Week 5 - CH3 Overview

Introduction

In week 5's class, we dove into the complex aspects of data and knowledge management within a business' setting. We looked at the following sub-topics: Managing date, Database approach, Database management systems, Data warehouses and data marts and knowledge management. I found this specific class to be mind boggling (as there is a lot of information to take in), as well as interesting.

What I learnt
Some of the things I learnt about most and found intriguing include: 

1. Database approach 
From the 1950s-1970s a file management environment was more common and prevalent, however from then, business' have adopted a more modern database management approach as they found it to:

Minimises the problems of: data redundancy, data isolation and data inconsistency.
Maximise: data security, data integrity, data independence.

We also reviewed database management systems, specifically how Database Management Systems (DBMS) are essential for organising, storing, and accessing data. Finally, we looked at databases, their potential to retain massive amounts of data, and how they are organised in a hierarchy to make them more understandable and useful.

2. Data warehouses & Data marts 
A data warehouse is a storage place for historical data, organised by subject, to help decision-makers in an organisation. It's structured around business dimensions or subjects and uses Online Analytical Processing (OLAP), which allows end-users to analyse the accumulated data. Data warehouses are integrated and time-variant, meaning they combine data from different sources and are designed to handle changes over time. On the other hand, a data mart is a smaller, cost-effective version of a data warehouse tailored to meet the specific needs of end-users within a strategic business unit (SBU) or department.

3. Knowledge management 
Knowledge management is essential for businesses as it ensures that knowledge is shared and spread throughout an organisation. It entails harnessing and utilising knowledge in an environment that promotes its growth, ultimately making it a valuable asset by assisting businesses in implementing best practices to achieve their objectives. Knowledge is divided into two categories: explicit (objective information) and tacit (difficult to teach or transfer). Managing explicit knowledge is made easier by knowledge management systems, whereas tacit knowledge is derived from an organisation's principles and culture, acquired through experience, and is difficult to keep or record.

Summary

Although this lesson was very content heavy, as there were a lot of components to learn about, it bought me insight about the complexities of technology and how it is technology is beneficial for businesses.

References:
 - Gray, H., Issa, T., Pye, G., Troshani, I., Rainer, R. K., Prince, B., & Hugh, J. W. (2015). Management information systems. Wiley.

- Baltzan, P., Phillips, A. (2020). Business driven information systems (7th ed.). McGraw-Hill.