Budgeting: Data Flashcards
Big data, data analytics and data mining.
What is Big Data ?
Data sets so large and varied they are beyond the capability of traditional data-processing.
What is the purpose of Big Data ?
It provides a deeper understanding of customer’s needs, identify trends, improve forecasting and overall profitability.
What are the main characteristics of Big Data ?
Volume - scale.
Velocity - timeliness.
Variety - structured & unstructured.
Veracity - clean & free from bias.
Define data analytics.
Process of collecting, organizing and analyzing large sets of data to generate trends to aid decision making.
Define data mining.
Process of sorting data to identify patterns and relationships.
identifying customer’s buying trends to send focused marketing data to each customer.
Define structured data.
Data contained within a field in a data record or file.
Database and spreadsheets.
Define unstructured data.
Data that is not easily contained within structured data fields.
Pictures, videos, webpages, PDF files, emails or blogs.
What are the benefits of Big data ?
Large amounts / quick process of information.
Accurate model of future demand.
Ability to understand the customers.
Used for ST and LT decision making.
Real time information - continually updated.
What are the problems with Big Data ?
Companies seen as trustworthy.
Lack of forecasting tools.
Infringement on privacy.
Level of security is required.
Incorrect data.
Lack of skilled analysts.
