class 3 + part of 4

Data

Raw facts that describe the characteristics of an event or object.

Example of Data

1. 'I have 1 item.' 2. 'The class has 70 students registered.'

Information

Data that is converted into a meaningful and useful context.

Example of Information

1. 'The item I have is a product that has the most sales during the month of December.' 2. 'The average temperature in December helps forecast sales trends.'

Business Intelligence

Information collected from multiple sources that analyzes patterns, trends, and relationships for strategic decision making.

Example of Business Intelligence

1. 'December this year will see interest rates rise 10% and snow storms are expected to cause issues on the East Coast.' 2. 'Lowest sales per week compared with economic interest rates.'

Knowledge

The quality of having skill, experience, and information; the ability to think and act using knowledge to make decisions.

Example of Knowledge

1. 'We will offer a discount on purchases in November and December to ensure sales levels increase by 10%.' 2. 'Choosing not to fire a sales representative who is underperforming due to family issues.'

Fact

A type of data that is indisputably the case and can be proven with evidence.

Qualities of a Fact

1. A statement that is consistent with objective reality. 2. A piece of information used as evidence in reports or articles.

True/Useful Fact vs False/Misleading Fact

A true/useful fact is verifiable, while false/misleading facts are not true or can be proven inconsistent with objective reality.

Triangulation

Taking a 'read' from different sources to gather information.

Example of Triangulation

Different types of sources providing information like trunk, leg, ear, and tail.

Corroboration

Checking one source's story against another source's story.

Example of Corroboration

The four blind men each testing the tail to corroborate their findings.

Information Literacy

The ability to know when you need more data, information, and knowledge.

System

A structured collection of processes that work together to produce an outcome.

Process

A series of actions or steps taken to achieve a particular end.

Purpose of a System

The intended goal or function that a system is designed to achieve.

Supersystem

A larger system that contains other systems.

Subsystem

A system that is part of a larger system.

Interdependence

The reliance of parts on each other to function.

Example of Interdependence

The soil food web.

Synergy

The cooperative effort of complementary parts for greater overall effect.

Example of Synergy

A basketball team working together to win games.

Entropy/Obsolescence

The idea that systems degrade over time without adaptation.

Example of Entropy

Technology becoming obsolete, such as flip phones due to smartphones.

Optimize

To design something to work perfectly or 'optimally'.

Sub-optimization

When subsystems are designed to work less than optimally to serve a higher order system.

Stakeholder

An individual or group that has an interest or concern in an enterprise.

Shareholder

An individual or entity that owns shares in a company.

Business Information System

A system that captures, creates, stores, transforms, and delivers data to help enterprise members make decisions.

Example of Business Information System

Customer ordering a smartphone online, involving data entry, hardware, software processing, media communication, procedures, and people.

Information Overload

The overwhelming amount of data an individual encounters daily.

Example of Information Overload

During a baby's first day, the amount of data generated is equivalent to 70 times the info in the Library of Congress.

Variability in Information Quality

The differences in the quality of information before and after the internet.

Bias

Prejudice in favor of or against a thing, person, or group, often considered unfair.