BUS 358 Lecture Notes - Lecture 3: Data Quality, Market Intelligence, Global Positioning System
7 Sep 2017
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Document Summary
Chapter 2 harnessing big data into better decisions. Data: facts/recorded measures of certain phenomena (things/events) Big data: large quantities of data taken from multiple, varied sources that. Available to be analytically applied to provide input to org decision making. Info: data formatted to support decision making/define relationship b/w 2+ data points. Market intelligence: subset of data and info that actually has some explanatory power. Data quality: degree to which data rep the true situation, how to enhance data qual. Inspect the data and cleanse for obvious errors. Be mindful of the costs and benefits of efforts at improving data qual: higher qual = more certain; lower qual = more uncertain. Timeliness: data = current and relevant, market dynamism. I represents rte of change in env and competitive factors. Global mktplce: potential mktplce is entire world, large companies use tech to keep track of business details globally. Input = all numerical, text, voice, behavioiral, image data entered into decision support syst.
