Business Info Systems Quiz 3

Business Intelligence

a broad term encompassing analytical use of data incorporating various methods (database management, warehousing, and mining) 

Online Transaction Processing (OLTP)

the process of updating and retrieving data from databases for operational purposes

Online Analytical Processing (OLAP)/BI

the process of retrieving data from data warehouses/marts for analytical purposes

Slice and Dice OLAP

adds, replaces, or eliminates specified attributes (or values) from the already displayed result

Pivot OLAP

reorganizes the values displayed in the original query result through moving values of a dimension column from one axis to another

Drill Up/Drill Down

makes the granularity of the data coarser or finer (respectively)

Data Mining

the intersection of database management, artificial intelligence, and statistics, which leads to the discovery of novel and interesting patterns in large amounts of data and  is concerned with predictive analysis. Patterns should be accurate, meaningful, understandable, and actionable

Market Basket Analysis

finds groups of items that appear together in transactions

enterprise-wide corporate data warehouse

contains all the information from the operational data sources that have analytical value

Machine Learning

makes predictions based on data OR, discovers new insights and information based on data we have (No code)

Supervised ML

Train on existing data to make predictions (ex. Using an algorithm to predict mortgage default by using historical data)

Unsupervised ML

mining data to find patterns, classify data to provide deeper insight on large amounts of data

Deep Learning / Neural Networks

nodes and relationships between nodes (similar to how the human brain works), not always clear how it came up with the solution

Generative AI (LLM)

new technology based on Large Language Models - neural networks with billions of parameters, composed of training data and computing power. Once the model is trained, generation based on inputs is relatively quick

Transactional Structured Data

for operational databases, or data modeled/structured and stored for anticipated pre-determined operational use

Analytical Structured Data

for data warehouses or marts, data modeled/structured and stored for anticipated pre-determined analytical use

Big Data

Unstructured/semi-structured, unmodeled data, massive volumes of diverse and rapidly growing data that are not formally modeled for efficient retrieval. However it is a part of overall data strategy, not a separate isolated initiative

MapReduce

parallel computing divides complex tasks into a sequence of smaller tasks that are performed in parallel on multiple computers (to reduce processing time). Traditional parallel approaches use specialized (expensive) computers, while MapReduce uses regular commodity computers

Data Lake

a large data pool in which the schema and data requirements are not defined until the data is queried, suitable for big data since it is less structured and kept in its raw format

Supply Chain

a network between a company, its suppliers and its customers whose purpose is to produce and distribute the company’s products and/or services

Supply Chain Operations Reference (SCOR) Model

framework for supply chain management, containing plan, source, make, deliver, and enable

Supply Chain Logistics

The part of the supply chain process that plans, implements, and controls the efficient, effective flow and storage of goods, services, and related information between the point of origin and the point of consumption

Supply Chain Metrics and KPIs

calculated based on data in an organization’s information systems, provided in reports, dashboards, etc.

Back Order Rate

percentage of orders that cannot be filled at the time a customer places them

Inventory Turnover Rate

measures how many times a year a company sells its entire inventory

Return Rate

percent of shipped items that are returned by customers

SCM Levels of Decision Making

Operational (day-to-day decisions), tactical  (medium-term decisions) and, strategic (longer term decisions)

The Bullwhip Effect

occurs when product demand information passes throughout the supply chain in a distorted (delayed) way, can result in excessive or insufficient inventory

SCM Automation

enabled by the use of digital information and other technological advances (ex. RFID enables automatic tracking of any item at each stage of supply chain)

Business Processes

a set of activities that once completed, accomplish a company’s task or goal

Business Process Reengineering (BRP)

the analysis and redesign of workflows within and between enterprises in order to optimize business processes

Automating

changing the business process by automating it

Streamlining

changing the business process by removing unnecessary, outmoded, or inefficient steps and methods in the existing process

Business Process Reengineering (BPR)

changing the business process not by performing the same process faster, cheaper, and more efficient, but by completely redesigning the process

Paradigm Shift

BPR effort in one company that redefines the entire industry