MCS 3030 Chapter Notes - Chapter 2: Decision Support System, Marketing Effectiveness, Electronic Data Interchange
13 Oct 2016
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Chapter 2: harnessing big data into better decisions. Data: recorded facts or measures of certain phenomena (things: includes objects (ie. sales of product) & events (ie, includes objects (ie. sales of product) & events (ie. surgery responses about an experience, not yet in usable form. Big data: large quantities of data then from multiple, varied sources that were not intended to be used together, that are available to be analytically applied to provide input to organizational decision making. Information: data formatted (structured) to support decision making or de ne the relationship between two or more data points. Four important characteristics determine the value of information: relevance, completeness, quality. Completeness: having the right amount of information: you need suf cient relevant information to make a decision. Quality: how accurately the data actually matches reality: high quality data are both valid and reliable. Timeliness: the data is not so old that it is no longer relevant: highly current data needed.
