Please enable JavaScript.
Coggle requires JavaScript to display documents.
Data and importance of information - Coggle Diagram
Data and importance of information
good quality data characteristics
Accurate
no errors
may lead to poor decisions
Incorrect stock levels may lead to empty shelves
Complete
must include all the data that the user needs to make a decision
without a postcode on a letter there may be a delay in delivery
Up-to-date
true reflection of the time
using a five year old mail list is not appropriate
Relevant
data has to be related to the investigative task at hand
no point in obtaining information about babies from parents of teenagers
Correctly targeted
information should be targeted at the people who are going to use it
no good asking vegetarians about meat products
Understandable
the meaning should be clear to the user
complicated may waste time and people may draw the wrong conclusions
benefits of good quality information
make decisions
effective decision making leads to success
analysing sales to open a new location
monitor progress
a company can stay informed about how well its doing
analysis of POS operators and says if they are too slow.
gain a competitive advantage
company can be more successful than their competitors
undercut competitors but still keep high profits
target resources
Limited resources so they must be used efficiently
buy more of a certain product as sales are good
spot trends
trends can lead to money saving decisions
realise when something is out of fashion
4 Vs
volume
Variety
Velocity
Validity
The correctness of the data for its use
Initial data is likely to be very dirty. Inaccurate and unreliable. data needs to be validated.
How fast the data is coming in
Facebook has to handle a lot of pictures everyday
many differing sources of data
Data comes in many different forms.
Enormous volumes of data
Big Data benefits
Health
Police
Predict crime hot spots
identify and prevent fraud
improved cyber security
Research data
prevent epidemics
Predict diseases
E-commerce
predict trends
personalise customer service
optimise pricing
Education
Reduce drop outs
improved analysis of results
improved service