explain Web 2.0

The next generation of Internet use - a more mature, distinctive communications platform characterized by three qualities

what are the four characteristics of Web 2.0

1. Content sharing through open sourcing
2. User-contributed content
3. Collaboration inside the organization
4.Collaboration outside the organization

Explain how Business 2.0 is helping communities network

Networking by Social media -

There are Websites that rely on user participation and user-contributed content

Social network - An application that connects people by matching profile information

Social networking - The practice of expanding your business and/or social contacts by a personal network

Explain how Business 2.0 is helping communities collaborate

Collaborating by using User-contributed content - Created and updated by many users for others

Reputation system - Where buyers post feedback on sellers

Collaboration system - Tools that support the work of teams or groups by facilitating the sharing and flow of information

Collective intelligence - Collaborating and tapping into the core knowledge of all employees, partners, and customers

Knowledge management - Involves capturing, classifying, evaluating, retrieving, and sharing information assets in a way that provides context for effective decisions and actions

what is the difference between web 1.0 and web 2.0

Web 1.0 was a "read-only" web of static pages where users passively consumed information,

while Web 2.0 is a "read-write" web focused on user-generated content, interactivity, and social networking

Describe the three Business 2.0 tools for collaborating

Blogs- an online journal that allows users to post their own comments, graphics, and videos

Wiki's- Collaboration website that allows users to add, remove, and change content

Mashups- Content from more then one source to create a new product or service

Describe Web 3.0 and the next generation of online business

Web 3.0- Based on "intelligent" Web applications using natural language processing, machine-based learning and reasoning, and intelligence applications

next gen of online business= Semantic Web - A component of Web 3.0 that describes things in a way that computers can understand

Mobile business - The ability to purchase goods and services through a wireless Internet-enabled device

What is Data Latency

time duration to make data ready for analysis

(i.c., the time for extracting, transforming, and cleansing the data) and loading the data into the database.

What is Analysis latency?

 time from which data is made available to the time when analysis is complete.

•  length depends on the time it takes a business to do analysis.

What is Decision latency:

time it takes for someone to comprehend the analytic result + determine an action.

What reveals the relationship between variables along with the nature and frequency of the relationships?

affinity grouping analysis

What are the 4 data mining techniques?

Cluster Analysis, Affinity Grouping Analysis, Estimation Analysis, Classification analysis

What is cluster analysis?

used to divide an information set into mutually exclusive groups such that the members of each group are as close together as possible to one another and the different groups are as far apart as possible.

What is the process of organizing data into categories or groups for its most effective and efficient use; for example, groups of political affiliation and charity donors?

classification analysis

What is Affinity Grouping Analysis?

Reveals the relationship between variables, along with the nature and frequency of the relationships.

• create rules to determine the likelihood of events occurring together at a particular time or following each other in a logical progression.

What is Estimation Analysis?

Determines values for an unknown continuous variable behavior or estimated future value.

What is Classification analysis?

Decide the best way to classify records - the process of organizing data into categories for its most effective and efficient use — 

Disintermediation

Occurs when a business sells directly to the customer online and cuts out the intermediary

Intermediaries

Agents, software, or businesses that provide a trading infrastructure to bring buyers and sellers together

Clickstream analytics –

The process of collecting, analyzing and reporting aggregate data about which pages a website visitor visits and in what order

4 benefits of ebusiness

EXPANDING GLOBAL REACH

OPENING NEW MARKETS

REDUCING COSTS

IMPROVING EFFICIENCY AND EFFECTIVENESS WITH ANALYTICS

what are 3 ways that ebusinesses improve efficiency with analytics

Heat map, Interactivity, stickiness, viral marketing, Clickstream

What is clickstream and how does it improve ebusiness efficiency - what does it reveal?

The exact path a visitor takes through a website including the pattern of a consumer’s navigation

data can reveal:

• Length of stay on a website

• Number of page views

• How they arrived on the page

• Where they went after leaving the page

• Number of abandoned shopping carts

What is clickstream and how does it improve ebusiness efficiency

A technique that induces websites or users to pass on a marketing message to other websites or users, creating exponential growth in the message’s visibility and effect

What is a  Heat map and how does it improve ebusiness efficiency

A two-dimensional representation of data in which values are represented by colors

What is Interactivity and how does it improve ebusiness efficiency

Measures advertising effectiveness by counting visitor interactions with the target ad, including time spent viewing the ad, number of pages viewed, and number of repeat visits to the advertisement

What is Stickiness and how does it improve ebusiness efficiency

Measures the amount of time visitors spend on a website or application

what are the two ways that ebusinesses open new markets

Mass customization and Personalization

Business intelligence (BI)

– applications and technologies used to gather, provide access to, and analyze data and information to support decision-making efforts

