Mgmt 393 Assignment 1 Summary

All of these concepts that we have learned throughout this chapter will always stick with us and be useful later in our careers. Being that the 2 other guys that worked on this assignment and I are business majors no matter which career field we go in this material will be beneficial to its utter most level. If we’re working for ourselves or working for a superior, data will always be expected to be collected. As of right now let’s say that

Schumpeter believe that management theory it Is becoming a collection of dead ideas. In other words, he believe that most of what we learn today about management is outdated and do not accurately describe how businesses operating in today's society. He opens his article by comparing management theory to the reformation. At first the comparison seem unrelated but as I read along I realized that his analogy was not so far-fetched. The gist is that management theory is like the Catholic church because in the 16th century the Catholic Church way of doing had numerous theological errors. So Martin Luther, a Monk, came up with 95 these to fix the problem; his thesis gave birth to the modern world. Schumpeter believe that Like the Catholic church, management theory needs to be reform.

I have always been interested in data, but the thought of processing data intimidates me. I think it scares me because there is a lot of data out there and I wouldn’t know what to do with all of the data. I feel like I would spend more time organizing the data, than I would actually processing into something useful. Then I learned in this week’s lecture that I should not be as intimidated as I am because it’d just data and much of the data collected without a strategy is useless. Too much data is not a good thing because it slows down the whole operations. Company should conduct a strategy first and figure out what they want the data to tell them before conducting any form of research. Once you have the key metric is completed, you can start

Ever since modern technology has been developed so much in advanced, companies running their businesses has been exceptional with the use of newer updated information technology systems. Essentially it has been a more efficient and productive tool improving businesses significantly with advanced IT with the cost a less amount of spending’s and employers. Companies should be able to recognize that better data management and the analytics has been the key factor to sharpening the business wisely allowing it to grow with more potential in skillset and mindset such a making s smart decisions t, fast in solving and efficient in producing. For instance, Business activity and work

This article is generally about how data analytics and the increasing amount of data that is starting to be compiled in the business world will shape how internal and external audits will be completed and evaluated. Essentially, the article starts talking about how there is so much data in the world and that it comes from many different sources including the web, books, or other reference materials. The article also mentions that the data that is being compiled is recent, saying that “90 percent of the data that exists today was created over the past two years” (Capriotti, 2014). Data has become so valuable that some companies are even considering it to be an asset to the company (Capriotti, 2014). The main use of data is simple: data helps companies make informed decisions regarding how the company conducts its operations; and with technology growing, data is becoming very large and also very complex. Capriotti classifies data analytics into four distinct categories: descriptive, diagnostic, predictive and prescriptive. Descriptive data helps a business understand what is going on in their organization at the current time. You could say a balance sheet would contain descriptive data. Diagnostic data is compiled after the fact, and focuses on the results of the decision a company made. Predictive data is compiled before the fact, and helps a company determine what

In this new digital world, expectations are increasing. Today, customers demand personalized, reliable and durable products and services, at the time and in the place they want them. And thanks to the large amount of data being made available by the billions of connected devices out there, it’s easier than ever before for businesses to meet these expectations. It’s because of these developments that I believe data is the new currency. (Chandrasekaran, 2015).

Written in 1990, this book is still ahead of its time. The issue of data and information incongruence continues to be a hot-button issue in every boardroom. A "must" for every manager concerned with meeting the challenges of the 21st century. Examines the differences between data and information in a new light, and shows precisely how misunderstanding those differences can affect the quality of the decision-making process.

Data management, mining, and warehousing all deal with data in different ways. Data management establishes the groundwork for an organization to structure, regulate, process, and store data that they acquire (Rouse, 2016). Data management also encompasses the creation of definitions and standards for the acquired data which will be adhered to throughout the organization (Definition of: Data management, 2016).

Data are a vital organizational resource that needs to be managed like other important business assets. Today’s business enterprises cannot survive or succeed without quality data about their internal operations and external environment. This growth drives corporations to analyze every bit of information that is extracted from huge data warehouses for competitive advantage. This has turned the data storage and management function into a key strategic role of information age.

To have a better results, the enterprise should be able to analyze its data quickly as it access it. Enterprises should understand how customers interact with the business. According to Ponniah (2004) “data warehousing is revolutionizing the way people perform business analysis and make strategic decisions” (p. 40, para.

The term data means groups of information that represent the qualitative or quantitative attributes of a variable or set of variables. Data are typically the results of measurements and can be the basis of graphs, images, or observations of a set of variables. Data are often viewed as the lowest level of abstraction from which information and knowledge are derived.

Many organizations as a result of its day to day activities generate large amount of data. This data is just mere facts and has no order by itself. This is where information systems come in. An information system could be defined as a computer system “that helps organize and analyze data. So, the purpose of an information system is to turn raw data into useful information that can be used for decision making in an organization” (Jacobson). A typical information

Data :Data is basically raw fact and statistics that hasn’t been processed into useful information yet . using Star Search as an example, some of the raw data they would collect would be :

c. How would the taste test be carried out? Design a smart taste test-e.g., have attendees sample a total of three cereals, only one of which is your own brand.

Information is essential when it comes to managing businesses. And in order to interpret that information, data is organized into a database where it can be easily understood and used. But without a database, data would be floating around without a clear organization. In effect, it would hinder efficiency by a tremendous amount, causing a loss of revenue and structure to the business structure itself just as if the database was compromised.