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Chapter 1

SCMA 301 Chapter Notes - Chapter 1: Social Security Number, Data Mining, Time Point

Supply Chain Management and Analytics
Course Code
SCMA 301

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Business Stat
Chapter 1: Data and Decisions
What are Data?
Businesses have always relied on data for planning and to improve efficiency and quality
Businesses rely on the info in data to compete in the global marketplace
Data Warehouses : data that are recorded and stored electronically in vast digital
Big Data: data sets so large that traditional methods of storage and analysis are
o Decisions can be made quickly
Data aloe a’t help ake ette usiess deisios
o You must be able to summarize, model, and understand what the data can tell
Statistics: collection of tools and its associated reasoning
o Statisticians assess the risk of genetically engineered foods or of a new drug
being considered by the Food and Drug Administration (FDA)
Trasatioal data: Data olleted fo eodig the opaies’ tasatios
Data Mining ( Predictive analysis) : to make decisions and predictions
Business Analytics : describes any use of data and statistical analysis to drive business
decisions from data whether the purpose is predictive or simply descriptive
Understanding Data using context
o Numerical Data : only numbers
o Alphabetic Data: only letters
o Alphanumerical: mixed numbers and letters
Respondents: individuals who answer a survey
Subjects/ Participants: people on whom we experiment on
Experimental units: animals, plants, websites, and other inanimate subjects
Records: what rows are called in a database
Variables: the columns, what has been recorded
Metadata: typically contains info about how, when, and where (and possibly why) the
data were collected; who each case represents, and the definition of all the variables
Relational database: two or more separate data tables are linked together so that info
can be merged across them
Understand that data are values, whether numerical or labels, together with their
o Who, what, why, where, when (and how) the Ws- help nail down the context
of the data
o We must know who, what, and why to be able to say anything useful based on
the data.
o Who are the cases
o What are the variables
o A variable gives information about each of the cases
o The why helps us decide which way to treat the variable
find more resources at oneclass.com
find more resources at oneclass.com
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