bus 391: IS final study guide

What is Competitive Advantage?

it is attributes that allow firms to provide goods and services with higher perceived values than their competitors

How do companies pick their strategies

porter 5 forces model

What are porters 5 forces model

Existing competitors force: Company’s ability to generate significant profits decreases as the number of competitors offering same products increases.

New Competitors force: strong barriers to entry decreases the strength of this force

Suppliers force: the strength of suppliers impacts a firm’s ability to be more profitable. Economies of scale is used to force
suppliers to lower their prices.

Customers force: Buyers can exert control upon a firm if they represent a significant percentage of this firm’s sales

Substitute force: Buyers can substitute one product for another

What are the different types of strategies?

Cost Leadership: Broad Market, Companies compete by offering the lowest prices across an entire industry, maximizing efficiency and minimizing costs at scale.

Cost Focus: Niche Market, Businesses target specific market segments with the lowest prices, leveraging specialized knowledge of customer needs.

Differentiation: Broad Market, Organizations create unique products or services with valuable features that appeal to customers across the entire market.

Differentiation Focus: Niche Market, Companies create unique offerings tailored to specific market segments commanding premium prices from specialized customers.

RED OCEAN strategy: Competitors in the same market fight to gain competitive advantage through price leadership OR by making product improvement

BLUE OCEAN strategy: Companies focus on creating entirely new markets without existing competition. It combines differentiation strategy and price leadership

What is SWOT analysis and why it is used?

Strengths and Weaknesses: Internal capabilities that position the company for success in internal limitations that hinder its performance

Opportunities and Threats: External Favorable or unfavorable factors

What are the 5 P’s

Personnel

Plant

Processes

Past experiences

Purse

What PESTEL and why is it used?

it is a process to evaluate external opportunities and threats

Political factors
Economic Factors
Socio-cultural factors
Technology
Environmental factors
Legal factors

what is lean manufacturing

Focuses on minimizing waste in material and work effort. It commits to excellence and continuous training to all employees

what is Six Sigma (DMAIC and DMADV)

DMAIC is used for improving existing products and services
(Define-measure-analyze-Improve-control)

DMADV is used to create new products and service
(Define-measure-analyze-design-verify)

What is just in time inventory

Minimize excess inventory and keep manufacturing lines agile to save money and to allow for changing customer demands.

What is Data analytics?

Investigating raw data of various types
It includes descriptive analytics, predictive analytics, and prescriptive analytics

What is Data ecosystem

The information technology architecture and infrastructure, software, programming language, and storage technologies are used to collect, store, analyze, and interpret meaningful data

What are the 5 steps of data life cycle

Sensing: Identify what data should be collected (Internal and external sources)
Collecting: Collect data from sources
Wrangling: Convert raw data to user friendly format
Analysis: Examine the data
Store: Derive conclusion and store the data.

What is data-driven decisions?

it is the use of facts, metrics, and data to guide strategic business decisions that align with organizational goals

6 steps to create Data-Driven Decisions

Ask: What questions need to be answered OR what problem should be solved
Prepare: collect data, store it, and prepare to for analysis
Process: cleanse the data and ensure it is ready for analysis
Analysis: Analyze data to find patterns, trends and relationships.
Share: share it with audience
Act: A Decision must be made

Three data analyst tools

Spread sheets (Excel and good sheets)

Database and Query Language (access, mysql)

Data Visualization tools (tableau)

How does SQL communicate
with database?

• Characters stored in database as bytes.

• Fields: A set of data values made up of characters (First Name)

• Records: Collection of related fields (Student Record)

• Tables: Group of assigned rows and columns that contain related data (Student table)

SQL syntax

• Syntax is a set of rules that define a specific computer language

• SQL query is a question or a request for specific information

What are the advantages and disadvantages of SQL

advantage: Popular- previous coding experience is not must- reliable- handles large volume of data- and process
queries quickly and reliably.

disadvantage: SQL databases could be complex to manage and setup- can’t process changes in real time- can’t
handle unstructured data

What are the design elements that lead to misleading data visualization?

Truncated Graphs: Shorting or cutting-off the Y- axis can make a
diffidence in data seem much larger that they are Improper scaling

Using un-uniformed scale for pictogram

Using to many variables in the chart can
distract audience.

