BMGT 301 EXAM 2 VERIFIED STUDY GUIDE
big data - Answers - the massive amount of data available to today's managers that is
often unstructured, too big and too costly to work through with conventional databases
amount of data being created... - Answers - doubles every 2 years
data-driven decision making leads to - Answers - 5% more productivity and 6% more
profitability
data-driven, fact-based decision making is enabled by - Answers - standardized
corporate data and access to rich, third-party data sets
business intelligence - Answers - term combining aspects of reporting, data exploration,
modeling and analysis; interchangeable with analytics
analytics - Answers - term describing extensive use of data, statistical and quantitative
analysis, explanatory and predictive models, + face-based management to drive
decisions
machine learning - Answers - category of AI that leverages a ton of data so that
computers can learn and improve accuracy of actions and predictions on their own
data leveraging lies... - Answers - at center of COMPETITIVE advantage for many firms
like Spotify, Google, Amazon, Netflix, Zara
Leveragable data asset - Answers - difficult to obtain as data in many organizations lies
dormant as it is spread across inconsistent formats and incompatible systems; requires
complex infrastructure
Data is a true strategic asset/ sustainable competitive advantage when... - Answers - it
is valuable, rare, imperfectly imitable and non-substitutable
*differentiation is key
Qcue - Answers - data-analytics firm helps national sports teams price tickets based on
dynamic pricing: $45 on a weekend, but $8 on a weeknight
Dynamic pricing - Answers - -adjusting prices continually to meet the characteristics and
needs of individual customers and situations
-works in markets where supply is constrained and subject to demand spikes
-sets supply-demand equilibrium while boosting the bottom line
-Uber
data - Answers - raw facts and figures; alone tells you nothing
, information - Answers - data presented in a context to support decision making or
answer a question
information combined with knowledge - Answers - knowledge is insight derived from
experience and expertise and helps for stronger decisions
trusting your data - Answers - the ability to look at data and think about it critically +
determine its reliability is a vital managerial skill
trusting your data gone wrong example - Answers - United Airlines
-UAL bankruptcy article during low traffic Internet time accidentally went viral
-investment firm posted to Bloomberg
-investors sold stock; triggered automated systems to sell the stock
-stock dropped from $12 to $3
Database in a traditional file environment - Answers - -single table or collection of
related tables
-often focused on a functional area, regional area, or business unit
DBMS (Database Management System) - Answers - software for creating, maintaining
and manipulating data; "database software"; range from single-user to web-based to
open-source (vary across scale and capabilities)
Oracle - Answers - world's largest database software vendor
SQL (Structured Query Language) - Answers - the most common language used to
create and manipulate database; non-procedural, declarative language
Hierarchy of Data- + student school database example - Answers - Database
File
Record
Field
Byte
Bit
Database- student - Answers - related files: course file, financial file, personal file
file/ table - Answers - -group of records of the same type
-list of data
example: list of different students and their information
record/row - Answers - -group of related fields
-single instance of whatever the table keeps track of
-example: one student and their ID, course, data and grade.
big data - Answers - the massive amount of data available to today's managers that is
often unstructured, too big and too costly to work through with conventional databases
amount of data being created... - Answers - doubles every 2 years
data-driven decision making leads to - Answers - 5% more productivity and 6% more
profitability
data-driven, fact-based decision making is enabled by - Answers - standardized
corporate data and access to rich, third-party data sets
business intelligence - Answers - term combining aspects of reporting, data exploration,
modeling and analysis; interchangeable with analytics
analytics - Answers - term describing extensive use of data, statistical and quantitative
analysis, explanatory and predictive models, + face-based management to drive
decisions
machine learning - Answers - category of AI that leverages a ton of data so that
computers can learn and improve accuracy of actions and predictions on their own
data leveraging lies... - Answers - at center of COMPETITIVE advantage for many firms
like Spotify, Google, Amazon, Netflix, Zara
Leveragable data asset - Answers - difficult to obtain as data in many organizations lies
dormant as it is spread across inconsistent formats and incompatible systems; requires
complex infrastructure
Data is a true strategic asset/ sustainable competitive advantage when... - Answers - it
is valuable, rare, imperfectly imitable and non-substitutable
*differentiation is key
Qcue - Answers - data-analytics firm helps national sports teams price tickets based on
dynamic pricing: $45 on a weekend, but $8 on a weeknight
Dynamic pricing - Answers - -adjusting prices continually to meet the characteristics and
needs of individual customers and situations
-works in markets where supply is constrained and subject to demand spikes
-sets supply-demand equilibrium while boosting the bottom line
-Uber
data - Answers - raw facts and figures; alone tells you nothing
, information - Answers - data presented in a context to support decision making or
answer a question
information combined with knowledge - Answers - knowledge is insight derived from
experience and expertise and helps for stronger decisions
trusting your data - Answers - the ability to look at data and think about it critically +
determine its reliability is a vital managerial skill
trusting your data gone wrong example - Answers - United Airlines
-UAL bankruptcy article during low traffic Internet time accidentally went viral
-investment firm posted to Bloomberg
-investors sold stock; triggered automated systems to sell the stock
-stock dropped from $12 to $3
Database in a traditional file environment - Answers - -single table or collection of
related tables
-often focused on a functional area, regional area, or business unit
DBMS (Database Management System) - Answers - software for creating, maintaining
and manipulating data; "database software"; range from single-user to web-based to
open-source (vary across scale and capabilities)
Oracle - Answers - world's largest database software vendor
SQL (Structured Query Language) - Answers - the most common language used to
create and manipulate database; non-procedural, declarative language
Hierarchy of Data- + student school database example - Answers - Database
File
Record
Field
Byte
Bit
Database- student - Answers - related files: course file, financial file, personal file
file/ table - Answers - -group of records of the same type
-list of data
example: list of different students and their information
record/row - Answers - -group of related fields
-single instance of whatever the table keeps track of
-example: one student and their ID, course, data and grade.
