4 V's of Big Data
There are mainly four parameters of data which make it big.
- Volume - Amount of data generated
- Velocity - Speed with which data is generated
- Variety - Different forms in which data is generated
- Veracity - Ambuigity in data
The Fifth V - Value
It may seem painfully obvious to some, but a real objective is critical to this mash up of the four V's. Will the insights you gather from analysis create a new product line, a cross-sell opportunity, or a cost-cutting measure? Or will your data analysis lead to the discovery of a critical causal effect those results in a cure to a disease?
The ultimate objective of any big data project should be to generate some sort of value for the company doing all the analysis. Otherwise, you're just performing some technological task for technology's sake.
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