6 Decision Analysis Driven by Big Data for Engineering Managers
John V. Farr and David Farr
United States Army
6.1 Introduction
So, what is big data and how big is big? The definitions of big data vary but most talk about extremely large data sets that have extremely large volume, value, variety, velocity, or the fast rate at which data are received and processed with low latency and veracity or the accuracy of the data. According to Bulao (2023), in 2021 people created 2.5 quintillion bytes (1 quintillion bytes is equal to 1 million terabytes) of data every day. For example, there are over 333.2 billion emails sent every day in 2022. Companies are spending large amounts of money on big data such as:
- GE spent ...
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