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Business Finance

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Professor H. has explained that there are three criteria (attached) generally used to define big data, but that more simply, you can think of big data as any time you have to scroll to view it all. Using that definition, you’re probably working with big data now. Consider the data you work with routinely and the challenges you face: what are the key business questions you’re hoping to answer? (see attached action plan for questions to address)

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Action Plan Professor H. has explained that there are three criteria (attached) generally used to define big data, but that more simply, you can think of big data as any time you have to scroll to view it all. Using that definition, you’re probably working with big data now. Consider the data you work with routinely and the challenges you face: what are the key business questions you’re hoping to answer? (see attached action plan for questions to address) Answer the following questions, using as much space as you need. 1. Describe the key business need you have for harvesting data, or the problem you wish to solve. 2. What is it that you need to do, better or for the first time? Describe your goal(s). 3. Identify the main categories of data you expect to gather in pursuit of your goal. For example, in terms of customer data, this might be: First and last name; street address; city; state/province; mailing code; email; phone; purchase history. 4. Describe your plans for making sure that the data you’re working with is accurate and up to date. How do you think you can best accomplish this? Which colleagues or departments will you need to collaborate with? 5. Describe what success looks like. What will be the net result of your efforts? How will your work here positively impact you, your team, your department, or your organization? 1 6. Set a timeline for success: What do you plan to do in the next month? In the next three months? 2 What Makes it "Big" Data? For data to be "big" it must have: • • • Volume: the amount of data Velocity: the speed of data Variety: the types of data You may hear the term "big data" frequently without really knowing what it means, and there's a reason for that: "Big data" is defined differently, depending on whom you ask. The three common characteristics of big data are called the three Vs: volume, velocity, and variety. Let's examine these three criteria. Volume refers to the amount of data you're dealing with. There is no set file size that qualifies as big. Some people think of big data as being massive, like the number of photos uploaded each day to social networks. Professor H's definition of big data is that if you have to scroll, you're working with big data. In other words, if you can't see it on your screen, then you'll likely have trouble managing it. Velocity refers to the speed of data in and out, or the speed of data processing. Is your sales data updated in real time? Are you working with a customer database that's updated constantly? (Conversely, is your data too old or outdated to be useful in informing good decisions?) Variety means that the big data can be in the form of unstructured text or numbers, video, and audio. As you get into working with data, you'll become familiar with a few more terms. "Data mining" is the process of pulling out or finding the data you need in a vast data set. This is also called "data extraction," "harvesting," or "cultivating." No matter what verb you choose, when you mine data, you are in the process of discovery; you are examining large data sets in order to generate new information.
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Attached.

Running head: BIG DATA ANALYSIS

1

Big Data Analysis
Student’s Name:
Institutional Affiliation

BIG DATA ANALYSIS

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Big data Analysis

1. Describe the key business need you to have for harvesting data or the problem you wish to
solve.
The key business need we have is researching and finding out the popularity of people
who prefer social media so that we can adopt online marketing. The data to be harvested will
determine the ratio at which different people spend on the internet and what specifically they are
looking for. This helps us determine what to sell and how to advertise it to the online market.
The big data concept comes in place since the content of the internet is so much in that data
mining techniques and approaches have to be adhered to? The variety of data also is wanting and
thus thorough harvesting is required
2. What is it that you need to do, better or for the first time? Describe your goal(s).
The things we need to do better are advertisements and marketin...


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