ISQS 2340 Exam 2 Review TTU- Mitchell

ISQS 2340 Exam 2 Review TTU- Mitchell Data-Driven Culture - Definition: A data-driven culture relies on data to inform decision-making processes within an organization. ️ Examples of Google's Use of Data and Analytics - Google employs data-driven decision-making through methods such as: - Performance reviews and employee surveys to assess managerial impact. - Statistical analysis to identify variability in performance across managers. - Scientific experimentation to test hypotheses about management effectiveness. ️ Implications of Big Data - Big Data: The vast volume of data generated provides significant opportunities for businesses. - Benefits include: - Increased efficiency. - Improved operations. - Enhanced customer retention. ️ Data Visualization and Tableau - Necessity of Data Visualization: It's essential for deriving insights from data. Visualization aids understanding and accelerates the discovery of insights, leveraging the picture superiority effect (pictures are often remembered better than words). ️ Value Creation with Data Analytics - Best Practices: - Avoid pie charts in favor of scatterplots for exploring relationships. - Use treemaps for showing proportions. - Horizontal bar charts are often more readable than vertical ones. ️ Blockchain Technology - Definition: A blockchain is a distributed ledger that records transactions across multiple nodes. ️ Lineage of Blockchain Technology - Structure: - Transactions are grouped into blocks, which are then linked in chronological order. - Nodes maintain copies of the entire blockchain and are synchronized to ensure consensus. ️ Main Parts of Blockchain Technology 1. Users initiate transactions using digital signatures. 2. Transactions are broadcast to nodes for validation. 3. Validated transactions are aggregated into blocks. 4. Blocks are shared among nodes for consensus. 5. The confirmed block is added to the chain. ️ Implications of Blockchain for Buyers, Sellers, and Middlemen - Blockchain can eliminate the need for intermediaries in transactions, impacting sectors like finance, banking, and retail. ️ Applications of Blockchain Technology - Key applications include: - Cryptocurrencies: Bitcoin, Ethereum, etc. - Digital Identity Verification - Secure Records Sharing: Product authenticity, real estate transactions, medical records. ️