Understanding Big Data and Its Impact on Business

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What are the characteristics that IBM uses to describe big data?

Volume, variety, velocity, and veracity (correct)

Validation, vision, veracity, and value

Vitality, volatility, validation, and value

Size, speed, security, and source

According to the McKinsey Global Institute, what potential does the effective use of big data have?

Creating barriers for new competitors

Encouraging stagnation in existing companies

Reducing competition and consumer surplus

Transforming economies and delivering productivity growth (correct)

In a database table, what do the rows represent?

Individual elements of data

Fields or attributes

Records of related data elements (correct)

Historical stock prices

What is a data set?

A collection of data, often a single 'spreadsheet' or data mining table Signup and view all the answers

What does 'discrete' mean when derived from counting something?

Something that is counted as a whole unit Signup and view all the answers

How does the document define 'big data'?

Massive amounts of business data from various sources with volume, variety, velocity, and veracity characteristics Signup and view all the answers

What type of capabilities does IBM Cognos Express provide?

Reporting, analysis, dashboard, planning, budgeting, and forecasting Signup and view all the answers

Which tool is suitable for predictive modeling, data mining, and visualization?

SAS / SPSS / Rapid Miner Signup and view all the answers

What is the result of analyzing data according to the text?

Information Signup and view all the answers

Which type of data includes page views, visitor's country, and products purchased?

External data like economic trends Signup and view all the answers

What do SAS/SPSS/Rapid Miner specialize in according to the text?

Predictive modeling and data mining Signup and view all the answers

What are examples of external data sources mentioned in the text?

Marketing research and new developments like Web behavior Signup and view all the answers

What is a model in the context of analytics?

An abstraction or representation of a real system, idea, or object Signup and view all the answers

In the context of new product sales, what pattern do sales often follow?

Starts small, grows at an increasing rate, then decreases as market saturates Signup and view all the answers

What is the equation used as a mathematical model for sales of new products?

$S = ae^{bt}$ Signup and view all the answers

Why may a survey question asking to rate the food quality in a restaurant not be considered reliable?

Because different customers have conflicting perceptions Signup and view all the answers

What are the common elements included in customer satisfaction besides food quality?

Other elements of service besides food Signup and view all the answers

Why does the rate of sales for a new product eventually begin to decrease?

When the market becomes saturated Signup and view all the answers

Understanding Big Data and Its Impact on Business

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