Getting Started Concepts of BI

Intuitive decisions and data-driven decision

In our ordinary sittings, we make several decisions based on our intuitions. We do something because we feel right about it without any research, such decisions are more likely our intuitive decisions whereas those decisions which we make after analytic results by using key factors are data-driven decisions and have more accuracy.

Before going towards advanced concepts, I want your brain to differentiate between very common and similar terms which will help us in the next articles. 

What is data?

Any single piece of information without any meaning is known as data. 

Example:

Any fact, number, words, count, name etc. 

What is information?

When we give meaning to some data it turns into a set of information. Information can be useful for making business decisions or just visualization. 

With reference to previous attendance record example, I will continue the next example.

Example:

Attendance record data was just an ordinary data unless we will convert it into some meaningful report. If we generate a report on the basis of attendance record like;

1. How many people leave the office earlier on Fridays?

2. How many people break-out early and break-in late?

If we get a clear report of these few points, the organization will better understand the performance issues of employees. 

What are data-sets?

Any set of the record comes in structured or unstructured form correspondent to one subject is known as the data-set. Data-set all alone is just a raw material unless we give meaning to it. 

Example: 

The attendance record of employees is a set of data. Registered students in any school is a set of data. 

What are data points?

Data-points are those data records which help in performing analysis and could be used as variables for visualization of data and information. 

Example:

In employees' attendance record like; the employee name and time are variables/ data-points.