Big Data and people analytics

Question 1

4 V’s of big data

Answer 1

Volume- massive quantities of information
Variety- diverse in type and structure
Velocity- rapidly generated
Veracity- data quality is not guaranteed

Question 2

Webpage enterprise

Answer 2

Coordinates inputs to create outputs through software and algorithms rather than via hierarchy, much as a webpage coordinates calls on resources to create the output on a browser

Question 3

Predictive Analytics

Answer 3

Use of Data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data

Question 4

Benefits of predictive analytics

Answer 4

Can model complex scenarios to improve decision-making, optimize processes, and help reach business goals

Question 5

Limitations of predictive analytics

Answer 5

1. Data analysts tend to overestimate the accuracy and predictive capabilities of their models
2. Predictive models can mistake coincidences for meaningful patterns
3. models are only as good as the quality of the input data
4. Even the best models cannot account for surprise events
5. Models can be “overfit” to past data and mistake correlation with causation; they can chain us to our past