Decision Science Project Report on “Big Data”

Submitted To: Submitted By:

Satyajit Chatterjee (BM-171055)
Ms. Saloni Chitkara
Shavee Sarda (BM-171058)
Ms. Shalini Kapoor
Akhil Chaudhary (BM-171025)
PGDM – 1 year (3 sem)
Anukriti Juneja (BM-171044)
Section : A
Abhinav Kumar Srivastava (BM-171005)
Group:- 8
 -:BIG DATA:-
. “If we had computers that knew everything there was to know about things—using data
they gathered without any help from us—we would be able to track and count everything,
and greatly reduce waste, loss and cost. We would know when things needed replacing,
repairing or recalling, and whether they were fresh or past their best.”

A 2016 definition states that "Big data represents the information assets characterized by
such a high volume, velocity and variety to require specific technology and analytical
methods for its transformation into value". Additionally, a new V, veracity, is added by
some organizations to describe it, revisionism challenged by some industry authorities.
The three Vs (volume, variety and velocity) have been further expanded to other
complementary characteristics of big data:

Machine learning: Big data often doesn't ask why and simply detects patterns.

Digital footprint: Big data is often a cost-free byproduct of digital interaction.

A 2018 definition states "Big data is where parallel computing tools are needed to handle
data", and notes, "This represents a distinct and clearly defined change in the computer
science used, via parallel programming theories, and losses of some of the guarantees and
capabilities made by Codd’s relational model."

Big data uses inductive statistics and concepts from nonlinear system identification to
infer laws (regressions, nonlinear relationships, and causal effects) from large sets of data
with low information density to reveal relationships and dependencies, or to perform
predictions of outcomes and behaviors.
 -:CHARACTERSTICS:-
Big data can be described by the following characteristics:

• Volume-The quantity of generated and stored data. The size of the data determines
the value and potential insight and whether it can be considered big data or not.
• Variety- The type and nature of the data. This helps people who analyze it to
effectively use the resulting insight. Big data draws from text, images, audio,
video; plus it completes missing pieces through data fusion.
• Velocity- In this context, the speed at which the data is generated and processed to
meet the demands and challenges that lie in the path of growth and development.
Big data is often available in real-time.
• Variability- Inconsistency of the data set can hamper processes to handle and
manage it.
• Veracity-The data quality of captured data can vary greatly, affecting the accurate
analysis.

Factory work and Cyber-physical systems may have a 6C system:

• Connection (sensor and networks)

• Cloud (computing and data on demand)
• Cyber (model and memory)
• Content/context (meaning and correlation)
• Community (sharing and collaboration)
• Customization (personalization and value)

Data must be processed with advanced tools (analytics and algorithms) to reveal
meaningful information. For example, to manage a factory one must consider both visible
and invisible issues with various components. Information generation algorithms must
detect and address invisible issues such as machine degradation, component wear, etc. on
the factory floor.
 -:TECHNOLOGIES:-
A 2011 McKinsey Global Institute report characterizes the main components and
ecosystem of big data as follows:

• Techniques for analyzing data, such as A/B testing, machine learning and natural
language processing.
• Big data technologies, like business intelligence, cloud computing and databases.
• Visualization, such as charts, graphs and other displays of the data.

Multidimensional big data can also be represented as tensors, which can be more
efficiently handled by tensor-based computation, such as multi-linear subspace learning.
Additional technologies being applied to big data include massively parallel-processing
(MPP) databases, search-based applications, data mining, distributed file systems,
distributed databases, cloud and HPC-based infrastructure (applications, storage and
computing resources) and the Internet. Although, many approaches and technologies
have been developed, it still remains difficult to carry out machine learning with big data.
 -:APPLICATIONS:-

While many vendors offer off-the-shelf solutions for big data, experts recommend the
development of in-house solutions custom-tailored to solve the company's problem at
hand if the company has sufficient technical capabilities.

