INTRODUCTION TO BIG DATA



Big Data is a general term for data sets that are so large or complex data that outdated data processing application software is insufficient to deal with them. Normally big data refers to three major terms such as Predictive analytics, Descriptive Statistics, prescriptive analytics. Today we will discuss about this major term and their application areas.

Predictive analysis:
Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future.
Any industry which is trying to reduce rick in future will use this analysis method such as Banking & Financial Services, Retail, Oil, Gas & Utilities, Governments & the Public Sector, Health care, Health Insurance, Manufacturing units.

Descriptive Statistics:
Descriptive statistics are brief descriptive coefficients that summarize a given data set, which can be either a representation of the entire population or a sample of it. Descriptive statistics are broken down into measures of central tendency and measures of variability, or spread. Measures of central tendency include the mean, median and mode, while measures of variability include the standard deviation or variance, the minimum and maximum variables, and the kurtosis and skewness. Governments uses this method to find mentality of the voters

Prescriptive analytics:
Prescriptive analytics is the area of business analytics (BA) dedicated to finding the best course of action for a given situation.
Prescriptive analytics is related to both descriptive and predictive analytics. While descriptive analytics aims to provide insight into what has happened and predictive analytics helps model and forecast what might happen, prescriptive analytics seeks to determine the best solution or outcome among various choices, given the known parameters. Best example Amazon, Ebay uses this method to develop their business.

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