MIS 0855 Lecture 1: Data Science Notes 1.1

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Introduction: Data, Information, Knowledge (1/16/18)
Data: raw, unorganized facts
Information: data that is processed to be useful
Knowledge: application of data and information
What is information?
o Insight derived from data
o Data presented in a meaningful context
o Data processed by summing, ordering, etc
o A difference that makes a difference
Data can be presented with percentages
Information is a step further than data; the analysis may consist of a mean, median,
minimum, maximum, etc
What is Big Data? Is it a Big Deal?
Velocity, Variety, Volume
Data ad Big Data do’t really atter uless you ca tur the ito iforatio ad
knowledge
As a manager, your role is to:
o Examine the assumptions, approaches, and data carefully.
o Ask analysts:
Can you tell me something about the source of data you used in your
analysis?
Are you sure the sample data are representative of the population?
Are there any outliers in your data distribution? How did they affect the
results?
What assumptions are behind your analysis?
Are there any conditions that would make your assumptions invalid?
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