DATA SCIENCE MIS0855 | Spring 2016 Introduction SungYong Um Todays Goal Understand the basic concept Data Information Knowledge Examples We tend to use data and information interchangeably. Can you think of a difference between data, information, and knowledge? Data, Information, Knowledge Data : Raw, unorganized facts that describe the characters of an event or an object Information : Data that is processed and organized with meaning and value Knowledge : Collection of information and data that is useful for decision makings Adapted from Example: Data StudentExam ScoreAttendance Bob8790% Sue98100% Jack4130% Mary7780% Phillip6560% Steve8895% Helen7282% What information can we find out from this data? Example: Information StudentExam ScoreAttendance Bob8790% Sue98100% Jack4130% Mary7780% Phillip6560% Steve8895% Helen7282% Exam Analysis: Mean75.4 Median77 Lowest Score41 (Jack) Highest Score 98 (Sue) What can we find out from this information? Example: Knowledge StudentExam ScoreAttendance Bob8790% Sue98100% Jack4130% Mary7780% Phillip6560% Steve8895% Helen7282% Exam Analysis: Mean75.4 Median77 Lowest Score41 (Jack) Highest Score 98 (Sue) The students who get lower exam scores also have lower attendance. Data Another Example What kind of information can we get from this data? Information Another Example Comcast stock has risen by 12.8 for the last one year. Knowledge Another Example Comcast has outperformed the Dow-Jones Index by 3.33%-point. Other examples in data, information, and knowledge? So what is Big Data? Velocity Variety Volume And is it a Big Deal? Data and Big Data dont really matter unless you can turn them into information and knowledge.