Chapter 11 : Knowledge, Management , Business Intelligence and Analytics.
Chapter 11 : Knowledge, Management , Business Intelligence and Analytics. MIS 475
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This 4 page Class Notes was uploaded by Winn on Saturday March 19, 2016. The Class Notes belongs to MIS 475 at Marshall University taught by in Spring 2016. Since its upload, it has received 10 views.
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Date Created: 03/19/16
Chapter 11 : Knowledge, Management , Business Intelligence and Analytics. Explain Important Most Important Knowledge Management, Business Intelligence, and Business Analytics : Knowledge management : includes the processes necessary to generate, capture, codify and transfer knowledge across the organization to achieve competitive advantage. Business intelligence (BI) is the term used to describe the set of technologies and processes that use data to understand and analyze business performance. Business analytics : is the term used to refer to the use of quantitative and predictive models and fact-based management to refer to the use of quantitative and predictive models and fact-based management to drive decisions. Intellectual Property : Intellectual capital : is defined as knowledge that has been identified, captured, and leveraged to produce higher-value goods or services or some other competitive advantage for the firm. Intellectual property : allows individuals to own their creativity and innovation in the same way that they can own physical property. Data are specific, objective facts or observations , such as “inventory contains 45 units” Standing alone , such facts have no intrinsic meaning, but can be easily captured, transmitted and stored electronically. Information : is defined by Peter Drucker as “ data endowed with relevance and purpose” Tacit versus Explicit Knowledge : Explicit knowledge : knowledge that can be easily collected, organized, and transferred through digital means such as memorandum or financial report. Socialization is the process of sharing experiences ; it occurs through observation, imitation and practice. Knowledge management processes : Knowledge generation : includes all activities that discover “ new” knowledge. Knowledge capture : involves continuous processes of scanning, organizing , and packaging knowledge after it has been generated. Knowledge codification is the presentation of knowledge in a manner that can be easily accessed and transferred. Knowledge transfer involves transmitting knowledge from one person or group to another. Competing with business analytics : Davenport and Harris suggest that companies who successfully compete using their business analytics skills have these five capabilities : Hard to duplicate , Uniqueness, Adaptability, Better than competition , and renewability. Components of business analytics : Data Repositories: Data warehouse , or collections of data designed to support management decision making, sometimes serve as repositories of organizational knowledge. Software Tools : Data mining : which is the process of analyzing data warehouses for “ gems “ that can be used in management decision making. Four categories of tools that are typically included under the business analytics umbrella. : 1) Statistical Analysis 2) Forecasting/Extrapolation 3) Predictive Modeling 4) Optimization Analytics Environment Evidence-based management approach in which evidence and facts are analyzed as the first=step in decision making. Big data : the term used to describe techniques and technologies that make it economical to deal with very large datasets at the extreme end of the scale. Social analytics : or social media analytics were created to address this issue, and as expected, many vendors began offering packages that provided these tools.
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