BMGT 301 - wk. 10 (Big Data Analytics)

What’s big data?

the vast amount, volumes and types of data that a company can collect and process using increasingly high-tech systems

What are the sources of Big Data?

Sources of data are classified as internal and external.

What is the difference between structured and unstructured data?

Structured data is organized, such as customer sales data, while unstructured data includes internet search results, smartphone texts, and social media posts; over 92% of all data is unstructured.

What does 'Volume' refer to in Big Data?

Volume refers to the huge amount of data generated and stored, and is one dimension of Big Data.

What does V3 stand for in Big Data?

V3 refers to Volume, Variety, and Velocity.

What is 'Variety' in Big Data?

Variety refers to the different types of data sources, including tabular data, documents, images, and more.

What does 'Velocity' mean in the context of Big Data?

Velocity deals with how fast data is produced and processed to meet demand, ensuring availability for access and delivery.

What is 'Complexity' in Big Data?

Complexity refers to the existence of different standards, rules, and storage formats for various asset types.

What does 'Veracity' refer to in Big Data?

Veracity refers to the messiness or trustworthiness of data; it highlights the importance of data cleansing due to various forms and sources.

Why is 'Value' important in the context of Big Data?

Value emphasizes that having access to big data is not enough; it must be converted into actionable insights to be useful.

What is Data Analytics?

Data Analytics is the use of math and statistics to derive meanings from data to help make better informed decisions.

What are the three categories of Analytics?

The three categories of Analytics are Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics.

What is Descriptive Analytics?

Descriptive Analytics summarizes past events and tells what happened, but not why it happened or what might change - HINDSIGHT

What is Predictive Analytics

they use past data to model future outcomes; example predicting how customers will respond to a promotion event or advertising campaign - INSIGHT

What is Prescriptive Analytics?

Prescriptive Analytics chooses techniques such as optimization to help managers determine the best decision for achieving specific objectives, answering the question of 'what should we do today?'. - FORESIGHT

What is the goal of Prescriptive Analytics in investment allocation?

It aims to determine the optimal allocation among competing investments (stocks) to maximize ROI or minimize risk.

What are examples of Predictive Analytics in Excel?

Data mining, web mining, forecasting, regression analysis

What is the best way of shipping goods from a firm’s factories to minimize costs?

Descriptive Analytics.

What type of analytics helps companies classify their customers into segments for marketing campaigns?

Predictive Analytics.

Which type of analytics would a trader use to predict movements in stock prices?

Prescriptive Analytics.

What is the DELTA Model for company success?

The DELTA Model includes:

• D: Data that is unique, accessible, and available.
• E: Enterprise-wide focus for data and analytics distribution.
• L: Leaders at all levels promoting a data analytics culture.
• T: Targets for identifying business areas that benefit from analytics.
• A: Analysts to execute the strategy.