ISA 235 EXAM #1 (CHAPTERS 1-4) STUDY GUIDE
fact - Answer -the confirmation or validation of an event or object
information age - Answer -the present time, during which infinite quantities of facts are
widely available to anyone who can use a computer
Examples of coupling the power of the information age with traditional business
methods - Answer -Amazon, Netflix, Zappos
Internet of Things (IoT) - Answer -a world where interconnected, Internet- enabled
devices or "things" can collect and share data without human intervention
machine-to-machine (M2M) - Answer -devices that connect directly to other devices
4 Core Drivers of the Information Age - Answer --Data
-Information
-Business Intelligence
-Knowledge
data - Answer -raw facts that describe the characteristics of an event or object
examples of data - Answer --Order Date
-Amount Sold
-Customer Number
-Quantity Ordered
structured data - Answer -data that has a defined length, type, and format and includes
numbers, dates, and strings such as Customer address
machine-generated data - Answer -data created by a machine WITHOUT human
intervention
Includes:
-sensor data
- point of scale data
- web log data
human-generated data - Answer -data that humans, in interaction with computers,
Includes:
-input data
-click stream data
-gaming data
unstructured data - Answer -data that is not defined and does not follow a specified
format and is typically free-form text such as emails, tweets, and texts
,-makes up about 80% of data around us
Sources of Unstructured data - Answer -Machine Generated Unstructured Data
-satellite images, scientific atmosphere, radar
Human Generated Unstructured Data
-texts, social media, emails
big data - Answer -collection of large, complex data sets that cannot be analyzed using
traditional database methods and tools
-includes both structured and unstructured data
snapshot - Answer -view of data at a particular moment in time
information - Answer -data converted into a meaningful and useful context
examples of information - Answer --Best Selling Product
-Best Customer
-Worst Selling Product
-Worst Customer
report - Answer -document containing data organized in a table, matrix, or graphical
format allowing users to easily comprehend and understand information
static report - Answer -report created once based on data that does not change
Examples:
-sales report from last year
-salary report from five years ago
dynamic report - Answer -report that changes automatically during creation
Examples:
-updating daily stock market prices
-calculation of available inventory
variable - Answer -data characteristic that stands for a value that changes or varies
over time
Results of changing a variable - Answer --able to create hypothetical scenarios to study
future possibilities
-anticipate how sales or cost increases
-how increase in costs improve profits
business intelligence - Answer -information collected from multiple sources such as
suppliers, customers, competitors, partners, and industries that analyzes patterns,
trends, and relationships for strategic decision making
, examples of BI - Answer --lowest sales per week compared with the economic interest
rates
-best selling product by month compared to sports seasons and city team wins/losses
What does business intelligence manipulate? - Answer --manipulates multiple variables
including items like interest rates, weather conditions, and gas prices
analytics - Answer -science of fact-based decision making
predictive analytics - Answer -extracts information from data and uses it to predict
future trends and identify behavioral patterns
Why use predictive analytics? - Answer --define the future of a business
-analyze markets, industries, economies
-determine strategic direction of a company
behavioral analytics - Answer -uses data about people's behaviors to understand intent
and predict future actions
knowledge - Answer -skills, experience, and expertise coupled with information and
intelligence that creates a person's intellectual resources
examples of knowledge - Answer --choosing not to fire a sales representative who is
under performing knowing that person is experiencing family problems
-listing products that are about to expire first on the menu or creating them as a daily
special to move the product
knowledge workers - Answer -individuals valued for their ability to interpret and analyze
information
-use BI and personal experience to make decisions
accounting - Answer -records, measures, and reports monetary transactions
accounting data types - Answer --transactional data
-purchasing data
-payroll data
-tax data
finance - Answer -tracks strategic financial issues including money, banking, credit,
investments, and assets
finance data types - Answer --investment data
-monetary data
-reporting data
fact - Answer -the confirmation or validation of an event or object
information age - Answer -the present time, during which infinite quantities of facts are
widely available to anyone who can use a computer
Examples of coupling the power of the information age with traditional business
methods - Answer -Amazon, Netflix, Zappos
Internet of Things (IoT) - Answer -a world where interconnected, Internet- enabled
devices or "things" can collect and share data without human intervention
machine-to-machine (M2M) - Answer -devices that connect directly to other devices
4 Core Drivers of the Information Age - Answer --Data
-Information
-Business Intelligence
-Knowledge
data - Answer -raw facts that describe the characteristics of an event or object
examples of data - Answer --Order Date
-Amount Sold
-Customer Number
-Quantity Ordered
structured data - Answer -data that has a defined length, type, and format and includes
numbers, dates, and strings such as Customer address
machine-generated data - Answer -data created by a machine WITHOUT human
intervention
Includes:
-sensor data
- point of scale data
- web log data
human-generated data - Answer -data that humans, in interaction with computers,
Includes:
-input data
-click stream data
-gaming data
unstructured data - Answer -data that is not defined and does not follow a specified
format and is typically free-form text such as emails, tweets, and texts
,-makes up about 80% of data around us
Sources of Unstructured data - Answer -Machine Generated Unstructured Data
-satellite images, scientific atmosphere, radar
Human Generated Unstructured Data
-texts, social media, emails
big data - Answer -collection of large, complex data sets that cannot be analyzed using
traditional database methods and tools
-includes both structured and unstructured data
snapshot - Answer -view of data at a particular moment in time
information - Answer -data converted into a meaningful and useful context
examples of information - Answer --Best Selling Product
-Best Customer
-Worst Selling Product
-Worst Customer
report - Answer -document containing data organized in a table, matrix, or graphical
format allowing users to easily comprehend and understand information
static report - Answer -report created once based on data that does not change
Examples:
-sales report from last year
-salary report from five years ago
dynamic report - Answer -report that changes automatically during creation
Examples:
-updating daily stock market prices
-calculation of available inventory
variable - Answer -data characteristic that stands for a value that changes or varies
over time
Results of changing a variable - Answer --able to create hypothetical scenarios to study
future possibilities
-anticipate how sales or cost increases
-how increase in costs improve profits
business intelligence - Answer -information collected from multiple sources such as
suppliers, customers, competitors, partners, and industries that analyzes patterns,
trends, and relationships for strategic decision making
, examples of BI - Answer --lowest sales per week compared with the economic interest
rates
-best selling product by month compared to sports seasons and city team wins/losses
What does business intelligence manipulate? - Answer --manipulates multiple variables
including items like interest rates, weather conditions, and gas prices
analytics - Answer -science of fact-based decision making
predictive analytics - Answer -extracts information from data and uses it to predict
future trends and identify behavioral patterns
Why use predictive analytics? - Answer --define the future of a business
-analyze markets, industries, economies
-determine strategic direction of a company
behavioral analytics - Answer -uses data about people's behaviors to understand intent
and predict future actions
knowledge - Answer -skills, experience, and expertise coupled with information and
intelligence that creates a person's intellectual resources
examples of knowledge - Answer --choosing not to fire a sales representative who is
under performing knowing that person is experiencing family problems
-listing products that are about to expire first on the menu or creating them as a daily
special to move the product
knowledge workers - Answer -individuals valued for their ability to interpret and analyze
information
-use BI and personal experience to make decisions
accounting - Answer -records, measures, and reports monetary transactions
accounting data types - Answer --transactional data
-purchasing data
-payroll data
-tax data
finance - Answer -tracks strategic financial issues including money, banking, credit,
investments, and assets
finance data types - Answer --investment data
-monetary data
-reporting data
