Big Data Analysis, from Cloud to Crowd
Econometrics: Computer Programs & Software eJournal, 2015
Big Data is characterized by its large volumes, the velocity at which it is created and its varie... more Big Data is characterized by its large volumes, the velocity at which it is created and its variety. These characteristics imply that the technology to analyze it must be appropriately equipped in order to process it effectively. The technologies connote a considerable investment in hardware and software for companies and contain the risk of investing in the wrong technology. Also data analysis is often only performed occasionally, for instance quarterly or at the end of the year and the procurement of data analysis equipment is not practicable for many organizations. Cloud based data analysis solutions have proven to be more economic in many situations, mitigating the risk of malinvestment, lowering the maintenance costs and, with its on-demand model, offer a more cost transparent software delivery model (Software as a Service) than an on premises solution.Recently there has been a new development towards a crowd-based data analysis paradigm. Crowd-based approaches can overcome som...
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