ISM FINAL EXAM STUDY GUIDE
Systems analysis and design - Answers - Analyzing the system, developing new
system, designing systems to meet customer needs
business intelligence - Answers - Combines business analytics, data mining, data
visualization, data tools and infrastructure, and best practices to help organizations to
make more data driven decisions
Reporting, Performance Management, data mining, Benchmarking, Text analysis,
Process mining, event processing goes into > analytics > decision = business
intelligence
Waterfall - Answers - -Traditional method of planning, analysis, design, development,
implementation
-Linear system, key activities executed one after another
Agile - Answers - -Iterative process, customer relationship-focused
Agile manifesto: waterfall is too cumbersome w/ too much documentation
Process Model - Answers - Steps taken in a specific order to get from point A to point B,
toast example
functional value - Answers - Value a firm realizes by performance improvements directly
resulting from the involvement of data to a corresponding part of a firm's value creation
symbolic value - Answers - Value that occurs from the signaling effect, the perception of
which depends on the recipient (i.e., customers, competitors, partners, employees,
others)
Informational systems - Answers - Designed to support decision making based on a
HISTORICAL point in time and prediction data for complex queries or data mining
applications. All about getting data out of system
Operational systems - Answers - Point of sale systems, operational or transactional
system day-in-day-out, receipt is evidence of transaction processing system, keeps
track of CURRENT daily operations
data warehouse - Answers - an informational system
a type of database management system that is designed to enable and support
business intelligence activities, especially analytics
, Storage of information
Database - Answers - organized collection of logically related data
an operational system - used to run a business in real-time, based on current data, and
all about getting data into a system
Data mart - Answers - Mini mart of data warehouses, a small chunk of a data
warehouse that has carved out a specific need from giant data warehouse from a
certain perspective
Big Data - Answers - Too big for an organization to handle by itself, worthless.
Data - is specific data that is used to make business decisions
Big data - is the collection of ALL the data within an organization
Volume, Variety, Velocity - Answers - Three V's that define Big Data are:
What are the five challenges of big data? - Answers - 1. Leadership - management uses
the data
2. Talent management, data scientists, visualization tools
3. Technology - to handle the 3 V's
4. Decision-making - people who solve problems meet with decision makers
5. Company culture
What are the three steps to becoming data-driven? - Answers - 1. Think different
2. Fail fast, learn faster
3. Focus on the long-term
What are the ways to gain value from analytics? - Answers - 1. Descriptive
2. Predictive
3. Prescriptive
Descriptive analytics - Answers - gather data on what has happened. Use historical data
to focus on cost reduction and process improvement via metrics
Predictive analytics - Answers - Analyze data in terms of what happens and what
outcomes result. Uses current and historical facts to make predictions; focus on
probabilities and potential impact
Ex. In hurricane season, toilet paper, bread, and batteries are out of stock first
Prescriptive analytics - Answers - Goes beyond predictions and outlines decision
options/optimization. Design treatments to address (fix) problem, can create
opportunities
Systems analysis and design - Answers - Analyzing the system, developing new
system, designing systems to meet customer needs
business intelligence - Answers - Combines business analytics, data mining, data
visualization, data tools and infrastructure, and best practices to help organizations to
make more data driven decisions
Reporting, Performance Management, data mining, Benchmarking, Text analysis,
Process mining, event processing goes into > analytics > decision = business
intelligence
Waterfall - Answers - -Traditional method of planning, analysis, design, development,
implementation
-Linear system, key activities executed one after another
Agile - Answers - -Iterative process, customer relationship-focused
Agile manifesto: waterfall is too cumbersome w/ too much documentation
Process Model - Answers - Steps taken in a specific order to get from point A to point B,
toast example
functional value - Answers - Value a firm realizes by performance improvements directly
resulting from the involvement of data to a corresponding part of a firm's value creation
symbolic value - Answers - Value that occurs from the signaling effect, the perception of
which depends on the recipient (i.e., customers, competitors, partners, employees,
others)
Informational systems - Answers - Designed to support decision making based on a
HISTORICAL point in time and prediction data for complex queries or data mining
applications. All about getting data out of system
Operational systems - Answers - Point of sale systems, operational or transactional
system day-in-day-out, receipt is evidence of transaction processing system, keeps
track of CURRENT daily operations
data warehouse - Answers - an informational system
a type of database management system that is designed to enable and support
business intelligence activities, especially analytics
, Storage of information
Database - Answers - organized collection of logically related data
an operational system - used to run a business in real-time, based on current data, and
all about getting data into a system
Data mart - Answers - Mini mart of data warehouses, a small chunk of a data
warehouse that has carved out a specific need from giant data warehouse from a
certain perspective
Big Data - Answers - Too big for an organization to handle by itself, worthless.
Data - is specific data that is used to make business decisions
Big data - is the collection of ALL the data within an organization
Volume, Variety, Velocity - Answers - Three V's that define Big Data are:
What are the five challenges of big data? - Answers - 1. Leadership - management uses
the data
2. Talent management, data scientists, visualization tools
3. Technology - to handle the 3 V's
4. Decision-making - people who solve problems meet with decision makers
5. Company culture
What are the three steps to becoming data-driven? - Answers - 1. Think different
2. Fail fast, learn faster
3. Focus on the long-term
What are the ways to gain value from analytics? - Answers - 1. Descriptive
2. Predictive
3. Prescriptive
Descriptive analytics - Answers - gather data on what has happened. Use historical data
to focus on cost reduction and process improvement via metrics
Predictive analytics - Answers - Analyze data in terms of what happens and what
outcomes result. Uses current and historical facts to make predictions; focus on
probabilities and potential impact
Ex. In hurricane season, toilet paper, bread, and batteries are out of stock first
Prescriptive analytics - Answers - Goes beyond predictions and outlines decision
options/optimization. Design treatments to address (fix) problem, can create
opportunities
