MSCI 2130 Chapter Notes - Chapter 15: Collaborative Filtering, Fraud, Affinity Analysis
23 Jan 2017
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Document Summary
The amount of data being created doubles every two years. In many organizations, available data is not exploited to advantage: new tools supporting big data are helping managers make sense of this data torrent. Big data the collections, storage, and analysis of extremely large, complex, and often unstructured data sets that can be used by organizations to generate insights that would otherwise be impossible to make. Data is oftentimes considered a defensible source of competitive advantage; however, advantages based on capabilities and data that other can acquire will be short-lived. Decision making is data-driven, fact-based, and enabled by: standardized corporate data, access to third-party datasets through cheap, fast computing, and easier-to-use software. Business intelligence (bi) combines aspects of reporting, data exploration and ad hoc queries, and sophisticated data modelling and analysis. Analytics driving decisions and actions through extensive use of: data, statistical and quantitative analysis, explanatory and predictive models, fact-based management.
