section 1.1

what’s a fact?

the confirmation or validation of an event or object. In the past, people primarily learned facts from books.

what is information age?

a time infinite quantities of facts are widely available to anyone who can use a computer

what is the internet of things (IoT)?

a world where interconnected internet-enabled devices or "things" have the ability to collect and share data without human intervention

• You might be wearing a smart watch (IoT device) that is tracking each time your heart beats and every single calorie you burn during your day

what’s a machine to machine (M2M)?

refers to devices that connect directly to other devices. Just think of your smart watch directly connecting with your smartphone

ex. medical devices "talking" to one another

what is data?

raw facts that describe the characteristics of an event or object

what is big data?

a collection of large, complex datasets, which cannot be analyzed using traditional database methods and tools

what is variety?

different forms of structured and unstructured data (more blow)

what is veracity?

the uncertainty of data, including biases, noise, and abnormalities

what is volume?

the scale of data 

what is velocity?

the analysis of streaming data as it travels around the internet

what is information?

data converted into a meaningful and useful context

what is business intelligence (BI)?

is information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyze patterns, trends, and relationships for strategic decision making. BI manipulates multiple variables, and in some cases even hundreds of variables, including such items as interest rates, weather conditions, even gas prices.

what is structured data?

a defined length, type, and format and includes numbers, dates, or strings such as customer address

what is machine generated data?

created by a machine without human intervention. includes sensor data, point of sale data, and web log data

what is human generated data?

data that humans, in interaction with computers, generate. Human generated structured stat includes input data, clickstream data, or gaming data

unstructured data

is not defined, does not follow a specified format, and typically free form texts such as emails, twitter tweets, and text messages. accounts for about 80 percent of the data that surrounds us.

what is machine generated unstructured data?

such as satellite images, scientific atmosphere data, and radar data

what is human generated unstructured data?

such as text messages, social media data, and emails

snapshot is

a view of data at a particular moment in time

what is information?

data converted into a meaningful and useful context

variable is

a data characteristic that stands for a value that changes or varies over time

a report is

a document containing data organized in a table, matrix, or graphical format allowing users to easily comprehend and understand information. Reports can cover a wide range of subjects or a specific subject for a certain time period or event

a static report is

created once based on data that does not change. static reports can include a sales report from last year or a salary report from five years ago

whats a dynamic report?

it changes automatically during creation. dynamic reports can include updating daily stock market prices or calculating available inventory

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whats a data analyst?

someone that collects, queries, and consumes organizational data to uncover patterns and provide insights for strategic business decision making

what is analytics?

the science of fact based decision making

what is business analytics?

the scientific process of transforming data into insight for making better decisions

data scientist:

extracts knowledge from data high performing statistical analysis, data mining, and advanced analytics on big data to identify trends, market changes, and other relevant information

Knowledge

includes the skill, experience, and expertise, coupled with information and intelligence, that create a person's intellectual resources

knowledge assets (intellectual capital):

the human structural and recorded resources available to the organization knowledge assets reside within the minds of members, customers, and colleagues

knowledge facilitators:

help harness the wealth of knowledge and information in the organization. Knowledge facilitators help acquire and catalogue the knowledge assets in an organization

knowledge worker

individuals valued for their ability to interpret and analyze information

data silo

occurs when one business unit is unable to freely communicate with other business units, making it difficult or impossible for organizations to work cross functionally

Data democratization

the ability for data to be collected, analyzed, and accessible to all users (the average end user).

System:

a collection of parts that link to achieve a common purpose. A car is a good example

productivity

the rate at which goods and services are produced based on total output given total inputs. Given our previous example, if a business could produce the same hamburger with less expensive inputs or more hamburgers with the same inputs, it would see a rise in productivity and possibly an increase in profits

system thinking

a way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part.

feedback

information that returns to its original transmitter input, transform, or output it modifies the transmitter's actions

Management information systems (MIS):

a business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision making and problem solving.

Value added

the term used to describe the difference between the cost of inputs and the value of price of outputs

Chief intellectual property officer:

manage and defend intellectual property, copyrights, and patents

Chief automation officer:

determines if a person or business process can be replaced by a robot or software

Chief user experience officer:

will create the optimal relationship between user and technology