Title

Making sense out of big data - popular machine learning tools in business analytics

Date of this Version

1-1-2014

Document Type

Book Chapter

Publication Details

Citation only

Kumar, K., & Bhattacharya, S. (2014). Making sense out of big data - popular machine learning tools in business analytics. In V. Kumar & S. Mittal (Eds.), Big Data & Analytics for Business (pp. 81-85). Haryana, India: Society for Education & Research Development.

Access the publisher

© Copyright, Society for Education & Research Development, 2014

2014 HERDC submission.

ISBN

978-1-63415-497-0

Abstract

'Big data' is the new buzzword in academic as well as industry circles. Laney (2001) came up with the three Vs that characterize big data - volume, velocity and variety. When talking about big data one is usually referring to a huge volume, in terabytes rather than gigabytes, that is captured either across cross-section or across time or more likely across both i.e. as a panel. However it is the sheer size of the data set that puts big data in an entirely different category requiring a special set of analytical tools and approaches for extracting information and also data storage for future retrieval and analysis.

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This document has been peer reviewed.