UGA MIST 2090 Final Exam

4-step process that makes up "analytics"

1. Asking meaningful questions

2. Acquiring relevant data

3. Analyzing the data quantitatively

4. Presenting the results

3 major categories of skills required for data science

1. Hacking skills

2. Math and statistics knowledge

3. substantive expertise

social network theory

the mapping and measuring of relationships and flows between people, organizations, systems, and other connected knowledge entities

nodes

(part of social network theory)

the individual people in the network

links

(part of social network theory)

the relationships and flows between the nodes

1st order questions

Absolute and concrete questions (ex. What should we do?)

2nd order questions

Abstract matters (ex. Why should we do it?, how should we go about solving this?)

Organizational impacts of "muting" HiPPOs

Shifts towards data-driven decision making taking power away from HiPPOs

Business Process

Sequence of tasks or activities that take a set of inputs and convert them into desired outputs

Processes

A flow of related activities that work together to achieve an objective

Function

A discrete action that produces a result

Silo Effect

workers complete their tasks in their functional silos without regard to the consequences for the other components of the process

Consequences of poor organizational coordination

-Delays

-Increased Lead times

-Excess Inventory

-Lack of visibility across the processes

BPNM

the emerging standard for specifying business processes in a business process model

4 elements of BPMN

event

task/activity

flow/arc

gateway

event

(an aspect of BPMN)

represents a thing that happens instantly (ex: an invoice has been received)

task/activity

(an aspect of BPMN)

a unit of work that has a duration (ex: an activity to pay an invoice)

flow/arc

(an aspect of BPMN)

connects objects with each other and shows the order of elements in the process (arrowhead)

gateway

(an aspect of BPMN)

object that represents things that separate and/or recombine flows

parallel gateway

a type of gateway in BPMN

provides mechanism to synchronize parallel flow and to create parallel flow, depicted by a diamond with a plus sign in middle

exclusive gateway

a type of gateway in BPMN

indicates locations within a business process where the sequence flow can take on or more alternative paths -- only one of the paths can be taken, depicted by a diamond with an "x" in the middle

Pools

resource classes are captured using pools

independent organizational entities

ex: customer, supplier, East Talon Hospital, Tartu Clinic)

lanes

resource classes are captured using lanes

resource classes in the same organizational space and sharing common systems

ex: sale department, marketing department

clerk, manager, engineer

user experience

the overall experience of a person using a product such as a website or computer application, especially in terms of how easy or pleasing it is to use

user interface design

the visual design of an interface

Krug's first law of usability

Dont make me think

satisficing vs. optimizing

there is no consequence for a wrong click, so weighing our options doesn't help us that much so we "satisfice" and just keep clicking without much deliberation

z pattern

visual precedence pattern, how our eyes scan content without much text

f pattern

visual precedence pattern, how our eyes scan content with more text

6 Step UX design process

1. Do research on your users

2. Build research personas

3. Create user stories

4. start creating wireframes and interaction prototypes

5. UI, visual design, and delivery

6. metrics analysis: validate your design

wireframes

A visual guide that represents the skeletal framework of a website or application

- Should include

- Navigation

- Input components

- Key interface elements

main characteristic of a project

definite beginning and end date

execution failure

a type of IT failure

being over budget, late delivery, or lacking quality

business failure

a type of IT failure

under delivering the intended business benefits

Hazard 1 in IT projects

ambiguity of purpose

- Poor communication between business unit and IT unit leads to building wrong system

- If this happens, doesn't matter if project was on time or on budget!

Hazard 2 in IT projects

unnecessary complexity

- As a project grows larger, so does its risk of failure

- Non-IT managers must whittle away unneeded complexity

Hazard 3 in IT projects

Absence of an Explicit Choice of Trade-Offs

- Non-IT managers should prioritize the project's requirements in order to remove unnecessary complexity

Latent Needs

those that are present and capable of emerging but are not yet visible

Impossible to get from business users and need to be discovered collaboratively with them

Ex: raid spray - raid couldn't have guessed the customers desire to watch the bug die

Scope Creep

most common term and problem. Adding new features (not part of original scope) incrementally over the course of the project

Scope Leap

o drastic increases in project's scope

Scope Grope

project team can't define the scope of the project

Triple Constraints

Time, Cost, and Scope and how those affect quality

Waterfall Software development

a breakdown of project activities into linear sequential phases, where each phase depends on the deliverables of the previous one and corresponds to a specialization of tasks

Agile Software Development

focuses on incremental development processes and timely delivery of working software

- High emphasis on limiting project scope (min # requirements)

- Generally preferred method for projects where business users' needs are hard to gather

Project Charter

o Documents the project's measurable organizational value (MOV)

o Defines project resources, summarizes details of plan, defines roles and responsibilities

o Translates business case to project plan

Work Breakdown Structure

o A hierarchical chart or outline used to organize tasks of a project into related areas

o Tree diagram our outline, should provide measurable deliverables at each level

platform

Online environments that take advantage of the economics of free, perfect, and instant

Advantages of Platform based business models

-Reduce or remove long standing barriers that keep people from transacting with each other

-Influence flow of transactions to absorb more benefits

-Segment mix of offerings

-Lowering price on both sides of market

disadvantages of platform based business models

-Requires high flow of users

-Integration challenges

-Platform maintenance

Free

Once something has been digitized, it's essentially free to make an additional copy of it

Perfect

Copies are every bit as good as their digital original

Instant

Networks allow distribution of a free, perfect copy of information goods from one place to another virtually immediately

