BigDataFr recommends: 25 Big Data Terms Everyone Should Know
[…] If you are new to the field, Big Data can be intimidating! With the basic concepts under your belt, let’s focus on some key terms to impress your date, your boss, your family, or whoever.
Let’s get started:
- Algorithm: A mathematical formula or statistical process used to perform an analysis of data. How is ‘Algorithm’ related to Big Data? Even though algorithm is a generic term, Big Data analytics made the term contemporary and more popular.
- Analytics: Most likely, your credit card company sent you year-end statements with all your transactions for the entire year. What if you dug into it to see what % you spent on food, clothing, entertainment etc? You are doing ‘analytics’. You are drawing insights from your raw data which can help you make decisions regarding spending for the upcoming year. What if you did the same exercise on tweets or facebook posts by an entire city’s population? Now we are talking Big Data analytics. It is about making inferences and story-telling with large sets of data. There are 3 different types of analytics, so let’s discuss them while we are on this topic.
- Descriptive Analytics: If you just told me that you spent 25% on food, 35% on clothing, 20% on entertainment and the rest on miscellaneous items last year using your credit card, that is descriptive analytics. Of course, you can go into lot more detail as well.
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By Ramesh Dontha
Source: dataconomy.com
About the author
Ramesh Dontha is Managing Partner at Digital Transformation Pro, a management consulting company focusing on Data Strategy, Data Governance, Data Quality and related Data management practices.