Difference between revisions of "Big Data"

From Open Risk Manual
 
 
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== Definition ==
 
== 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.  
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'''Big Data''' 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 ==
 
== The five V's of Big Data ==
Big Data has the five V characteristics:  
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As a mnemonic, Big Data has the five V characteristics:  
 
* volume (large amounts of data, as measured e.g. by amount of storage space required to store)
 
* 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)
 
* velocity (rapid updates of data measurements, as measured e.g. by frequency of value modification)
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* value (data explicitly creating new value through new services)
 
* value (data explicitly creating new value through new services)
  
[[Category:Fintech]]
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== See Also ==
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* [[Data Science]]
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* [[Data Mining]]
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* [[Data Engineering]]
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[[Category:Data Science]]

Latest revision as of 17:29, 5 December 2023

Definition

Big Data 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

As a mnemonic, 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)

See Also