Think for about 100 seconds what you learnt in class during the last class and summarize your thoughts here.
Data that has been collected can be used in two ways, for transactional or analytical purposes. The transactional database can be used by retailers to support its day-to-day operations, such as how many units of a product was sold and whether to order more shipments. The analytical data stores can be used by managers to evaluate how a certain product line is faring and whether to discontinue it or not.
I’m still somewhat confused about the Amazon star rating example you used in class. Is it data because you don’t know why the item was given a specific star or because the star is numerical? or both? Could it not also be information since you know the item that is being rated; that 1 star means the product is poor, while 4.5 means that it’s a near, using the term loosely, “perfect” product? or is that too vague to be considered information?
Hi Tom, you summarized very well, good job! For the amazon star rating example, the rating per se is a piece of data, however, when you process it to make a purchase decision, it becomes information (it informs you of whether the product is of good or poor quality). Yes in this case it is a bit vague, but I think you already got the point of the distinction. You are already thinking a step further.
Today in class i learned how much firms rely on data and information to stay productive as a business. I believe i learned the most from the Relational database example, because I’ve never thought about how much goes into a simple airline reservation, and how each table has its own importance.
Dustin, good summary. Yes we are really getting into what firms’ IT (database guys) do in terms of their firm database. Personally I’ve worked with a company which has more than 200 tables in its MySQL database, and every entity is “related” seamlessly. The relational paradigm helps firms minimize errors and enhance data storage efficiency. We will continue this topic tomorrow and talk about the practical things – how to efficiently model a database using entity-relationship diagram.
Today I learned about the importance of data gathering as compared with the past. Whenever I make a purchase I am stored into a database and my like,dislikes,interests, and buying tendencies are all recorded and used to try and get me to buy more in the future. An example of this is with Amazon. Although I have only purchased one item with them(as I mostly only use eBay),I still receive regular e-mails notifying me of products I may be interested in. It amazes me how after only one purchase Amazon knows exactly what it is that I am interested in. Although receiving e-mails regularly is annoying, I know it is a tool used by most click only stores that want to stay connected with their customers.
Yes Justin, we do observe that firm data collection from users (consumers) are becoming more implicit than before. Almost each and every move of you is recorded. Also please try to keep in mind the difference between transactional database and analytical database, which is also important!
Today in class, I learned that Data is very valuable for businesses and organizations. Data is collected constantly. Businesses record every add you click, specific items you purchase, quantities, and so on. They then turn the collected data into information to make business decisions. I have noticed that when I use Google Chrome, some of the retail websites i view are suddenly adds all over my Facebook. Even specific shirts or shoes show up as adds on websites, right after I am done viewing them. This is because data is collected on what items I am browsing and then redisplayed later in an add, so I may notice it again and actually purchase that item.
I agree with Dustin. The relational database example was interesting. I had no idea reservations were handled that way for airlines.
Good summary on data! A similar example of airline reservation system relational diagram intrigued me about 7 years ago when I was in a MySQL course. We never thought before how these systems really work, but now we will be getting there. We will even try to model our own problems into database, using help from a tool called “entity-relationship” diagram, which we will cover this week.
Today in class I learned that data is one of the most valuable assets in our economy. It is how firms can accurately and effectively access the needs and wants of consumers on an individual and custom level. In addition, data can help firms reduce cost my shorting errors or simplifying cost. But data is the only beginning. It’s up to interpreters to make the most careful analysis of the information and use good judgment in decision making.
Jasmine you are absolutely correct. The thing you will learn in this course will hopefully help you become such an effective “interpreter”..
As everyone else has mentioned, today’s class re-emphasized the importance and value of using data wisely. I particularly found it interesting to consider this fact from the perspective of the economic collapse and the medicare system. Other than this review, we discussed the sort of direction this class will take in material.
Dustin L. Gregory pointed out the relational databases and I agree that it was interesting because its something tha I was previously unfamiliar with. I am excited for this class because topics like this, and others like mySQL, promise to provide us with actual skills that we can take forward into the job market.
John, definitely, I was once an MIS major 7, 8 years ago and this is the class that I still remembers. The knowledge from this similar class (we had database management at that time) is been used on a daily basis. I am glad that your like the course and I hope you will all do very well (not only to look good in an job interview but these might be skills that you use in an actual job!)
In my case, I worked for an investment bank before, and my main job duty, or job description, is writing MySQL queries to retrieve data from a transactional database, into spreadsheets that can be analyzed by financial analysts.
Todays class taught me the difference between transactional and analytical data. I too learned how to extract information from data.
The main point I took from class was the importance of having two separate databases for storage and then analysis. Each database is optimized for their functions, while working together in a system.
After the first class I am able to see the distinction between data, which is raw facts, and information, which is data interpreted. I also recognize the difference between a transactional database, which stores all of a firms actions, and an analytical database, which is used for analysis of that transactional data. Within the database is the relationship paradigm. I had seen this used in Access with the one to many relationships but it was never well explained to me. I now recognize that it exists to prevent redundancy and errors by linking tables of data together.
After the first class I realized how much businesses make use of all the data available to them. It never crossed my mind that when I purchase something online and give out seemingly meaningless data such as my address that I could be contributing to a data set that determines regional trends. Businesses are smart to make use of all the different information that they can collect and interpret.
Data can be in form of text, number or facts. In order to be useful in a business world they have to be related to a business scenarios.
Data can be handled in many ways.
Retrieving te data : from a database, Internet or other useful sources.
Gathering the data: put the data together. For instance in a format that will be useful for a business purpose.
Storing the data: where to store this data? In the cloud? Servers?depending on what informtion we have and how big the data is.
Interpreting the data: what information do we finally get after studying these data? For example, is there more traffic in one region compare to others? Should a company build a new store based on the number of transactions seen in a store.How critical is the information received after syudying data?
Data are very important, however if used or interpreted in a wrong way, this can cause damages to any business.
We also learned about two different forms of data:
Transactional: happening in real time.
Analytical: Historical data.
I learned that firms are using data to provide insight into their processes and customers. This means that in the coming years data will become “big data” and the MIS industry will be that much more prevalent. I also realized that IBM’s Watson (the computer who beat Ken Jennigns on jeapordy) probably retrieved his answers from some type of database.
Today in class I learned the distinction between data and information. Data is compiled, and then accumulated to display information. Information cannot exist without data. Additionally we discussed the two different types of data: transactional, and analytical. Transactional data is collected in real time, and captures data describing the event. Analytical data is historical, and captures data to support analysis and reporting.
Monday in class i learned the importance of data and that almost every business starts with data; either gathering, interpreting, informing, or storing data. There are two types of data: Transactional and Analytical. Transactional is real time that is stored when you make an order whereas analytical is historical that is used to analyze the data that was once stored.