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Fundamentals of big data
NMIMS Global Access
School for Continuing Education (NGA-SCE)
1. What is meant
by Big Data in the retail sector. Mention the 7 ‘V’ s of Big Data, andprovide
an example for each of them.
Answer: As the name
suggests, big data is a term that describes the large volume of data, that data
may be structured or unstructured. That data inundates a business on routine
basis and used by organization for various purposes. Data may not be important
but how companies are using that data, is really matters. Big data can be
analyzed for insights that lead to better decisions and strategic business
moves. As mentioned in the question that healthcare industry is inundated with
2. A leading
retail chain is facing a consistent decline in their sales and net margin.
Theyhire a management consulting firm to ascertain the reason behind it and
suggestcorrective actions. The management consultant advises lack of
analyticsimplementation as the primary reason for sagging sales and negative
net margin. Theretail chain now wants to engage an IT consulting firm to
suggest them a roadmaptoward implementation data analytics in their
organization. How can the retail chainleverage the power of descriptive and
diagnostic analytics to derive insights into whathappened in the past and the
reasons behind it? How the retail chain can move up theanalytics value chain
and leverage the advantages of Predictive and Prescriptiveanalytics to derive
valuable insights into future strategies.
Answer: Modern
organisations are rich with data. Owing to large-scale computerisationefforts,
almost all processes, activities, and interactions within the organisationare
available in accessible databases. This rich data environment hasspawned a
variety of software applications that rely on the principles of decisionsupport
systems (DSS) and enable organisations to change their competitivestrategy.
These applications rely on fast computing architectures, alarge collection of
historical data, access to data being produced currently inthe organisation,
and computing software that enables complex models to beused for analysis. This
approach to using data analysis is widely known asanalytics.
3. HP launched a
new touch-screen laptop which had a tremendous rise in their sales onthe first
day of launch on Amazon breaking the records of Dell and Apple. Assume youhave
been hired as a data analytics consultant by one of HP’s competitors.
a. Identify
social media analytics tools that can be deployed to understand
consumerbehavior and trends.
b. Identify
mobile analytics approaches and tools that can be deployed to understand
andleverage mobile usage behavior.
Answer: a) Using social media, you can
find your potential customers. One of the key advantages of social media for
businesses is that it enables you to interact with your customers. Going
through the tweets and Facebook updates that are posted by your customer base
gives you insight into what they need. This is useful for helping your company
formulate marketing strategies that address their needs. Social media
streamlines the process of providing and receiving feedback from your
prospective buyers. If your customers have concerns or problems with what your
business offers, they can let you know in a timely manner. Statistics indicate that
the way people utilize social media and interact online influences their
purchasing decisions.
Dear students, get fully solved
assignments by professionals
Do send your query at :
or call us at :08263069601
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