Big Data (Week 3)

Question 1

What is big data?

Answer 1

Big data is a combination of structured, semi- structured and unstructured data that organisations collect to analyse and mine for information and insights

Question 2

What are the three characteristics of big data?

Answer 2

Volume: 402tb created daily
Velocity: speed at which data is created, processed and analysed
Variety: number of different data types commonly analysed

Question 3

Provide two examples of how data is used in organisations.

Answer 3

Amazon - uses data to analyse consumer behaviour and preferences. Generates past purchase history to personalise shopping experiences. Also includes tailored recommendations and dynamic pricing strategies

PayPal - uses data to monitor and analyse millions of transactions in real time. Allows them to identify any fraudulent activities by spotting deviations from normal purchasing behaviours.

Question 4

What are three benefits of big data?

Answer 4

1. Improved operational efficiency with automated processes and predictive analytics
2. Enhances customer experiences through the customisation of services and products
3. Innovative products and services. Data driven insights facilitate the development of new products and the improvement of existing ones, catering to unmet market needs.