MIS 2502 Big Data
MIS 2502 Extra Credit
Big Data
- What is it?
Big data describes a large collection of data sets are too large and complex to capture, storage, process, and analyze using traditional database tools. Industry analyst Doug Laney made a definition of big data as the three Vs: volume, velocity, and variety, which illustrates the three main features of big data: excessive and increasingly growing volume, unprecedented speed, and all types of formats, including structured and unstructured. Big data is consistently changing as the development of whole society and technology. In current world, the range of big data in different fields varies from TB to PB, and it still increase to larger and larger.
- Why is it important?
Big data is changing the way people make decision. In corporation level, manager need to realize the value of huge amount of data from its daily operation. The existence of big data urges people to explore more useful, more accurate, and timelier data for decision-making. However, the traditional database tools do not have ability to analyze such huge data resource, so, more and more new approach and technologies are invented and created in order to figure out the value of data for gaining competitive advantages. Effectively applying big data in practice will help organization and individuals make more profit, cut down costs, and reduce risks.
- Related topics in MIS 2502
After knowing the significant role that big data plays in our society, we need to know how to utilize big data to analyze in practice. In MIS 2502, we have covered many topics that related to big data, like the storing, mining, processing, and analyzing data through various technologies, such as MySQL, SAS, pivot table in Excel, and dimensional data modeling. Through SAS, we can analyze huge amount of data via several models like decision tree, association rules, as well as clustering and segmentation. Overall, MIS 2502 has open a window for me to explore the concepts and applications of big data.
- Applying in practice
Big data has integrated with many fields and scopes in current world. Here, as a Finance Major and MIS minor, I want to detail some applications illustrates how big data works in financial environment. Financial companies like VISA, are using big data to analyze the possibility of fraud. It creates a detection model to find out potential fraudsters. Banks are also using big data to analyze the credit scoring of their customers. The data such as financial assets, transactions, previous lending history, and demographics are changing rapidly, banks need to track these data in time before they make decision to give access customers to loans and other financial services.
- Works Cited
Big data in practice – what it’s used for sector-by-sector (2012). Retrieved from Big Data Insight Group: http://www.thebigdatainsightgroup.com/site/article/big-data-practice-what-its-used-sector-sector#Finance
Big Data – What is it? (2012). Retrieved from SAS: http://www.sas.com/en_us/insights/big-data/what-is-big-data.html