Benefits of BI include

• Single Point of Access to Information for All Users

• BI across Organizational Departments

• Up-to-the-Minute Information for Everyone

Innovator’s Dilemma

discusses how established companies can take

advantage of disruptive technologies without hindering existing relationships with customers, partners, and stakeholders

what are the two types of data

transactional and Analytical

Analytical Data

Encompasses all organizational data, and its primary purpose is to support the performing of managerial analysis tasks

transactional data

Encompasses all of the data contained within a single business process or unit of work, and its primary purpose is to support the performing of daily operational tasks

Boolean data

represents binary values, typically “true” or “false,” and is
used for logical conditions or flags. It is useful for expressing yes/no, on/off,
or true/false conditions in database operations

Quantitative Data

includes integers, decimals, or floating-point numbers. It is used to represent quantities, measurements, or calculations. Examples

include employee salaries, stock prices, or customer ages

Categorical Data

onsists of alphanumeric characters and is used to store textual information such as names, addresses, descriptions, or comments. It can

include plain text, formatted text, or even large documents

Real-time data and Real-time system

Real-time data – Immediate, up-to-

date data

Real-time system – Provides real-

time data in response to request

characteristics of high quality data

accurate, complete, consistent, timely, unique

The four primary sources of low-quality data include

Customers intentionally enter inaccurate data to

protect their privacy

Different entry standards and formats

Operators enter abbreviated or erroneous data by

accident or to save time

Third party and external data contains inconsistencies, inaccuracies, and errors

Potential business effects resulting from

low quality data include

• Inability to accurately track customers

• Difficulty identifying valuable customers

• Inability to identify selling opportunities

• Marketing to nonexistent customers

• Difficulty tracking revenue

• Inability to build strong customer relationships

THE BENEFITS OF GOOD DATA

• improve the chances of making a good decision

• Good decisions can directly impact an organization's bottom line

A data steward

Responsible for ensuring data policies and procedures are implemented across an

organization

Master data management (MDM)

The practice of gathering data and ensuring that it is uniform, accurate, consistent, and complete, including such entities as customers, suppliers, products, sales, employees, and other critical entities that are commonly integrated across organizational systems

Data validation –

Includes the tests and evaluations used to determine compliance with data governance polices to ensure correctness of data

Data governance

Refers to the overall management of the availability, usability, integrity, and security of company data

Database –

maintains data about various types of objects (inventory), events (transactions), people (employees), and places (warehouses 

Database management systems (DBMS)

–Allows users to create, read, update, and delete data in a relational database

difference between primary key and foreign key

Primary key – A field (or group of fields) that uniquely identifies a given entity in a table

Foreign key – A primary key of one table that appears an attribute in another table and acts to provide a logical relationship among the two tables

A well-designed database should

• Handle changes quickly and easily

• Provide users with different views

• Have only one physical view – Deals

with the physical storage of data on

a storage device

• Have multiple logical views –

Focuses on how individual users

logically access data to meet their

own particular business needs

Scalability

Refers to how well a

system can adapt to increased

demands

• –

Performance

Measures how quickly a system performs a certain process or transaction

Data redundancy

– The duplication of data or storing the same data in multiple places

Databases offer several security features:

Password – Provides authentication

of the user

• Access level – Determines who has

access to the different types of data

• Access control – Determines types of

user access, such as read-only access

Explain blockchain advantages over a

centralized relational database

Decentralization, Security, Immutability, Digital Trust, Internet of Things Integration

blockchain

a shared, immutable digital ledger that records transactions in blocks, which are cryptographically linked together in a chain.

centralized relational database

a database where all data is stored and maintained in a single, central location, such as a server, and organized into tables with predefined relationships between them

Describe the roles and purposes of data

warehouses in an organization

Data integration, historical data storage, Data transformation

Describe the roles and purposes of data marts in an organization

provide specific, department-level data for targeted analysis and faster decision-making by acting as a smaller, focused subset of a larger data warehouse.

• enhancing data security by isolating sensitive information, and increasing user autonomy by giving specific teams tailored access without IT intervention

Identify the advantages of using business

intelligence to support managerial decision

making

Improved and faster decision-making: real-time, accurate data analysis, —— reducing the time it takes for managers to make critical decisions.

Enhanced operational efficiency: By analyzing data from multiple sources, BI helps identify bottlenecks and inefficiencies, allowing for streamlined processes and improved productivity.

Increased profitability: identifying cost-saving opportunities and new revenue streams, BI can lead to higher profits and a better return on investment (ROI)

Proof-of-work has two primary goals

1.To verify the legitimacy of a transaction, or avoid

the so-called double-spending

2. To create new digital currencies by rewarding

miners for performing the previous task

four kinds of BI analytical capability methods

consolidation, drill-down, slide-and-dice, Pivot

Pivot

rotates data, displaying alt. presentations of the data

slice-and-dice

looking at info from different perspectives - analyzing trends and finding patterns

consolidation

turning many simple data into interconnected info - ex. organizing sales data into catagories

drill-down: 

viewing data details at each level (reverse consolidation - ex. manager’s view, monthly, weekly info)

daa warehouse vs data mart

data mart: compiled, organized data

data warehouse: stores data from every sourc

characteristics of high qualit data

accurate, timely, complete, unique, consistent