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MARK 396: Special Topic - Business & Big Data

What's Big Data? Why Use It?


Big Data has 4 "dimensions" or components - 

  • Volume => the scale of your data (e.g., billions of people; tera-, quintillion-, and zetta- bytes of data - that's ridiculous amounts of gigabytes!)
  • Velocity => streaming data (e.g., stocks; sensors in cars; network connections)
  • Variety => the forms of your data (e.g., Tweets; Facebook content pieces; YouTube videos; wearable fitness trackers; healthcare data)
  • Veracity => the uncertainty of your data (e.g., poor data quality = how much money lost?; some don't track the uncertainty of their data = how can we trust it?; need to make decisions = can we trust the info we use to make decisions?)