MIS203 Study Guide - Final Guide: Dikw Pyramid, Thermodynamic Cycle, Big Data

• School: Deakin University
• Department: Business and Law
• Course: MIS203
• Professor: Kristijan Mirkovski

Document Summary

Data: elementary description of something e. g. 12,14, 17, 22. Information: processed data e. g. predicted hourly temperature in degree celsius, time and location. Knowledge: information applied to a decision or action e. g. deciding to wear a warm coat. Wisdom: using knowledge for the greater good e. g. understanding the impact of hypothermia and helping others stay warm. Importance of dikw hierarchy: connectedness and usefulness, making data interpretable, cyclic process of elements, once the data has been transformed into knowledge more data may be required. Communication: exchanging information to share ideas, coordinate actions, communicate with stakeholders such as customers and suppliers. Supporting business processes: simplifies complex work processes and involves various parts of the business, information flow. Supporting decision making: primary reason for collecting data, to make informed decisions and reduce uncertainty and risk. Data driven decision making, whether to order a particular product, the manager needs to be aware of available stock.