MI4007 Week 02 Lecture 01 PDF
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Uploaded by Business Student123_
University of Limerick
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Summary
This lecture discusses data management, including data as raw facts, databases, and database management systems. It highlights the importance of data quality and the costs of poor data. The lecture also covers how to improve data quality and establish data governance.
Full Transcript
MI4007 Wk.02 Lec.01 Data: Raw facts and figures that on their own have no meaning. Must be managed as a resource correctly. Organisations need to process data to information to achieve its aims. It must be processed into a form to give it meaning. Database: Structured collection of related data. DB...
MI4007 Wk.02 Lec.01 Data: Raw facts and figures that on their own have no meaning. Must be managed as a resource correctly. Organisations need to process data to information to achieve its aims. It must be processed into a form to give it meaning. Database: Structured collection of related data. DBMS: Database Management System, e.g. Microsoft Access, Oracle. Collection of software for managing the database and software for organising the data and verifying it, for retrieving the data through queries and for creating reports based on the data. They can create/delete tables, modify tables, retrieve data from a table(s) (queries) and create reports. Uses of Information in Business: 1. Communication 2. Decision Making 3. To Support Business Processes Characteristics of Good Information: Accurate Reliable Relevant Timely Complete Valid Costs of Poor Data: Lost Revenue Increased Operational Costs Compliance Violations Reputational Damage How to improve Data Quality: Implement Data Quality Processes (Profiling, Cleansing, Validation) Use Data Quality Tools Ensure Data Accuracy + Completeness Train Employees Establish Data Governance References: Notes based on MI4007 Lecture Slides
