Description
Please prepare in 3 pages the risk management in Big Data from from cost management perspective. Please cite the sources.
Explanation & Answer
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Running head: ASSIGNMENT
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Assignment
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ASSIGNMENT
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Introduction to big data
Big data means a large set of information that enhances at an increasing rate. The data
is categorized as structured and unstructured data. Structured data is the information gathered
by the organization in the form of spreadsheets and databases (Segal, 2019). Unstructured
data is information in an unorganized form, to be arranged in the desired way. The
information can be obtained from social media sources from the organizations in the form of
customer needs. Data analysts consider the relationship among different types of data like the
purchase history and demographic data to determine if there is a correlation. The benefit of
big data is a large amount of data availability and the ability to tailor the products and
marketing efforts for increased satisfaction. The disadvantage is that the company has to
handle large data.
Risk management in big data
Emerging technologies helps the creation of data and integration with traditional data
to generate a large amount of information. The business derives valuable information by
processing and analyzing big data. Despite various efforts made by the organization to attain
a competitive advantage, some of them have failed to get valuable insights. Businesses
consider a large amount of data as the assets and manage them well with the help of the data
lifecycle. Big data has made an important contribution to manage the risk faced by
organizations.
Establishin...