Big Data and Social Media

Question 1

What is Big Data

Answer 1

Data that arrives in increasing VOLUMES with greater VARIETY and with more VELOCITY.

Question 2

What are the 3Vs of Big Data?
What are the other 2Vs of Big Data?

Answer 2

• Variety
• Velocity
• Volumes
• Value
• Veracity

Question 3

What is Variety in Big Data?

Answer 3

Variety = Many types of data that are available such as text, video, audio, images etc….

Question 4

What is Volumes in Big Data?

Answer 4

Volumes = The amount of data that is received.

Big data = High volumes of low-density, unstructured data.

Question 5

What is Velocity in Big Data?

Answer 5

Velocity = The fast rate at which data is received and (perhaps) acted on.

Question 6

What is Value in Big Data?

Answer 6

Value = Is the data valuable and can it be analysed and used by business to be more efficient or develop more products.

Question 7

What is Veracity in Big Data?

Answer 7

Veracity = Is the data trustworthy or is the data fake news?

Question 8

What is involved in analysing Big Data? (3 methods)

Answer 8

1 - Data Mining
2 - Deep Learning
3 - Predictive Analysis

Question 9

What is Data Mining (Analytical Method of Big Data)?

Answer 9

Data Mining = Sorts through large data sets to identify patterns + relationships by finding anomalies and creating data clusters.

Question 10

What is Deep Learning (Analytical Method of Big Data)?

Answer 10

Deep Learning = Imitates human learning patterns by using artificial intelligence + machine learning to layer algorithms and find patterns.

Question 11

What is Predictive Analysis (Analytical Method of Big Data)?

Answer 11

Predictive Analysis = Uses historical data to make predictions about the future, identifying risks and opportunities and generate ideas from this.

Question 12

What is Big Data Analytics?

Answer 12

Big Data Analytics = Refers to collecting, processing, cleaning + analysing large datasets to help organisations operationalise their big data.

1. Collect.
2. Process it.
3. Clean it.
4. Analyse

Question 13

What is involved in the collection of Big Data?

Answer 13

• Collect unstructured data from a variety of sources (such as cloud storage, mobile applications etc).

Question 14

What is involved in processing Big Data?

Answer 14

• Data must be organised properly to get accurate results on analytical queries, especially when it’s large + unstructured.

Question 15

What is involved in cleaning Big Data?

Answer 15

• All data must be formatted correctly.
• Irrelevant + duplicate data must be removed + accounted for.

Question 16

Data vs Information?

Answer 16

• Data = Unstructured collection of facts that are individual and unrelated (meaningless to businesses).
• Information = Puts data into context in an organised way (useful for businesses).

When data is analysed and interpreted it becomes information.

Question 17

Why is Big Data important for businesses?

Answer 17

Analysed data (info) can be used to:

• Identify trends in the market (what sells well).
• Back up decisions with previous trends etc.
• Help with decisions for future.
• Identify gaps in market for new products/growth.
• Learn about consumers’ tastes + trends.
• Learn about competitors strategies.

Question 18

What is Social Media (WEB 3.0)?

Answer 18

Social Media = “Applications that are pieced together”, with characteristics that the apps are relatively small, the data is in the cloud.

Question 19

Advantages of Social Media to businesses.

Answer 19

1. Brand Presence - no1 source of info for consumer as more time spent on social media.
2. Brand Loyalty - created through consumers following business on social media platforms.
3. Sales - advertising + use of social media to influence consumers. (E.g. 1/4 vehicle purchases in U.S. used Twitter to help their decision.
4. Filter Bubbles - Personalised social media feeds, consumers more likely to see businesses they like and therefore more likely to purchase (more specific/targeted to individuals).

Question 20

Disadvantages of Social Media to businesses.

Answer 20

1. Data Breaches - Social media platforms are increasingly under attack by hackers looking for data to resell - Business data may be stolen /hacked and sold.
2. Social media doesn’t include all of target population (some consumers don’t use social media) so could lose sales.