ACCT 3140 Exam #2 Part 2

What are the V's of Big Data?

• Volume

• Velocity

• Variety

• Veracity

• Value

Data sets that are at least a petabyte (2⁵⁰) in size.

• Volume

• Velocity

• Variety

• Veracity

• Value

The pace at which data flows in from sources like business process machines.

• Volume

• Velocity

• Variety

• Veracity

• Value

Sources and types of big data are both structured and unstructured.

• Volume

• Velocity

• Variety

• Veracity

• Value

Biases and abnormalities in data.

• Volume

• Velocity

• Variety

• Veracity

• Value

The benefits a company receives.

• Volume

• Velocity

• Variety

• Veracity

• Value

Gathers info & presents it in a structured format.

• Reporting

• Data Analytics

Uses the gathered data to identify patterns and gain insight to inform future decision-making.

• Reporting

• Data Analytics

Why should accountants know analytics?

• Data is growing exponentially

• Can create competitive advantage

• Useful internally

• Useful externally--as a consultant

For those who have an analytics mindset, accountants must be able to:

• Ask the right questions

• Extract, Transform, Load (ETL)

• Apply appropriate data analytics techniques

• Interpret & share results