Database Online Tutoring on Financing Company
Introduction
Database is a methodical assortment of data or in other words, it is an assortment of information that is systematized or structured so that it can be retrieved, handled and rationalized in a tranquil way. Conventionally, data was managed in file formats; database Management System (DBMS) was a novel notion at that point, and the entire research was carried out with the intention of prevailing over the lacks in conventional approach of data management. DBMS revolves around keeping as well accessing data of users with greatest proficiency in consort with suitable security actions. A contemporary DBMS possesses the certain attributes, for instance, real-world entity, isolation of data and application, relation-based tables, less redundancy, consistency, and query language. In addition, the imperative traits and applications of DBMS comprise Atomicity, Consistency, Isolation, and Durability (ACID) properties, multiuser and simultaneous access, multiple views, and security.
As mentioned in the provided problem, the Butler Financing Company deals in a mortgage brokerage business that matches borrowers and lenders. Its chief target is to keep records of the entire borrowers, lenders and the property appraiser encompassed in financing process. For nearly the half decade, services are offered by the company to its customer with reasonable outcomes and revenues. At the moment, in order to keep the entire records of its borrowers, lenders and property appraiser, the company is using spreadsheet and keeping the records in the form of table list. Seeing that the company is carrying out it manually, there is an elevated probability of data duplication, greater data redundancy, user inaccuracy, and challenging for users to handle. As a result, the company is required to move towards the employment of database in order to reduce the aforementioned issues.
How to make a Perfect Database
Acquiring information by means of a spreadsheet can be unwieldly. One has to carry out several manual data entries, or exporting/importing data (manually) to other programs. Also, one cannot effortlessly operate spreadsheet data that is, scrutinizing it, using it with different applications, or running reports with it. There are many small businesses that are using Microsoft Excel or other spreadsheets. Spreadsheet may look alike a database, however, for huge volumes of information, it is not considered as influential and potent as a database.
Handling information connotes looking out of it with the aim of making it useful for the tasks one carries out. Database gives indispensable insights to the management and makes a firm a lot more well-organized; and facilitates in making both products as well as services more beneficial. As the size of data increases, the need for a database system to efficiently organize such huge amount of information also increases. By means of employing a DBMS, the information one gathers and includes to the database is no longer dependent on unplanned ineptitude. It turns out to be more reachable and incorporated with the rest of the task. Besides, dealing with information via a database permits one to become a strategic user of the data he or she has.
If a business is mounting, then keeping track of the growing size of data can be difficult. A well-organized DBMS assists in escalating organizational approachability to data, which as a consequence facilitates the end users to share the data across the firm in a swift and efficient manner. It supports in getting rapid solutions to database queries, consequently making access to the data quicker as well as more precise. End-users will have improved data access that shall empower them to take sound decisions. Well-organized DB systems can facilitate in handling the business-crucial data centrally, carefully and securely with the aim of increasing the likelihoods of success.
IT Security and Privacy
Database security is a field that searches for approaches to protect data kept in a DBMS from infringements, inappropriate amendments, theft, and illegal or unlawful expose of private information. This is comprehended by means of a set of security services, which encounter the security obligations of both the data sources as well as the system. In order to make certain data privacy, integrity, and accessibility in a DBMS, more than a few diverse methods and procedures have been technologically advanced. Nevertheless, in spite of such developments, the division of database security experiences quite a lot of new-fangled challenges. Conceptually, database privacy can be elucidated by means of three different extents, namely: privacy of the respondent, privacy of the owner, and privacy of the user. Besides, each of the aforementioned dimension alludes to the privacy of a diverse discipline and is followed by a different field.
Database Design: E-R Diagram
In the domain of database design, Entity Relationship Diagram (ERD), also referred to as ER model, is considered as a kind of structural diagram which is an advanced conceptual data model diagram. This diagram is built on the idea of real-world entities accompanied by the association flanked by them. Further, it facilitates in scrutinizing data requirements in a systematic way so as to develop a well-designed database. Prior to implement a database, the best approach is to finalize the entity relationship modeling.
Considering the provided scenario of Butler Financing, following three are considered as the main entities:
- Borrower
- Lender
- Property appraiser
Borrower
Its attributes are (i) borrower number, (ii) first name, (iii) last name, (iv) current address and (v) requested mortgage amount. And the primary key over here is Borrower Number.
Lender
Its attributes are (i) lender number, (ii) lender name and (ii) lender office address. Here, the primary key is Lender Number
Property Appraiser
It has two attributes which are (i) property appraiser number and (ii) property appraiser name. Here, property appraiser number is considered as the primary key.
There is a many-to-many relationship between (a) borrower and lender and (b) borrower and appraiser. Here, this many-to-many relationship indicates that one borrower can borrow money from one or more than one lender and one lender can lend money to one or more than one borrower.