Special Topics Flashcards
Refers to large, diverse (structured or unstructured), and complex data sets that provide solutions to long-standing business challenges for financial services.
Big Data
Methodical approach to gathering massive amounts of information from various sources. Big data’s value doesn’t lie in its quantity but in its decision-making role.
Big Data Collection
Highly organized and exists in predefined formats like credit card no. and
GPS coordinates
Structured Data
Exists in the form it was generated, such as social media posts
Unstructured Data
A mix of structured and unstructured data like email adds and text
Semi- Structured Data
What are the 7 Data Collection Methods?
- Surveys - Physical or digital questionnaires that gather data from subjects.
- Transactional Tracking - Tracking data each time customers make a purchase.
- Interviews and Focus Groups - Talking to subjects face to face about a specific topic.
- Observation - Observing people interacting with your website or product.
- Online Tracking - Using pixels, cookies, or other tools to track users’ online behavior.
- Forms - Using online forms to gather qualitative data about users.
- Social Media Monitoring - Monitoring social media channels for follower engagement.
What are the 2 Steps in the Data Collection Process?
- Identifying the question/s to answer, the type of data needed, timeframe, budget, collection method to use, and useful data sources.
- Data ingestion process - building a pipeline that moves data from generation to enterprise location.
What is the Data Life Cycle?
GENERATION, COLLECTION, PROCESSING, STORAGE, MANAGEMENT, ANALYSIS, VISUALIZATION, INTERPRETATION.
Comes in numerical form such as statistics and percentages
Quantitative Data
Carries descriptive characteristics like color, smell, appearance, and quality
Qualitative Data
Physical or digital questionnaires that gather data from subjects
Survey
Tracking data each time your customers make a purchase. Allows the company to make targeted marketing efforts to understand the customer base better
Transactional Tracking
Consists of talking to subjects face to face about a specific topic. Interview (Can be one-on-one) Focus groups (Typically made up of several people)
Interview and Focus groups
Observing people interacting with your website or product
Observation
Implementing pixels, cookies, or other tools to track users’ online behavior across websites and provide content they’re interested in
Online Tracking
Using online forms to gather qualitative data about users, specifically demographic data or contact information. Relatively inexpensive and simple to set up method
Forms
Monitoring social media channels for follower engagement to determine which issue are most important to your followers
Social Media Monitoring
the type of data needed, timeframe, budget, collection method to use, and useful data sources
Identifying the question/s to answer
building a pipeline that moves data from generation to enterprise location where the data will be stored for organizational use
Data ingestion process
Data is taken from its originating location
Extraction
Data is cleansed and normalized for business use
Transformation
Data is moved into a database, data warehouse, or data lake to be accessed later
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Big data is completely revolutionizing how the stock markets worldwide are functioning and how investors are making their investment decisions
Real-time Stock Market Insights
Presents an exciting opportunity to improve predictive modeling better to estimate the rates or return and outcomes of investments
Big Data Analytics in Financial Models
