INFO HW
INFO 1010
DATA MANAGEMENT
AND
ANALYSIS
OVERVIEW
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COMPETING IN THE INFORMATION AGE
Fact - The confirmation or validation of an event or object
Information age - The present time, during which infinite quantities of facts are widely available to anyone who can use a computer
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COMPETING IN THE INFORMATION AGE
The core drivers of the information age
Data
Information
Business intelligence
Knowledge
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Data
Data - Raw facts that describe the characteristics of an event or object
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Information
Information - Data converted into a meaningful and useful context
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Business Intelligence
Business intelligence - Information collected from multiple sources such as suppliers, customers, competitors, partners, and industries that analyzes patterns, trends, and relationships for strategic decision making
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Knowledge
Knowledge - Skills, experience, and expertise coupled with information and intelligence that creates a person’s intellectual resources
Knowledge worker – Individual valued for their ability to interpret and analyze information
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THE MIS SOLUTION
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SYSTEMS THINKING
Systems thinking – A way of monitoring the entire system by viewing multiple inputs being processed or transformed to produce outputs while continuously gathering feedback on each part
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SYSTEMS THINKING
Management Information Systems (MIS) – A business function, like accounting and human resources, which moves information about people, products, and processes across the company to facilitate decision-making and problem-solving
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IDENTIFYING COMPETITIVE ADVANTAGES
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IDENTIFYING COMPETITIVE ADVANTAGES
Competitive advantage – A product or service that an organization’s customers place a greater value on than similar offerings from a competitor
First-mover advantage – Occurs when an organization can significantly impact its market share by being first to market with a competitive advantage
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Ethical Guidelines for Statistical Practice
In a statistical study, unethical behavior can take a
variety of forms including:
Improper sampling
Inappropriate analysis of the data
Development of misleading graphs
Use of inappropriate summary statistics
Biased interpretation of the statistical results
You should strive to be fair, thorough, objective, and
neutral as you collect, analyze, and present data.
As a consumer of statistics, you should also be aware
of the possibility of unethical behavior by others.
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