Questions and Answers
A transaction processing system (TPS) is only capable of generating analytical reports without any data storage.
False
Data warehouses are used to consolidate both internal and external data for broader analysis.
True
Information integrity is primarily concerned with ensuring that information is unique.
False
Data mining involves the process of finding patterns and trends in data through analysis.
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Data marts are larger subsets of data warehouses that focus on specific applications.
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One of the challenges of data mining is maintaining the accuracy of data collected from the cloud.
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Big Data refers to data that is small in volume and easy to manage.
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Privacy infringement can be a legal challenge in the context of data mining.
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A business process is defined as a standardized set of activities to carry out a business goal.
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Connectivity allows for collaboration primarily through WEB 3.0 technologies.
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The Long Tail concept refers to niche products that are sold in small quantities at the end of the sales curve.
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VLOOKUP in MS Excel is used to sum values from different cells in a worksheet.
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Absolute cell addressing in MS Excel refers to a cell reference that changes when a formula is copied to another cell.
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Managers primarily use MS Excel for complex database management tasks rather than for making effective decisions.
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DBMS stands for Database Management System and is capable of creating complex queries.
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One of the limitations of spreadsheets is their ability to create complex queries like a DBMS.
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Study Notes
Decision Making
- Structured decisions are routine, with clearly defined procedures and outcomes; semi-structured decisions involve some ambiguity and require both data and judgment; unstructured decisions are non-routine, requiring creative problem-solving.
- Transaction Processing System (TPS) captures and processes daily business transactions, storing vast amounts of data, while Decision Support System (DSS) analyzes TPS data to create analytical reports for management decision-making.
Data and Business Intelligence
- Data is raw facts; information is processed data with context; knowledge is the application of information; business intelligence (BI) is the insights derived from analyzing data to support decision-making.
- Characteristics of Information Integrity:
- Accuracy: Information must be correct.
- Relevance: Information should be pertinent to the task at hand.
- Timeliness: Information must be current.
- Consistency: Information should be uniform over time.
- Completeness: Information must contain all necessary details.
- Uniqueness: Information should avoid redundancy.
- Database: A structured collection of related data (e.g., sales database with customer and product tables).
- Data Warehouse: An integrated repository of internal and external data.
- Data Mart: A focused subset of a data warehouse, tailored for specific business needs.
- Data Mining: The process of discovering patterns and insights in large datasets, often utilizing data from warehouses and marts.
- Big Data refers to extremely large datasets that require advanced processing to extract meaningful insights; it enables businesses to make data-driven decisions.
- Data mining techniques include:
- Classification: Identifying to which category an item belongs.
- Clustering: Grouping similar items together.
- Regression: Predicting numerical outcomes based on data.
- Association: Discovering relationships between variables.
- Anomaly detection: Identifying outliers in data.
- Challenges of data mining:
- Inconsistent data formats across clouds.
- Inaccurate information impacting results.
- Privacy concerns related to personal data usage.
- Complexity of data needing comprehensive mining approaches.
Business Functions & Business Processes
- Business functions refer to various roles undertaken to achieve business objectives, while business processes are standardized tasks or activities designed to complete functions, such as worker scheduling.
Connectivity
- Sustaining Technologies enhance existing products for current markets (e.g., improved smartphone features), while Disrupting Technologies create new markets and value networks (e.g., streaming services disrupting traditional media).
- WEB 2.0 technologies facilitate user collaboration through interactive platforms, enabling content sharing and community engagement.
E-Business & M-Business
- The Long Tail phenomenon describes niche products with lower sales volume but a broad variety; the internet allows these products to reach specific consumer segments, creating markets outside mainstream demand.
MS Excel Questions
- A spreadsheet is a digital tool for organizing and analyzing data in tabular form.
- VLOOKUP searches for values in a table; SUM adds numerical values from specified cells; IF executes conditional statements for logical testing.
- Relative cell addressing adjusts cell references when copied, while absolute addressing keeps references constant regardless of copy location.
- Managers utilize Excel for effective decision-making, tracking employee data, and analyzing business metrics.
- Contrast between MS Access and Database Management Systems (DBMS):
- MS Access allows for straightforward data entry and limited querying, often with password protection, but limits the visibility of data across users.
- DBMS enables complex queries, linking multiple tables, and is scalable for managing transactional data.
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Description
This quiz focuses on the concepts of decision making, particularly the differences between structured, semi-structured, and unstructured decisions. Students are encouraged to rely on their understanding and notes for preparation. Engage with this content to solidify your grasp on these essential decision-making classifications.
