Big Data and Business Analytics

Frontiers of Big Data Business Analytics • 53

larger data set will also generate more accurate results. Statistical analysis

of really large data sets can oen help us better answer dicult questions.

One such example is “wisdom of the crowd,” which says that for many

questions aggregating responses from a large number of people will give

better answers than asking an expert.

us, if we want to know the price of an item, we should look it up in

eBay auctions; if we are looking for the value of a keyword on Google paid

search, we should place bids on the auction engine to nd out; if we wonder

how good a book is, let’s look at its reviews on Amazon.com; if we want to

compare which of the two web page layouts has better conversion rates,

let’ ...