MIS 0855 Lecture 1: Data Science Notes 1.1
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 ad Big Data do’t really atter uless you ca tur the ito iforatio ad
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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