ARM 401-4 BIG DATA UPDATED ACTUAL Questions and CORRECT
Answers
1. Big Data sets of data that are too large to gather and analyze using traditional methods
2. Data Governance is a framework of rules, standards, and decisions for managing data
programs are sets of standards and oversee the mngmt of a firms data assets in
order to meet quality standards and to prevent abuse
3. 5 Characteristics 1. Volume
of Big Data 2. Variety
3. Velocity
4. Veracity
5. Value
4. Volume refers to the huge amount of data available
amount inc. rapidly
ex. if traditional data is like the planet Earth, big data is like our solar system and
could eventually be the universe
5. Variety refers to the different types of data
traditionally, insurers used structure data
database
uses significantly more structured data but also uses unstructured data
6. Structured Data data organized into databases w/ defined fields and links between and among
databases
7. Database is a collection of info stored in discrete units to facilitate retrieval, manipulation,
and other processing
, 8. Unstructured data that is not organized and that often consists of text, images, and nontraditional
Data media
9. Velocity refers to both the constantly increasing speed at which an insurer receives data
AND the growing rate of change in the types of data
10. Veracity refers to completeness and accuracy of data
unstructured big data tends to have less of this than structured
big data provides useful info even w/ lower veracity
11. Value derived from the results of big data analysis IF the techniques used to gather and
analyze the that data provide meaningful results
12. Sources of Big Internal
Data
External
13. Internal Data (de- owned, captured, and stored by an org
fined)
14. Internal Data a. master data identifying customers, vendors, and prospects
(types) b. Human Resource records
c. EE/customer correspondence
d. files specific to the types of business
--manufacturers inventory records
--banks' customer financial records
--insurer's premiums and rating factors
RMs have access to but might be limited due to its volume and/or diflculty
analyzing it
15. External Data belongs to an entity other than the entity that wishes to use it
Answers
1. Big Data sets of data that are too large to gather and analyze using traditional methods
2. Data Governance is a framework of rules, standards, and decisions for managing data
programs are sets of standards and oversee the mngmt of a firms data assets in
order to meet quality standards and to prevent abuse
3. 5 Characteristics 1. Volume
of Big Data 2. Variety
3. Velocity
4. Veracity
5. Value
4. Volume refers to the huge amount of data available
amount inc. rapidly
ex. if traditional data is like the planet Earth, big data is like our solar system and
could eventually be the universe
5. Variety refers to the different types of data
traditionally, insurers used structure data
database
uses significantly more structured data but also uses unstructured data
6. Structured Data data organized into databases w/ defined fields and links between and among
databases
7. Database is a collection of info stored in discrete units to facilitate retrieval, manipulation,
and other processing
, 8. Unstructured data that is not organized and that often consists of text, images, and nontraditional
Data media
9. Velocity refers to both the constantly increasing speed at which an insurer receives data
AND the growing rate of change in the types of data
10. Veracity refers to completeness and accuracy of data
unstructured big data tends to have less of this than structured
big data provides useful info even w/ lower veracity
11. Value derived from the results of big data analysis IF the techniques used to gather and
analyze the that data provide meaningful results
12. Sources of Big Internal
Data
External
13. Internal Data (de- owned, captured, and stored by an org
fined)
14. Internal Data a. master data identifying customers, vendors, and prospects
(types) b. Human Resource records
c. EE/customer correspondence
d. files specific to the types of business
--manufacturers inventory records
--banks' customer financial records
--insurer's premiums and rating factors
RMs have access to but might be limited due to its volume and/or diflculty
analyzing it
15. External Data belongs to an entity other than the entity that wishes to use it
