Lecture8_Big Data and Business Analytics (1).pdf

Lecture8_Big Data and Business Analytics (1).pdf - BIG DATA...

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BIG DATA AND BUSINESS ANALYTICS IIMT2601/BUSI1003 Management Information Systems Faculty of Business and Economics The University of Hong Kong Instructor: Dr. Chao DING
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AGENDA Data ¾ Introduction ¾ Big Data Business Analytics (BA) ¾ Google Maps ¾ Twitter as a Prediction Tool ¾ Defined ¾ Applications ¾ Recommender Systems ¾ Tools 2
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DATA - INTRODUCTION Data is the root and purpose of Information Systems Distinction between: ¾ Data - raw, unformatted information ¾ Information - data that is transformed to have a meaning ¾ Knowledge - ability to understand information, form opinions, and make decisions or predictions 3 Source: Information Systems Today: Managing in the Digital World , 6e
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DATA - INTRODUCTION 4 11042011, 11/04/2011 326083245, 32608-3245 3.8, GPA 3.8 324917628, ID# 324917628 12:04, 12:04PM
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DATA - INTRODUCTION Vast online data generated by web/mobile users ¾ Anonymous: does not involve any personal information ¾ Personally unidentifiable: can be used to understand groups of consumers, but cannot identify a particular individual ¾ Personally identifiable: can be used to identify the specific individual 5
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DATA - INTRODUCTION Data and knowledge are an organization’s most valuable resource Enabling interactive Web sites using databases: ¾ E-commerce makes extensive use of databases ¾ Product catalog data are stored in databases and available to users ¾ Customer billing and shipping ¾ E-commerce applications process millions of transactions per day 6
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DATA - BIG DATA Big Data describes a massive volume of both structured and unstructured data that is so large, it is difficult to process using traditional database and software techniques. How BIG/MASSIVE? 7 ROUGHLY. BE CAUTIOUS, THIS IS NOT A FORMAL CLASSIFICATION
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DATA - BIG DATA Five V’s of big data: Volume, Velocity, Variety, Veracity and Value 8
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DATA - BIG DATA – FIVE V’S Volume refers to the vast amounts of data generated every second. Velocity refers to the speed at which new data is generated and the speed at which data moves around. Variety refers to the different types of data we can now use. 9 Source:
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DATA - BIG DATA – FIVE V’S Veracity refers to the messiness or trustworthiness of the data. Value : Data in itself is not valuable at all. The value is in the analyses done on that data and how the data is turned into information and eventually turning it into knowledge. The value is in how organizations will use that data and turn their organization into an information-centric company that relies on insights derived from data analyses for their decision-making .
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