Another common use is in managing election campaigns by collecting variety of

Another common use is in managing election campaigns

This preview shows page 7 - 9 out of 22 pages.

Another common use is in managing election campaigns by collecting variety of data such as composition of electorates in various locations, perception of their requirements such as infra- structure and local issues. Exploratory or Discovery Analytics : This finds unexpected rela- tionships among parameters in collections of big data. Collection of data from a variety of sources and analyzing them provides additional opportunities for insights and serendipitous discovery. One of the major applications is discovering patterns in Data analytics is concerned with extraction of actionable knowledge and insights from big data. PredictiveAnalytics extrapolates from available data and tells what is expected to happen in the near future. Discovery Analytics finds unexpected relationships among parameters in collections of big data.
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702 RESONANCE ¨## August 2016 GENERAL ARTICLE customers’ behaviour by companies using their feedback, tweets, blogs. Facebook data, emails, sales trends etc. Based on the customers’ behaviour it may be possible for companies to foretell their actions such as renewing magazine subscription, changing mobile phone service provider, cancelling a hotel reservation. A company may then come up with an attractive offer to try and change the customer’s anticipated action. Prescriptive analytics : This identifies, based on data gathered, opportunities to optimize solutions to existing problems. In other words, the analysis tells us what to do to achieve a goal. One of the common uses is in airlines’ pricing of seats based on historical data of travel patterns, popular origins and destinations, major events, holidays, etc., to maximize profit. Examples of Big Data Analytics In this section, nine examples of use of big data analytics in a variety of applications are outlined: 1. Predicting whether a wait-listed train ticket will be con- firmed : India has one of the largest railway networks in the world. It runs around 8500 trains each day and there are around 7000 railway stations of which about 300 are major stations. 20 million passengers travel on a given day. The total number of reserved seats/berths issued every day is around 250,000 and reservation can be made 60 days in advance. The allocation of reserved seats is very complicated. There are quotas for VIPs, ladies, emergency travel, handicapped persons etc. There are also quotas for starting and intermediate stations. Besides these, there are ‘Tatkal’ berths available at a higher cost for last minute reservations. A person reserving berths/seats well ahead of time would normally get confirmed berths/seats. Else, he or she would get a RAC (Reservation against Cancellation) or a wait-listed ticket. A passenger with a wait-listed ticket would like to know the probability of getting the ticket confirmed.
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