Big Data

From Open Risk Manual

Definition

Big Data. It is an all-encompassing term for any collection of datasets so relatively large and complex that it becomes difficult to process it by using traditional data processing applications.

The five V's of Big Data

Big Data has the five V characteristics:

  • volume (large amounts of data, as measured e.g. by amount of storage space required to store)
  • velocity (rapid updates of data measurements, as measured e.g. by frequency of value modification)
  • variety (diverse data types, both structured and unstructured data)
  • veracity (increasing Data Quality), and
  • value (data explicitly creating new value through new services)

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