Cherry Picked data

Using misleading colors.

Most Popular Charts

Line Chart-scatter diagrams- Bar charts- Pie-Chart

What are the data formats used in Datasets?

• Primary Data
• Secondary Data
• Internal Data
• External Data
• Qualitative Data
• Quantitative Data
• Structure data
• Unstructured data

What is the drawbacks of Tableau and Power BI?

Tableau:

• Limited scripting language support
• No automatic report refresh
• Difficult to implement some conditional formatting.
Limited to 16-column table displays
• High cost for organizational scaling

Power BI:

• Steep learning curve for expert usage
• Not compatible with Mac or Linux
• Free version has dataset limitations
• Some dashboards and reports are only available in English

What is AI?

it is the study of applications ad processes of making intelligent machines and intelligent programs.

What is Information Architecture?

it helps people to understand their surrounding and allow them to find what they are looking for in real world and online.

What is IBM Ladder Approach to AI?

infuse- AI available in all organizational areas

Analyze- Collect and organize data

Organize- create analytics foundation and framework to extract insights from the data

Collect- make data simple and accessible

What is Cognitive Computing?

it uses decision making approach used by humans to analyze large datasets to make decisions

What is natural language Processing (NLP)

it is the study and application of programming techniques to understand spoken language and text inserted by humans.

What are the steps cognitive systems take to make decisions

Observe: Collect data and observe behaviors, occurrences, and bodies of evidence

Interpretation: Draw conclusion from the observed data and past-experience to generate hypotheses about the meaning of data and possible course of actions

Evaluate: Determine which hypothesis makes more sense

Decision: Decide what is the best course of action

What is machine learning?

it uses data and algorithms to emulate the way human learns. ML systems relies on human interaction and the system accuracy improves gradually.

What are the types of ML?

Supervised ML: uses data class labels within dataset that specify what the data represents

unsupervised ML: Algorithms are used to examine and cluster UNLABELED data sets.

Reinforcement Learning: Observe Environment, Take Action, receive feedback, update strategy

What are neural networks

they are AI method that teaches
computers to process data in a way that is
inspired by human brain

Neural networks has interconnected nodes
in layered structure that resembles human
brain

3 layers: input, hidden (where actual learning occurs), and output

what is Rendering Invariant state prediction: (Motion
Captioning Technology)

It uses neural networks to obtain movement data from video samples and reproduce it in a model without the use of sensors

What is deep learning?

it is a type of artificial intelligence that uses data and algorithms to create learning

What are the steps to create deep learning models

1. Collect data
2. Choose and optimize the algorithm
3. Set up and manage learning environment
4. Train, retrain, and tune the model.
5. Deploy the model
6. Scale and manage the production environment

What are the main steps in building AI model?

1. Problem statement and goal identification
2. Prepare and gather data
3. Choose the algorithm
4. Analyze the data
5. Train the model
6. Assess and deploy the model
7. Monitor, evaluate, and improve

Charts in Excel

Charts are more preferred to convey raw data because it provides a more visual and eloquent representation of the data

Bar charts: Compares multiple items over
time or different categories side by side
Pie Chart: Chart to show part of a whole
Line chart: A chart that compares changes
over time

what are the color conventions

Color Conventions
Black for positive values
Red: negative Values

Risk:

Green: Safe low risk
Yellow: increased risk
Red: High risk.

What is conditional formatting and why it is useful?

It highlights data based on a criteria and format the cells that meet specific conditions to make the cells stands out.

what is Structured Reference useful?

it is useful because it makes the information easier to identify.

For Example: =SUM(Sales[Revenue]) instead of =SUM(B2:B50)

What do logical functions do

they work like TRUE/FALSE questions
It returns different results based on whether conditions are met.

What is a What-if Analysis

it is a feature in excel that allows you to explore different outcomes by changing input values.

Goal seeking: It identify a specific target and find the input value that will achieve the target. (Meaning: It finds
the input value that will achieve a specific target)
Scenario manager: It create and
manage set of input values and
compare between resulting outcomes.

What is power query?

It is used to import, clean, and transform data from different sources. It works with complex and large dataset.

What is power pivot?

it is used to import data from different sources, build data models, and create relationship between tables though common fields

what is Power BI?

it is a very powerful tool in creating reports and interactive dashboards.