Analytics and Big Data for Accountants, 2nd Edition

Solutions

Chapter 1

Practice question solutions

1.  

   Big data includes high-volume, high-velocity, and high-variety information assets that demand cost-effective, innovative forms of information processing for enhanced insight and decision making. Big data can be classified into areas such as structured data, unstructured data, and streaming data.

2.  

   Descriptive, diagnostic, predictive, and prescriptive.

3.  

   Hadoop is a free, Java-based programming framework that supports the processing of large data sets in a distributed computing environment. It is part of the Apache project sponsored by the Apache Software Foundation.

4.  

   A data scientist is an employee or business intelligence consultant who excels at analyzing data, particularly large amounts of data, to help a business gain a competitive edge.

Knowledge check solutions

1.  
   1. Incorrect. Big Data is applicable to any organization — not just multi-national companies.
   2. Correct. Structured, unstructured, and streaming data.
   3. Incorrect. Big Data goes beyond ERP systems. It includes all data: structured data, unstructured data, and streaming data.
   4. Incorrect. Big data refers to a type of data. Serial processing is not associated with big data but massively parallel processing is.
2.  
   1. Incorrect. Instagram users share approximately 55,000 photos every minute of the day, not 25,000.
   2. Correct. Instagram users share approximately 55,000 photos every minute of the day.
   3. Incorrect. Instagram users share approximately 55,000 photos every ...