Data has become big in recent years, both in terms of volume and importance, and “Big Data” has become one of the latest “buzz words.” But it is real, and it and all data have become an important element of the latest business decision making, both for strategic and operational purposes.
Big data is often defined in terms of volume, velocity, and variety. “Volume refers to the amount of data generated through websites, portals and online applications … Facebook has 2 billion users, Youtube 1 billion users, Twitter 350 million users and Instagram 700 million users.”1 They generate an incredible volume of data.
Velocity refers to the speed with which data are being generated. Staying with our social media example, ...
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