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Mobile Technology, Data Mining and Cloud Computing

Big data in health, finance and retail

  • 3 things to know
  • A2 Unit 1

Overview

Big data and how a bank uses large-scale analysis to detect fraud.

What you need to know

Answer each one before you reveal it.

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Key term

What is meant by big data?

Key term

Explain what volume means as a characteristic of big data.

Key term

Explain what variety means as a characteristic of big data.

Questions from this subtopic

Each one with the model answer underneath.

  1. 1

    What is meant by big data?

    Model answer

    Big data is data of such volume, variety and speed of arrival that conventional database tools cannot capture, store or analyse it within a useful time.

  2. 2

    Explain what volume means as a characteristic of big data.

    Model answer

    Volume refers to the sheer quantity of data held, which for a large organisation now runs to petabytes and continues to grow as more of its activity is recorded.

  3. 3

    Explain what velocity means as a characteristic of big data.

    Model answer

    Velocity refers to the speed at which data arrives and must be acted on, with transactions and sensor readings streaming in continuously rather than being collected as a nightly batch.

  4. 4

    Explain what variety means as a characteristic of big data.

    Model answer

    Variety refers to the range of forms the data takes, from neat numeric fields to free text, images, audio and location traces, much of which has no fixed structure.

  5. 5

    Explain what veracity means as a characteristic of big data.

    Model answer

    Veracity refers to how far the data can be trusted, since very large collections always contain missing, duplicated and simply incorrect values that will distort any conclusion drawn from them.

  6. 6

    Why is value included as a characteristic of big data?

    Model answer

    Value asks whether the analysis actually changes a decision, because storing and processing data costs money and data that never affects anything is a liability rather than an asset.

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