Big Data And Society Samples for Students †MyAssignmenthelp.com

Question: Discuss about the Big Data On Efficient Decision Making. Answer: The society has sought to make good use of Big Data on efficient decision making. Whereas data analytics have usually been utilized in the improvement of decision-making process efficiency and quality, the Big Data advent implies that areas of people live whereby decision-making drive by big data plays a central role is dramatically outpouring; both government and business become increasingly better able to exploit novel flows of data. Moreover, the real-time alongside predictive feature of decision-making facilitated by Big Data, are growing permitting automation of such decisions. Consequently, Big Data is giving business and governments a unique opportunity to establish novel solutions and insights thereby becoming increasingly responsive to novel opportunities alongside effectively able to act swiftly and preemptively to tackle emerging threats. The society is already starting to exploit the ability of Big Data to facilitate and enhance processes of decision making. This is being applied to each sector from healthcare to transport and is usually cited within the literature as a key Big Data pros. For example, the police forces have increasingly used data-propellant predictive analysis to assist them in forecasting both times and geographical destinations in which crimes are highly probably to take place. This move has permitted the police force to effectively lower rates of crime (Bennett Moses and Chan 2016). Another example is where Bid Data is helping the healthcare system through predictive modeling propelled by Big Data. It is being used in this sector to identify patients in a proactive manner especially those patients that might benefit from preventive care as well as lifestyle changes (Chan and Bennett-Moses 2017). Further, Big Data is innovatively having a significant impact on decision-making capabilities in the area of risk management. For example, Big Data currently permits the companies to map respective whole data landscape. This subsequently assists in the detection of sensitive info like sixteen-digit numbers. This is potential data on credit card that are never stored in accordance with the regulatory framework or requirements for effective intervention. In a similar manner, comprehensive data analysis held regarding customers and suppliers have helped firms in the identification of the people in financial trouble, permitting them to swiftly act to minimize any potential default exposure (Chan and Bennett-Moses 2016). Personally, I have seen this innovation being used in the banks I run an account with and the bank has increasingly lowered the possibility of potential default. This is because the loans are now being given after assessing all the required information about the person. This means that the credit-worthiness of an individual is fully ascertained alongside any other risk-predisposition factors that can lead to default. Thus, only those that the bank is certain will make schedule payment are approved for loans. References Bennett Moses, L. and Chan, J., 2016. Algorithmic prediction in policing: assumptions, evaluation, and accountability.Policing and Society, pp.1-17. Chan, J. and Bennett Moses, L., 2016. Is big data challenging criminology?.Theoretical criminology,20(1), pp.21-39. Chan, J. and Bennett Moses, L., 2017. Making sense of big data for security.The British Journal of Criminology,57(2), pp.299-319.