Notes Module 3 - Data and Information Data raw facts that...

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Data and Information Data: raw facts that describe the characteristics of an event. Information: data converted into a meaningful and useful context. Database – maintains information about various types of objects (inventory), events (transactions), people (employees), and places (warehouses) Data vs. Information: an Example Raw Data: shares exchanged in the stock market Information: How did a particular stock perform during the last 6 month? How did it perform compare to other stocks? Importance of Data Management Data is everywhere in an organization Data have become central and even vital to organizations. Organizations need to manage their data assets very carefully to make sure that the data are easily accessed by managers and employees across the organization. Transactional Data and Analytical Information
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Data Management Data management is a structured approach for capturing, storing, processing, integrating, distributing, securing, and archiving data effectively throughout their life cycle. Data Principles Principle of diminishing data value Principle of 90/90 data use Principle of data in context Data Management Why does data management matter? No enterprise can be effective without high quality data that is accessible when needed. Organizations with at least 1,000 knowledge workers lose ~ $5.7 million annually in time wasted by employees reformatting data as they move among applications. What is the goal of data management? To provide the infrastructure and tools to transform raw data into usable information of the highest quality. Data Management Challenges Volume of data is increasing exponentially. Data is scattered throughout the organization. Data is created and used offline without going through quality control checks. Data may be redundant and out-of-date, creating a huge maintenance problem. Traditional File Organization Tr aditional (stand-alone) File Environment
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When organizations began using computers, they started with one application at a time, usually accounting, billing, and payroll. Each app was designed to be a stand-alone system, which led to data problems. Problems With Traditional (stand-alone) File Organization o Data redundancy: The presence of duplicate data in multiple data files so that the same data are stored in more than one place or location o Data inconsistency: The same attribute may have different values. o Data Isolation, Lack of data sharing and availability Information cannot flow freely across different functional areas or different parts of the organization. o Poor security Management may have no knowledge of who is accessing or making changes to the organization’s data The Database Management System (DBMS) A software package to create and maintain databases Acts as interface between application programs and physical data files Separates logical and physical views of data Many data sources
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