Network Effect

a phenomenon by which a product or service gains additional value as more people use it (ex: telephones, the app store, facebook)

unbundle

unbundle resources that used to be tightly clustered together and difficult to consume one by one

bundle

bundle a popular resource with an unpopular resource to encourage consumption

open platform (pros and cons)

pros: increase consumer surplus, push out demand curve, platform onwer get data

cons: malware, cybercrime, cyberwarfare, identity theft, fake news

curation

platform owner sets strict standards for user generated content, but has to be approved under strict guidelines

reputation systems

platform owner establishes a system for users to rate content to ensure that high-quality content is easily accessible and low-quality content falls away

Habits of successful platforms

-Early to the space

-Takes advantage of economics of complementary goods

-Opens up platform to a broad range of contributes

-Curate platform to deliver a consistent experience

platforms as engines for liquidity in markets

a platform model can create a multi-sided market--where sellers and buyers find each other to arrange sales transactions. This helps because it makes the process of transacting much smoother. Thus, the presence of a market makes it much easier to convert an asset (such as half of a storage warehouse in Athens, GA) into cash.

incumbent organizations and the role of regulation

- Nonplatform participants will see their margins shrink and their positions become less and less secure

- In finance, as in urban transportation, regulation was at times the incumbents best defense against digital upstarts

Definition of MIS

·A management information system is an organized integration of hardware and software technologies, data, processes, and human elements designed to produce timely, integrated, relevant, accurate, and useful information for decision-making purposes.

Changes in how a company sells to customers

Changes in how a company sells to customers depends on what type of information that company has. Business intelligence and data mining help manage customer relationships

Analytics strategy at Target

Target used analytics to track what people searched on their websites and added to their cart to determine and predict what to advertise to their customers

· How the three lenses are changing business, generally

(1) New combinations of minds and machines are changing the way businesses execute their most important processes. (2) Pioneering companies are bringing together products and platforms to transform their offerings (3) The core and the crowd are altering what organizations themselves loom like, and how they work.

What happened last time?

Many successful incumbent companies- in fact, most of them- did not survive the transition from one power source to the other.

· Definition of a business model

Describes the rationale of how an organization creates, delivers, and captures value. Gives you a "shared language" about how to innovate.

· Why we use the business model canvas

To learn how to innovate in a rapidly changing sociotechnical context, and to show the logic on how a company will make money.

Properties of the nine blocks of the business model canvas

Customer segments, value proposition, channels, customer relationships, Revenue streams, Cost structure, Key resources, key activities, and key partners

· Relationship between revenue and financing

Only that raising through or equity financing is NOT considered revenue, but is a way of raising operating cash for the firm.

Debt Financing

where you borrow money from a lender that you'll have to pay back with interest.

Equity Financing

where you trade partial ownership of some of your business to investors in exchange for their capital.

· Basic information about venture capital industry

These firms invest in a variety of startups at various stages of development.

First Machine age

late 1800'S to early 1900's

Second machine age

1980

Phase 1

started late 1980's when we started to see automation of routine tasks like processing payroll, welding car parts together, or sending invoices to customers

Phase 2

around 2010 when we started to see development in autonomous cars, IBM, etc.

Re-engineering movement and business processes

the reengineering movement spawned a process- focused lens through which firms sought to increase the efficiency of business processes.

System 1 thinking

fast, automatic, evolutionary ancient, requires little effort, intuition based

System 2 thinking

slow conscious, evolutionary recent, requires a lot of work, associated with concentration and agency.

Strengths and weaknesses of human intelligence

Strengths- we can take into account if someone has to change their pattern of life because of a broken leg or other circumstances.

Weaknesses- we know more than what we can tell.

Rule based systems

AI system requires you to establish what all of the rules (and exceptions to those rules) are as you're setting up the system. This type of system doesn't require a lot of computational power, but is difficult to do well because of Polyani's Paradox.

Pattern recognition systems

uses "machine learning" to learn by itself instead of requiring pre-programmed rules. This process of "training" an "unsupervised" system requires a lot of up-front computational power, which is why we're only seeing them emerge in the modern era.

failures of long term prediction

The general idea is that you don't want to make big, long-term bets and instead you want to engage in short-term, iterative experimentation. Things like A/B testing.

Reactive algorithmic development

Takes advantage of human common sense by using humans as monitors that watch over the decisions and actions that of AI algorithms. Intervention Agents

proactive algorithmic development

to leverage humans as a source to train supervised AI algorithms by identifying exceptions to rules, etc. Training Agents

bits

are 1's and 0's. No color, size or weight, and it can travel at the speed of light. Basically $0 to reproduce, reproduction is perfect

molecules

more than $0 to reproduce, reproduction quality is not perfect

DANCE of the robots

Date, Algorithms, Networks, Cloud, Exponential Improvements in digital hardware

Machines and creative productions

That machines are able to make things that are creative, ie music and art

types of work that robots succeed at; where they may likely overtake human skill

Dull, Dirty, Dangerous, and Dear

Characteristics of jobs least likely to be affected by "machine" progress.

Jobs with social drives

database

an organized collection of data

Database Management System (DBMS)

the software application that lets you create and work with a database

Database vs. Spreadsheet

database > spreadsheet

security: the administrator of the database can grant each user its own level of access to ensure that confidential info is not accessed by unauthorized people

eliminates redundant data via the relational model

data access: multiple users can use a database at once (can handle much larger amounts of data than spreadsheets)

major components of a relational database model (3)

entities

relationships

attributes

entities

a major component of a relational database model

things and concepts for which data is stored in the database

relationships

a major component of a relational database model

how entities are connected and relate to one another

attributes

a major component of a relational database model

aspects of the entities