Government-The use and adoption of big data within governmental processes allows
efficiencies in terms of cost, productivity, and innovation, but does not come without its
flaws. Data analysis often requires multiple parts of government (central and local) to
work in collaboration and create new and innovative processes to deliver the desired
outcome.

International development-. Advancements in big data analysis offer cost-effective

opportunities to improve decision-making in critical development areas such as health
care, employment, economic productivity, crime, security, and natural disaster and
resource management. Additionally, user-generated data offers new opportunities to give
the unheard a voice. However, longstanding challenges for developing regions such as
inadequate technological infrastructure and economic and human resource scarcity
exacerbate existing concerns with big data such as privacy, imperfect methodology, and
interoperability issues.

Education- A McKinsey Global Institute study found a shortage of 1.5 million highly
trained data professionals and managers and a number of universities including
University of Tennessee and UC Berkeley, have created masters programs to meet this
demand. Private boot camps have also developed programs to meet that demand,
including free programs like The Data Incubator or paid programs like General
Assembly. In the specific field of marketing, one of the problems stressed by Wedel and
Kannan is that marketing has several sub-domains (e.g., advertising, promotions, product
development, branding) that all use different types of data. Because one-size-fits-all
analytical solutions are not desirable, business schools should prepare marketing
managers to have wide knowledge on all the different techniques used in these sub-
domains to get a big picture and work effectively with analysts.

Information Technology-Especially since 2015, big data has come to prominence within
Business Operations as a tool to help employees work more efficiently and streamline the
collection and distribution of Information Technology (IT). The use of big data to resolve
IT and data collection issues within an enterprise is called IT Operations Analytics
(ITOA). By applying big data principles into the concepts of machine intelligence and
deep computing, IT departments can predict potential issues and move to provide
solutions before the problems even happen. In this time, ITOA businesses were also
beginning to play a major role in systems management by offering platforms that brought
individual data silos together and generated insights from the whole of the system rather
than from isolated pockets of data.

Internet of Things - Big data and the IOT work in conjunction. Data extracted from IOT
devices provides a mapping of device interconnectivity. Such mappings have been used
by the media industry, companies and governments to more accurately target their
audience and increase media efficiency. IOT is also increasingly adopted as a means of
gathering sensory data, and this sensory data has been used in medical and manufacturing
contexts.

We must be wondering that why this hype about big data is. The reasons why every
company is inclined towards adopting big data are: –

Some of the industries propelled by big data analytics are –

• Public Sector Services:-

In the public sectors, the major confrontations are the amalgamation and ability of
the big data from corner to corner of various public sector units and allied unions.
Big data provides a large range of facilities to the government sectors including the
power investigation, deceit recognition, fitness interconnected exploration,
economic promotion investigation and ecological fortification. Big data is even
used to examine the food based infections by the FDA. Big data results are fast
which outputs to quicker well-being. Also in the investigation of a huge volume of
communal complaints uses the big data analytics. This same analytics are utilized
in the course of health check statistics in urgency and resourcefully for quicker
 pronouncement manufacture and to become aware of mistrustful or falsified
declarations.

• Healthcare contributions.

The big data is in extended use in the field of medicine and healthcare. As the
technology rises the cost of health care is also increasing more and more. Big data
is a great helping hand in this issue. It is a great help for even physicians to keep
track of all the patients’ history. The link to the patient’s history can be accessed
only by the patient and his particular physician. Once a patient gets treated his
name and his data will be stored in the database safely forever and whenever
required, the doctor can have a view of it. A large number of medical devices are
there which are big data oriented. Today data is used to such an extent that doctor
prescribes the medicines without even visiting the patient by knowing the heartbeat
and temperature through the heart and temperature monitoring watch fitted on the
patient’s hand that stays in a remote place. Nanobots are miniature robots that are
being developed which will increase the immunity in the human’s body by fighting
with bacteria and other harmful germs. They have their own sensors and will be
great in delivering chemotherapy. Nanobots are great biotech robots that will be
used in carrying oxygen, destroy germs, and renovate tissues.

