Question

What characterizes Big Data? There are 3 phases/types of data analytics. Briefly discuss each one.

Answer 1

Big data refers to the availability of data on the internet through various platforms, and also the stored data of an organisation, that keeps growing everyday. The data is massive and helps to generate patterns for making necessary decisions, by the application of various statistical and mathematical models.

Big data can be characterized by the following points:

* It is voluminous and contain all kind of data (relevant or irrelevant.)

* Big data is made up from structured and unstructured data.

* Velocity of data inputs is frequent and is huge.

Data analytics is a systematic process applied to generate a meaningful Information from the raw data collected. It supports decision making and modelling the data.

There are three major types of data analytics:

* Descriptive: it focuses on historical (past data) to generate information.

* Predictive: it focuses on the probability of the outcomes or forecasting, in order to understand patterns and make necessary Decisions for future.

* Prescriptive: it involves providing insights regarding the use of data and what should be done in the current situation to get maximum benefit.

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