Lesson notes, exercises, downloads, and recommended reading are below the video. On mobile, the video will rescale when you play it.

What is BIG DATA? And introducing the 3 (or 5) V’s

In this video, I want to answer the question, what is Big Data?

Watching this video is worth 5 Management Courses CPD Points.

This video is part of course module number 6.4
– Program 6: Managing within an Organization
– Course 4: Strategy

Big data is three things in one. When we use the term ‘big data’ we could be talking about the:
1. scale of big data sets
2. discipline of capturing, storing, and analysing them, or
3. technology set that allows this

The first of these is most often used, so here is my definition of Big Data:

‘Big data means the immense data sets that we can analyse to reveal patterns, trends, and correlations, to help us make predictions and therefore decisions, about human behaviour and the systems we have created.’

But there is another definition that deserves a special mention. Near the start of all this, analysis agency Gartner Group, gave this definition:

‘Big data is data that contains greater variety arriving in increasing volumes and with ever-higher velocity.’

With this definition, they coined the ‘three Vs’:
1. Variety
2. Volume
3. Velocity
These are core to understanding what big data is.

More recently, other organisations and analysts have added to them:
4. Veracity
5. Variability
…and more.

All of them together create a vast complexity.

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00:00 – What is BIG Data
00:11 – BIG Data is 3 things in 1
00:36 – BIG numbers
02:13 – Data: bits and bytes
03:18 – BIG numbers of Bytes
05:09 – BIG numbers in Human terms
08:43 – Do we need all this data?
09:38 – Definition of BIG Data
10:20 – The 3 Vs of BIG Data
11:00 – 5 Vs of BIG Data
11:14 – Variety
11:30 – Volume
12:02 – Velocity
12:20 – Variability
12:54 – Veracity
13:08 – The challenges of BIG Data
14:31 – Summing up

#Management #ManagementCourses #BigData


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Mike Clayton

About Mike Clayton 

Dr Mike Clayton is a (former) Project Manager and now a management educator. Having trained thousands of people at live workshops, seminars, and conferences, he now delivers training mainly via video. He has 14 books with international publishers and runs two successful YouTube channels. He is also the founder of OnlinePMCourses.com

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