MWI Total Notes
MWI Total Notes
Information
• When data is processed, organized, structured or presented in a given
context so as to make it useful, it is called Information.
Ex:- The class' average score or the school's average score is the
information that can be concluded from the given data.
Primary Data
• Raw data also known as primary data that’s not involving processing
or any other manipulation.
• Data that has been collected from first-hand-experience is known as
primary data
• Raw data may have the following attributes:
possibly containing errors
not validated
in different formats
uncoded or unformatted
For example, a data input sheet might contain dates as raw data in
many forms: "31st January 1999", "31/01/1999", "31/1/99", "31 Jan",
or "today
Secondary Data
• Secondary data is data that has been collected by someone other
than the user.
• Data collected from a source that has already been published in any
form is called as secondary data.
Examples of secondary data include censuses, organizational records,
research reports, reference books, the Internet, government reports,
government statistics, company reports
What are the Characteristics of Good Information
Information System
• An integrated set of components for collecting, storing, and
processing data and for delivering information, knowledge, and digital
products
Formal information flow
• Is when your information flow is documented, traceable and follows
an ordered structure.
• For example, the use of computerized systems, such as data in
databases, where the data tables, relationships, reports, etc
Components of CBIS
Functions of an Information System
• Input: Captures raw data from organization or external environment
• Processing: Converts data into meaningful form
• Output: Transfers processed information to people or activities that
use it
• Feedback: Output returned to appropriate members of organization
to help evaluate or correct input stage
Information Systems components
• Hardware – desktops, laptops, PDAs
• Software – operating systems, application programs
• Data – facts and figures entered into computers
• Procedures – how the other four components are used
• People – users, technologists, IS support
What is the Difference Between Information Technology and
Information Systems
Information technology pertains to
• Products
• Methods
• Inventions
Standards Information Systems include five components
• Hardware
• Software
• Data
• Procedures
• People
Different Kind of Information Level
• Operational-level
Information systems that monitor the elementary activities and transactions of the
organization.
support operational managers, keeping track of the elementary activities and transactions.
• Knowledge-level
Information systems that support knowledge and data workers in an organization.
• Management-level
Information systems that support the monitoring, controlling, decision making, and
administrative activities of middle managers.
serve the monitoring, controlling, decision-making, and administrative activities.
• Strategic-level
Information systems that support the long-range planning activities of senior management.
help senior management tackle and address strategic issues.
Major Types of Information Systems
• Technological forecasts
Predict rates of technological progress and innovation.
• Demand forecasts
Predict the future demand for a company’s products or services.
TYPES OF FORECASTING METHODS
Qualitative methods:
These types of forecasting methods are based on judgments, opinions,
intuition, emotions, or personal experiences and are subjective in nature.
They do not rely on any rigorous mathematical computations
Executive Opinion
• Approach in which a group of managers meet and collectively develop a
forecast
Market Survey
• Approach that uses interviews and surveys to judge preferences of
customer and to assess demand
Sales Force Composite
• Approach in which each salesperson estimates sales in his or her region
Delphi Method
• Approach in which consensus agreement is reached among a group of
experts
Quantitative methods:
These types of forecasting methods are based on mathematical
(quantitative) models, and are objective in nature.
They rely heavily on mathematical computations.
Time-Series Models
• Time series models look at past patterns of data and attempt to
predict the future based upon the underlying patterns contained
within those data.
Associative Models
• Associative models (often called causal models) assume that the
variable being forecasted is related to other variables in the
environment.
• They try to project based upon those associations.
Quality of good forecasting
• Simple to understand and use
• Timely
• Economy of money
• Accuracy
• Reliability
Features of Forecasting
• Forecasting in concerned with future events.
• It shows the probability of happening of future events.
• It analysis past and present data.
• It uses statistical tools and techniques.
• It uses personal observations.
Advantages of Forecasting
• Aids decision making about future planning
• Able to predict business profit in future
• Identifying labor requirements to fulfill future targets
• Identifying material requirements to fulfill future targets
• Able to estimate the production cost against to total customer
requirements
• Able to predict about the borrowed funds, loans, for achieve the
future targets.
• Able to predicts, production schedules to achieve future targets
09)Forecasting Software
• The use of historic data to determine the direction of future trends.
Forecasting is used by companies to determine how to allocate their
budgets for an upcoming period of time.
• This is typically based on demand for the goods and services it offers,
compared to the cost of producing them.
• Investors utilize forecasting to determine if events affecting a
company, such as sales expectations, will increase or decrease the
price of shares in that company.
• Forecasting also provides an important benchmark for firms which
have a long-term perspective of operations.
