BIG DATA & DATA MINING

Question 1

What is big data

Answer 1

Big data refers to the vast quantities of information that is generated, stored and analysed by businesses.

Question 2

What are the 3 Vs

Answer 2

Volume
Velocity
Variety

Question 3

What are organisations using data for

Answer 3

Organisations are utilising data to convert it into revenue - That could be the data of 2 different types of email campaigns, seeing which one performs best, and analysing why it performed best so that the company can maximise conversion rates from email campaigns which in turn increases revenue. Another way would be by selling data like lead lists etc.

Question 4

What sort of data is being collected

Answer 4

Customer data (i.e. loyalty cards)

Sales information (i.e revenues generated)

Operational data (i.e. faulty products produced)

Marketing information (i.e. effectiveness of advertising)

HR date (i.e. performance history)

All of this is analysed and optimised.

Question 5

What is data mining

Answer 5

Data mining is the process of using software to analyse vast quantities of data to look for matters and to generate organisational learning.\

Question 6

What can data mining be used for

Answer 6

Analysis of prior performance (i.e. daily sales revenue)

Predicting future performance

Identifying cause and effect

Undertaking (i.e. decision tree and critical pathan analysis)

Question 7

What may useful questions include

Answer 7

What happens to the salads of white buns when hamburgers are on special offer?

What effect does cold weather have on sales of tomatoes?

How many applications were received after advertising in this newspaper?

How many click throughs did our pop up advert generate when it was blue compared to green?

How many faulty products were produced after increasing the speed of production lines