• Learning Services.

Big data has great influence in the education world too. Today almost every course
of learning is present online. Along with the online learning, there are many
examples of the use of big data in the education industry. Applications named as
the Bubble Score allow teachers to convey multiple-choice assessments through
mobile devices and notch up paper tests through the cameras of the mobile phones.
Equipment like this usually assists teachers to send out the outputs to rank books
and trail development all along distinct characteristics.
Adaptive learning: Further than just reformation coursework and the grading
development, data-driven classrooms opened up the understanding of what
children learn when they study it and to what height. Enterprises produce digital
courses that use big-data-fuelled prognostic analytics to locate what a learner is
learning and what components of a lecture plan most excellently ensembles them
at those situations.
Problem control: Sometimes, a student submits his friend’s homework instead of
his own. In that situation, instead of getting the punishment he gets appreciation
and the other innocent student gets the punishment. So in these situations, big data
 entertains the cross checks of the assignments in order to find out whose writing
matches with the assignment’s writing.

• Insurance Services.

Be deficient in modified services, be short of adapted charging and the need of

beleaguered services to fresh fragments and to specific market segments are some
of the main challenges. Big data is the technology tool that is being used in the
production to offer purchaser insights for see-through and simpler commodities, by
finding out and foreseeing buyer behavior from side to side information obtained
from internet websites including the social media as well as CCTV video
recording. The big data as well enables for the better purchaser preservation from
insurance agencies. In the claims administration, extrapolative big data business
analytics has been utilized to provide more rapid service given that enormous
quantity of information can be worked on particularly in the countersigning period.
Scam discovery has also been improved. In the course of gigantic data from digital
conduits and social media, real-time controlling of allurements all through the
argument series is used to afford insights.

• Industrialized and Natural Resources.

The high demand of the natural sources on this earth is challenging the high
volume as well as the velocity of big data. Similarly, a great quantity of data
commencing the built-up industry is unexploited. The unused data avoids advanced
eminence of merchandise, power competence, dependability, and improved income
boundaries. In the natural wealth industry, big data enables for analytical
modelling to sustain judgment creation that is used to consume and incorporate
huge amounts of information from geographical information, graphical
information, manuscript and chronological statistics. Big data has as well been
worn in finding the solution to the development of confrontations and to grow
aggressive improvements in the middle of former settlements.
• Transportation Services.

In current times, vast volumes of statistics from area-oriented community networks

and towering speediness statistics from telecoms have influenced journey policies
a lot. Unfortunately, investigation of the appreciate voyage policy has not
developed yet. Usually, transportation requirement representation is again oriented
on defectively unstated fresh social media architectures.
A number of claims of big data by the public sector, private associations and
personal use include :-
 Private sector uses the big data in traffic management, direction preparation,
intellectual transportation arrangements and overcrowding administration

Private sector uses the big data in income administration, industrial improvements,
and logistics and for reasonable benefit

Personal use of the big data comprises direction forecasting to accumulate on

petroleum and period, for tour activities in seeing the sights etc.

• Banking Sectors and Fraud Detection

Big data is hugely used in the fraud detection in the banking sectors. In banking
sectors as the big data is implemented, it finds out all the mischief tasks done. It
detects the misuse of credit cards, misuse of debit cards, archival of inspection
tracks, venture credit hazard treatment, business clarity, customer statistics
alteration, public analytics for business, IT action analytics, and IT strategy
fulfillment analytics. The SEC uses this big data in order to keep a track of all the
commercial market movements. They are at present using network analytics and
natural speech processors to grasp unlawful business activity in the economic
marketplaces. Retail traders, Private and public actor banks, prevaricate funds and
others in the monetary marketplace make use of big data for business analytics
used in big businesses, reaction dimension, prognostic Analytics etc. In businesses
big data helps a lot in knowing the shopping patterns of customers and CRM
tactics of the competitors so that they can apply them in their businesses in order to
improve the sales.