8. Characteristics of Big Data Analysis

Volume: This is the amount of data that the company can/will collect. With big data growing larger all the time this is a crucial factor in analytics.

Velocity: This is the rate at which the amount of data increases, which is forever getting faster due to our dependence on the internet etc.

Variety: Is in reference to the fact that big data comes in many different forms i.e. video, audio, sensor data, etc. understanding of which is crucial when analysing big data

Veracity: is making sure that any data that will be analysed comes from a completely legitimate and credible source. failing to do this can have a massive impact on analysis

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3. Growth of Big Data

3. Growth of Big Data Kryder's law - The idea that data storage will double almost every year (13 months), as the storage capacity increases, storage will decrease in price. https://searchstorage.techtarget.com/definition/Kryders-Law growth of data - Data is increasing at an exponential rate, more data has been made in the past two years than ever before combined. It is estimated that by the year 2020, 1.7MB of new data will be made every second for every human on earth. Within 5 years there will be 50 billion smart connected devices on earth. also by 2020, at least 1/3 of all the world's data will pass through the cloud. The image below contains more examples of data growth as well as a graph for visual representation https://dvmobile.io/dvmobile-blog/feeling-overwhelmed-by-a-deluge-of-iot-data-iot-data-analytics-dashboards-can-help

Big Data and Bitcoins

Big Data and Bitcoins Recently, Bitcoin has seen a recent spike in value, which has prompted many people to begin "mining" for more. This in turn has had a knock on effect with computer parts, sending the price of dedicated graphics cards far more expensive than before. Big data can be used for both of these problems through methods such as google trends. For bitcoin, google trends can be tracked for how often people are giving attention and searching google for bitcoin or similar terms. Big data can also be used for tracking the current value of bitcoin and analyzing any patterns in the price changes to help predict whether the value will rise more or fall.

6. Traditional statistics

6. Traditional statistics Traditional Statistics is simply the act of gathering data and searching for trends among it. It is widely used in many different ways in our society. Medical uses could be for vaccines, as doctors can recover results information from different types of vaccine for a disease to insure safety when administering it to large amounts of people Communication companies also use statistics to help identify faults within the network so that they can be fixed faster which in term ensures that customers will be able to regain full functionality in a shorter time Government agencies around the world rely on statistics for a clear understanding of their countries, their businesses and their people.

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