Task 1 – Lesson Reading and Information Extraction Research
Scenario - You have joined a company as a trainee data analyst. The company
imports a range of different speciality cheeses from France and the Netherlands.
They supply the cheese to a number of restaurants & specialist delicatessens
throughout the UK. The company face a number of challenges due to currency
exchange rate fluctuations (between the Euro, that they buy the cheese in, and the
pound that they sell it in) and the variations in economic growth. Their product is
relatively expensive and sells better when economic growth is good and less well
when it is poor. Part of your job will be to help develop some models to try to predict
future sales of the cheese. However, before you start work on developing the model,
the managers in the company (who do not have a background in IT) would like you to
provide them with a presentation on the ways in which spreadsheet models can be
used.
Stages in the decision-making process
Before you can design or create a spreadsheet to meet client requirements, you
need to understand what data modelling is and how it is used, otherwise there will
be countless problems with the usefulness of the spreadsheet. Data modelling is
used to help consider alternative choices. You will find out how to evaluate models
and how to document your choices, justifying your decisions.
There are many stages that you will explore in the decision-making process which
include:
Understanding the scenario as this is vital as you need to handle your client’s
needs.
The scenario lets you understand what your spreadsheet needs to be able to do, if
you do not understand it this will be a problem as you would not know what to do.
This is vital as you should at least know what to do to as you will need to follow the
requirements needed.
Identifying information and sources:
Every data model needs information, so, for this stage in the decision-making
process, you will need to know where your information will come from and how
reliable it will be. M1: Also seek information from external sources, including
studies, market research, and, in some cases, evaluation from paid consultants but
beware you can easily become bogged down by too much information facts and
statistics that seem applicable to your situation might only complicate the process.
The Information Required:
, The information required is what you need to identify needed for the spreadsheet
data model for example, the profit to be made by producing a new product. This is
extremely important and can be easily done if you make a check list to know what
you are doing. M1: Do an internal assessment, seeing where your organisation has
succeeded and failed in areas related to your decision.
Information That Is Already Available:
Read the scenario carefully and identify the key information. For example, you may
be able to identify the number of potential customers or the cost involved in
producing the new product. Picking out the key information can also give you an idea
of what you must do.
Additional Information Needed:
There may likewise be extra data that is required for the information model which is
not given in the situation. You must discover where this data can be found and the
wellspring of the data. In the event that if you were attempting to discover the
quantity of passing’s every year you would go on a confided in site that is legitimate
and precise.
Sources of Additional Information:
Identify the sources of additional information that you will need for your spreadsheet
data model. This can be paper based sources or from internet so remember where
they are located.
Requirements for Verifying the Information Sources:
The information you use for your spreadsheet needs to be trustworthy and reliable
otherwise your data model won’t be useful or accurate. To do this, find out who has
provided the information and how old it is. If you haven’t heard about the
information provider research them to find out why they have made the information
accessible.
Factors Affecting the Quality of Information:
The currency and accuracy of the data are the most important factors affecting the
quality of the information. It could also be influenced by other external factors.
Currency of data:
The currency of data is how recent it is. Older data tends to be less useful than up to
date so try and avoid old data.
Accuracy of data:
Scenario - You have joined a company as a trainee data analyst. The company
imports a range of different speciality cheeses from France and the Netherlands.
They supply the cheese to a number of restaurants & specialist delicatessens
throughout the UK. The company face a number of challenges due to currency
exchange rate fluctuations (between the Euro, that they buy the cheese in, and the
pound that they sell it in) and the variations in economic growth. Their product is
relatively expensive and sells better when economic growth is good and less well
when it is poor. Part of your job will be to help develop some models to try to predict
future sales of the cheese. However, before you start work on developing the model,
the managers in the company (who do not have a background in IT) would like you to
provide them with a presentation on the ways in which spreadsheet models can be
used.
Stages in the decision-making process
Before you can design or create a spreadsheet to meet client requirements, you
need to understand what data modelling is and how it is used, otherwise there will
be countless problems with the usefulness of the spreadsheet. Data modelling is
used to help consider alternative choices. You will find out how to evaluate models
and how to document your choices, justifying your decisions.
There are many stages that you will explore in the decision-making process which
include:
Understanding the scenario as this is vital as you need to handle your client’s
needs.
The scenario lets you understand what your spreadsheet needs to be able to do, if
you do not understand it this will be a problem as you would not know what to do.
This is vital as you should at least know what to do to as you will need to follow the
requirements needed.
Identifying information and sources:
Every data model needs information, so, for this stage in the decision-making
process, you will need to know where your information will come from and how
reliable it will be. M1: Also seek information from external sources, including
studies, market research, and, in some cases, evaluation from paid consultants but
beware you can easily become bogged down by too much information facts and
statistics that seem applicable to your situation might only complicate the process.
The Information Required:
, The information required is what you need to identify needed for the spreadsheet
data model for example, the profit to be made by producing a new product. This is
extremely important and can be easily done if you make a check list to know what
you are doing. M1: Do an internal assessment, seeing where your organisation has
succeeded and failed in areas related to your decision.
Information That Is Already Available:
Read the scenario carefully and identify the key information. For example, you may
be able to identify the number of potential customers or the cost involved in
producing the new product. Picking out the key information can also give you an idea
of what you must do.
Additional Information Needed:
There may likewise be extra data that is required for the information model which is
not given in the situation. You must discover where this data can be found and the
wellspring of the data. In the event that if you were attempting to discover the
quantity of passing’s every year you would go on a confided in site that is legitimate
and precise.
Sources of Additional Information:
Identify the sources of additional information that you will need for your spreadsheet
data model. This can be paper based sources or from internet so remember where
they are located.
Requirements for Verifying the Information Sources:
The information you use for your spreadsheet needs to be trustworthy and reliable
otherwise your data model won’t be useful or accurate. To do this, find out who has
provided the information and how old it is. If you haven’t heard about the
information provider research them to find out why they have made the information
accessible.
Factors Affecting the Quality of Information:
The currency and accuracy of the data are the most important factors affecting the
quality of the information. It could also be influenced by other external factors.
Currency of data:
The currency of data is how recent it is. Older data tends to be less useful than up to
date so try and avoid old data.
Accuracy of data:
