Management Question

Part 1
Review the Case Study in Chapter 1: Do You Trust Your Data?
After reviewing the case, answer the following questions. Be sure to use outside resources and your textbook to validate your responses.
Why do you believe that data can be inaccurate?
What can a business do to ensure data is correct?
Explain how bad data will impact information, business intelligence, and knowledge.
Have you ever made a decision based on bad data? If so, please share how you could have verified the data quality.
Argue for or against the following statement “It is better to make a business decision with bad data than with no data”.
This assignment should be written using APA format and should include a title page, headings, conclusion, and references.
CHAPTER 1
Data Analytics Careers: Top Skills for Your Future
Data analytics brings together theory and practice to identify and communicate data driven insights that allow managers, stakeholders, and other executives in an organization to make more informed decisions. Data is transforming and powering business everywhere—from smart homes and sustainable cities to online retail and green corporations. Business today is simple—it’s data driven. Data in all forms and shapes provides insights into making strategic business decisions, including opening new markets, staffing hospitals and warehouses, and creating vaccines. Organizations in all industries increasingly rely on data to identify opportunities and solve business problems.
Any person competing in the business environment today must be able to capture, analyze, and decipher data to perform their jobs and advance their careers. We are living in the information age, a time when data is gold and offers the keys to the kingdom for running a successful business. Consider the following:
Uber does not own a single car
Airbnb does not own a single hotel or rental property
Facebook does not create any content
Amazon does not make any products or own any inventory
Zappos does not make any shoes
It is really simple: Data is driving and transforming business. As a result, shifting workforces have companies searching for data-savvy candidates who understand how to work with data to sleuth the patterns that provide insights into the business. Providing communication with visualizations that influence decision making is also key.
The data analyst hiring market is hot, and there are more than 2.5 million job openings for data-related roles. In fact, the U.S. Bureau of Labor Statistics has indicated 11.5 million data job openings will be created by 2026.
The explosion of data in all areas of business around the world has given rise to one of the most in-demand, booming fields today: analytics. The average salary for data analysts ranges between $85,000 and $138,000. Surprisingly, almost 50% of corporations report having issues finding qualified data analysts and data scientist professionals even with such high salaries.
If you believe the ability to analyze data will help your career path, then this course is perfect for you. Throughout this course, you will learn the following:
Data analysis techniques
Data transformation styles
Data governance
Data compliance
Data warehousing
Data driven business process automation
Data ethics and privacy
Data security
According to the McKinsey Global Institute, 30 percent of the hours worked globally could be automated by 2030, depending on the speed of adoptions, technical feasibility, the pace of technology development, and social and regulatory compliance. Of course, this is not always a bad thing as automation can also lead to an increase in new jobs. When the ATM was first introduced, it actually caused an increase in the number of bank tellers as banks competed to provide increased customer satisfaction with personal customer service. The invention of the personal computer destroyed 3.5 million jobs, including typewriter manufacturing, secretarial work, and bookkeeping. However, 19 million jobs were created, including computer manufacturing, computer scientists, and business computer specialists. Current estimates conclude that this new era could create 20 to 50 million new jobs globally.1
Understanding the direct impact information has on an organization’s bottom line is crucial to running a successful business. This text focuses on information, business, technology, and the integrated set of activities used to run most organizations. Many of these activities are the hallmarks of business today—analytics, machine learning, artificial intelligence, supply chain management, customer relationship management, enterprise resource planning, outsourcing, integration, ebusiness, and others. The five core units of this text cover these important activities in detail. Each unit is divided into chapters that provide individual learning outcomes and case studies. In addition to the five core units, there are technology and business “plug-ins” (see Figure Unit 1.1) that further explore topics presented in the five core units.

 

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