Understanding Big Data

The video explains big data, its collection, and usage by companies to understand customer needs. It highlights the importance of data-driven decisions and the three V's: volume, velocity, and variety. The video also discusses privacy concerns and offers tips for managing personal data. Despite the vast amount of data collected, only a small percentage is analyzed. The video emphasizes the role of consumers in the data ecosystem.

What is the primary goal of using big data for companies?

• To make decisions based on intuition

• To collect as much data as possible

• To improve understanding of customer needs

• To reduce operational costs

How do companies use social media data?

• To directly sell products

• To understand customer locations and opinions

• To create social media accounts

• To avoid customer feedback

What is a challenge of analyzing unstructured data?

• It is too expensive to collect

• It requires special software and hardware

• It is always inaccurate

• It is not useful for businesses

Which of the following is NOT one of the three V's of big data?

• Volume

• Velocity

• Variety

• Validity

What is the potential financial benefit of increasing data accessibility by 10% for a company?

• An increase in operational costs

• A decrease in customer satisfaction

• An additional 65 million dollars in net income

• A reduction in data storage needs

What is a concern regarding the sharing of personal data?

• It is completely anonymous

• It is nearly impossible to avoid

• It is a highly regulated practice

• It is always beneficial for consumers

How much of the collected data is typically analyzed?

• 50%

• 10%

• 5%

• 0.5%

What can individuals do to limit the amount of accessible data?

• Use public Wi-Fi frequently

• Read app permissions carefully

• Share more on social media

• Ignore terms and conditions

What is the expected rate of new information creation by 2020?

• 1.7 megabytes per second per person

• 10 megabytes per minute per person

• 100 megabytes per hour per person

• 1 gigabyte per day per person

What role does the consumer play in the context of big data?

• They create data storage solutions

• They regulate data collection

• They are the source of data

• They are the primary data analysts