Week 1 Assignment questions

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School

Texas A&M University, Kingsville *

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3355

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Marketing

Date

Jul 2, 2024

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docx

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4

Uploaded by DeaconLightning14680

Melissa Castorena Week 1 Assignment questions P a g e | 1 1. Explain what is meant by the term "big data"? Why is big data relevant now, in comparison with a decade ago? In which kind of companies might big data be irrelevant? Big data is often described as having volume, variety, and velocity. Volume: The amount of data is large and keeps growing. It can not be stored just in the memory of a computer. This is terabytes and exabytes that are continually growing. Variety: There is a vast amount of data types that need to be analyzed it comes in so many different forms! Velocity: The speed that data is gathered. It is constantly being gathered. Big data is essentially mass amounts of data gathered that could be any type of data (structured or unstructured) that is gathered and can be analyzed. It cannot be analyzed using traditional methods. We are more of a digital age now. There is constant data being gathered by just about everything that we do. Companies have found that analyzing and using this data can created a huge advantage over competitors. It is so exciting to see the growth and use of the data. Every type of company can benefit from the use of big data. IF a company does not use that data, they are allowing other companies to have the advantage. Everything from basic stores to shipping to medicine and a million other types of businesses benefit from the use of analyzing big data.
Melissa Castorena Week 1 Assignment questions P a g e | 2 2. What are some examples of results of predictive analytics you see in your daily life? Do you see any threats to your privacy with companies incorporating such analytics? I like most others are very technologically driven in my daily life. I have a smart phone, a computer, I have an Alexa, even my mop is connected to the internet to tell me when to change the filter! Almost everything I do data is being collected and used. It benefits companies but also benefits me as a consumer. It makes my tasks much easier. I am a mom to 4 and I also work full time and go to school full time while caring for a disabled husband. Everything I do in my life data is being collected and helping me. I know exactly when my air filter in my furnace will need to be changed because data is being collected on how often I use it and it then sends me a message letting me know when to do it. My car collects the data of the amount I drive and the conditions and predicts when I will need to get service. I search for different items online and my ads are more tailored to the things that interest me over time. I can understand the fear some have of privacy but for me I find it very useful. My freedoms are not being taken away. If I choose to not have that there are ways around it. I can not use a cell phone, I can keep “smart” electronics out of my home. I have the option to not have that. I choose each day to be part of the collection of data for the benefit of me and to benefit others. 5. The chapter states: "Almost all supply chain organizations recognize[big analytics] to be a competitive necessity." However many companies still haven't incorporated them into their supply chain strategy. What do you think could be the reason .
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