GMS 200 Lecture Notes - Lecture 2: Data Mining, Big Data, Problem Solving

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Kenneth Kalu

Document Summary

Ability to understand new technologies and to use them to their best advantage. Ability to locate, gather, organise, and display info for decision making and problem solving. Ability to evaluate and analyze info to make actual decisions and solve real problems. Information: data made useful and meaningful for decision making. Represent trends/patterns that are useful for decision making, ex. Borrowing from a bank they look at your credit to see if you"ve been defaulting. Look at performance on future projects, see if you want to invest. Timely, high quality, complete, relevant, understandable, reliable, accurate. Management information system: using the latest technologies to collect, organize, and distribute data. Data mining: process of analyzing data to produce useful info for decision makers. Big data: exists in huge quantities and is difficult to process without sophisticated mathematical and analytical techniques. Management analytics involves the systematic evaluation and analysis of data to make informed decisions.