Big Data Management

Question 1

What is big data?

Answer 1

Massive data sets that compel firms to change how data is gathered, stored, managed, analyzed and visualized

Question 2

How many categories of data assets are there?

Answer 2

 Proprietary – Data assets belonging to specific
firms (e.g., transactional data)

 Purchasable – Data assets acquirable for a
price (e.g., big data brokers)

 Public – Data assets accessible from public
domain (e.g., forum postings)

Question 3

Where does data come from?

Answer 3

 Technology Generated
Point-of-sale systems (e.g., kiosks and e-commerce
websites)
Sensors (e.g., GPS and smart grids)
Server logs (e.g., mobile applications and gaming
platforms)

 Human Generated
Blogging (e.g., Twitter)
Networking (e.g., Facebook)
Reviewing (e.g., Yelp)

Question 4

What are the data dimensions accessible to organizations?

Answer 4

(Why) context, (who) Identity, (What) activity, (With whom) Network, (Where) Spatial, (When) Temporal, (How) Environmental.

Question 5

What are the two components of Business analytics?

Answer 5

• Assuring Transparency

* Automating Decisions

Question 6

What are the two components of Predictive analytics?

Answer 6

• Segmenting populations

* Enabling experimentation

Question 7

What are the two components of Persuasive analytics?

Answer 7

• Spurring Demand

* Innovating Business

Question 8

Tell about the Transformative Potential of Big Data

Answer 8

Business analytics –> Predictive analytics –> Persuasive analytics. Husk hvad de indeholder

Question 9

Transformative Potential: What is “Assuring transparency”?

Answer 9

Ensure stakeholders access to relevant analytical
information to aid in streamlining operations and
facilitating cross-boundary collaborations

Question 10

Transformative Potential: What is “Automating decisions”?

Answer 10

Enhance decision making through minimizing risks and

unearthing insights that would otherwise remain hidden

Question 11

Transformative Potential: What is “Segmenting populations”?

Answer 11

Allow firms to segment consumers and tailor goods
and services to meet the needs of these individual
segments

Question 12

Transformative Potential: What is “Enabling experimentation”?

Answer 12

Permit firms to instrument business processes and set up
controlled experiments to discover needs, expose
variability and improve performance

Question 13

Transformative Potential: What is “Spurring demand”?

Answer 13

Inducing purchase commitments through

believable data-driven recommendations

Question 14

Transformative Potential: What is “Innovating business”?

Answer 14

Create novel goods and services, augment existing

ones, or invent entirely new business models

Question 15

What are the challenges to value creation from big data?

Answer 15

• Lack of policies to deal with privacy, security and legal issues associated with big data environments
• Lack of compatible technological standards to capture, store, retrieve and analyze big data
• Lack of deep analytical talents to unlock value of big data
• Lack of access to complementary data for value creation
• Lack of structural incentives to leverage big data for value creation

Question 16

What are the implications for policy makers in managing big data?

Answer 16

• Build human capital for big data
  * Initiate educational programs to increase pipeline of graduates with right skillsets and lower barriers of entry for talent pools from other regions
• Align incentives to promote data sharing
  * Cultivate facilitating conditions for the emergence of data sharing markets
• Balance stakeholders’ interest
  * Enact legislatin to safeguard the interests of data disclosers from abuse by exploitative organizations
• Establish intellectual property frameworks
  * Establish intellectual property framework to incentivize data generation and sharing
• Address technological barriers
  * Promoto standards for data integration and encourage R&D in critical areas where technological gaps exist
• Invest in ICT infrastructure
  * Device policy interventions to support construction and maintenance of ICT infrastructure