| Which parameters are we evaluating information on? | Information consumer
Information overload
Information quality
Information evaluation |
| What is an information consumer? | Being a 'smart' information consumer
Being successful in today's knowledge society requires being a good information consumer (p. 39).
In today's knowledge society, it is important both personally and professionally to be an informed consumer of information.
A business manager creates value by using information:
To improve/prepare for decision-making
To justify elections
To verify previously obtained information
To choose the safe choice by not missing any relevant information
To use the information later |
| What is information overload? | Herbert Simon, Nobel Prize winner, psychologist and economist (1971):
"In an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes. What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume it."
2 primary strategies for dealing with information overload
1. Withdrawal: Turn off sources of information. (FX. Facebook, lecturer)
2. Filtering: Knowing what information you need and what information deserves attention and use. (close fb) |
| What is information quality? | Definition from the dictionary
Information quality
The degree to which information is appropriate for a specific purpose.
“ Garbage in, garbage out...”
If you use bad information as a basis for decision-making, you are likely to make a bad decision.
Contextual quality - Characteristics that change with the specific task is it important to me right now?
Intrinsic quality - Characteristics that are essential regardless of context and presentation - universally important data
Representational quality - Concerns how information is made available to the user
Accessibility quality - Concerns whether authorized users can easily access the information. |
| What is knowledge management? | The Process of Knowledge Management
1. Create - knowledge is created or purchased
2. Collect - made explicit
3. Codify - made easy to store
4. Store - aggregated at a deposit
5. Fetch - made easy to find
6. Transfer - moved to the people who need to apply it
7. Apply - is used for decision making |
| What are some potential benefits of good knowledge management? | • Better problem solving
• Improved customer service
• More efficient prioritisation of product portfolio
• Increased innovation
• Improved processes (more efficient)
• Increased intellectual capital through better use of intellectual assets. |
| What is Explicit and Tacit knowledge? | Explicit knowledge
Knowledge that can be expressed relatively easily.
Tacit knowledge
Internalized and very personal knowledge, which is difficult to express or communicate |
| Explain the SECI Model | Socialization(Tacit-Tacit) --> Externalization(Tacit - Explicit) --> Combination (explicit - explicit) --> Internalization (explicit - Tacit) |
| What are the 5 knowledege management techniques. | Repositories:
The goal of knowledge repositories is to make it easy to find and retrieve documents that contain knowledge.
Communication-based tools:
Email and social networks are examples of communication-oriented tools for knowledge management.
Collaboration tools:
Combine elements of repositories and communication- based knowledge mangement tools. Google docs allow for document sharing and coediting
Dashboards:
Provide graphical views of key data along with graphical warnings when data indicate areas that need attention.
Expert systems:
Help users solve problems or answer questions in a way that mimics an expert’s thought processes. An expert system typically has a narrow focus on a particualr problem domain. |
| What are decision support systems | Decision support systems
Computer-based systems that help decision makers use data and models to solve semantic or unstructured problems.
Decision Support Systems (DSS) Are:
• Data-driven
• Model driven
• Document-driven
• Communication driven
• Collaboration systems |
| What is included in the Business analytics framework? | BA is the process of transforming data into insights to improve operations and decisions-making. |
| What is a data warehouse? | Data warehouse
A copy of transactional data (and other data) that is formatted so that it is useful for decision support
Processes from data sources to data warehouse
• Extract
• Transform
• Load |
| How and why do we analyse Business data? | 3 business analytics methods – to make sense of data
• Vizualization
• Reporting
• Data mining
3 business analytics goals
• Describe
• Predict
• Prescribe |
| What is Data mining? | Data mining
The process of analyzing data to identify trends, patterns, and other useful information to make predictions. |
| How do we Data mine? | Frequently encountered data mining techniques
• Discovering connections
• Sequence analysis
• Classification
• Grouping
• Forecasts |