Forecasting can be divided as
• Sales forecast
• Finance forecast
• Product forecast
• Development forecast
Sales Forecast
• Being able to track the actual sales numbers against assigned quotas
is essential to managing the flow of activities along the sales pipeline.
• This gives a perspective on what can be expected in revenue from
sales for a given time of year, sales person, opportunities and such
parameters.
• This sort of fore-seeing or fore-knowledge of what can be achieved
constitutes forecasting.
Sales forecasting solution for business raise forecast accuracy with
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There include features
• Advanced statistical forecasting methods
• Process tens of thousands of SKUs at a time
• Connect to data stored in accounting systems, databases or Excel files
• Manage product replacements, packs and kits
• Calculate reorder points and quantities
Financial Forecast
• Castaway is a flexible forecasting solution for all businesses.
• It can be adapted to your specific needs and give you the accurate, up-to-the-
minute financial information you need to make the right decisions for your future.
• It is an essential management tool that plays a vital part in planning and managing
the successful growth of your business.
Advantages of Financial Forecasting software
• Use your time more productively
• Financial decision-making with confidence
• Financial planning as an essential management tool
• Implement a flexible forecasting tool
Examples of Forecasting Software’s
• Demand Forecasting
• Workforce Forecast Manager
• Workforce Central
10)Mathematical Modeling
Simple situation requiring mathematical modeling . Consider following
problems
• Find the height of leaning tower at Pisa (Without climbing it)
• Find the width of river or cannel (Without crossing it)
• Find the mass of earth (Without using balance)
• Find the temperature at the surface or at the enter of the sun
(Without taking a thermometer)
• Estimate the population of India at 2021 (Without waiting till then)
All these problems and thousand of similar problems can be and have
solved through mathematical modeling
Suppose the age of a the father is four times the age of his son and
we are told that after five years, the age of the father will be only
three times the age of the son. We have to find their ages.
Let x be the age of father and y be the age of son, then the data of the
problem gives
X=4y --------- 1,
X+5=3(y+5) ------------------2,
X=40, Y=10,
The two equation of give a mathematical model of the biological
situation.
The solution of the equation is finally interpreted biologically to give
the ages of the father and the son.
What is Mathematical Modeling?
• Mathematical modeling is a process of representing real world
problems in mathematical terms in an attempt to find solutions to the
problems.
• A mathematical model can be considered as a simplification or
abstraction of a (complex) real world problem or situation into a
mathematical form, thereby converting the real world problem into a
mathematical problem.
• The mathematical problem can then be solved using whatever known
techniques to obtain a mathematical solution.
• This solution is then interpreted and translated into real terms.
• Figure 1 shows a simplified view of the process of mathematical
modeling.
Real
World
Formulation Mathematical
Problem Problem
Interpretation
Real Mathematical
World Solution
Solution
Mathematical modeling process
Stage 7
Report,Explain,pre
dict
Stage 5 Interpret Stage 3 Formulate
the solution mathematical
problem
Stage 4 Solve
mathematical
problem
Advantages of Mathematical modeling
• To define problems
• Organize our thoughts
• Make predictions
• Easy to understand the data
• Communicate and test that understanding
11)Data Collection Techniques for Marketing
Research
Market Research
• Market research is any organized effort to gather information about
target markets or customers.
• It is a very important component of business strategy.
• Market research is the process of collecting valuable information to
help you find out if there is a market for your proposed product or
service.
Why use marketing research
• Market Research is defined as the process of gathering data on goods
and services to determine whether the product or service will satisfy
customers' needs.
Why conduct market research?
Qualitative Analysis:
• Qualitative analysis deals with the analysis of data that is categorical
in nature.
• In other words, data is not described through numerical values, but
rather by some sort of descriptive context such as text.
• Data can be gathered by many methods such as interviews, videos
and audio recordings, field notes, etc.
The main methods for collecting qualitative data are:
• Individual interviews
• Focus groups
• Observations
• Action Research
Qualitative Data Analysis Methods
• Analytic Induction
• Logical Analysis/Matrix Analysis
• Event Analysis/Microanalysis
• Metaphorical Analysis
• Domain Analysis
Quantitative Analysis:
• Quantitative analysis refers to the process by which numerical data is
analyzed, and often involves descriptive statistics such as mean,
media, standard deviation, etc.
• Mean
• Median
• Mode
• Standard Deviation
• Variance
• Range
• Coefficient of Variation
Comparison of Qualitative and Quantitative Data
Examples are color, smell, taste, etc. Examples are volume, weight, etc.
Advantages of Data analysis