MGCR 331 Chapter Notes - Chapter 11: Fraud, Business Analytics, Trawling

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Published on 16 Apr 2013
Department
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Chapter 11 The Data Asset: Databases, Business Intelligence, and Competitive
Advantage
Key Terms
- Big data: a general term use to describe massive amount of data available to
today’s managers. Big data are often unstructured and are too big and costly
to easily work through use of conventional databases, but new tools are
making these massive datasets available for analysis and insight.
- Business intelligence: a term combining aspects of reporting, data
exploration and ad hoc queries, and sophisticated data modeling and
analysis.
- Analytics: describes the extensive use of data, statistical and quantitative
analysis, explanatory and predictive models, and fact-based management to
drive decisions and actions.
o Benefits are seen everywhere gaining competitive advantage over
your competitors, growing your company, etc.etc.
- How do you get to the point where an organization can leverage its data ?
Many organization’s – it lies dormant and it is very hard to design a system to
pull it all together
- Data provides a strategic advantage when it’s rare, valuable, imperfectly
imitable, and lacking in substitutes
- Data is just raw facts and figures --- want to turn data into information
want to present it in a context so that it can answer a question or support
decision making.
o then combine information + manager’s knowledge = stronger
decisions
- database: lists of related data
o most organizations have several database
- database management systems: software that creates, maintains, and
manipulates data
- structured query language (SQL): most common language for creating and
manipulating databases.
- Common terms associated with databases
o Table or file: list of data
o Database
o Column or field: defines the data that a table can hold
o Row or record: represents a single instance of whatever the table
keeps track of.
o Key: the field used to relate tables in a database. EG student_ID
- Regional databases: the most common standard for expressing databases,
whereby tables (files) are related based on common keys.
- Where to get the data?
o Transaction processing systems: systems that record a transaction
(some form of business-related exchange), such as a cash register sale,
ATM withdrawal, or product return.
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