Explain What the Term Big Data Refers To

question 14

Essay

Explain what the term big data refers to.What benefits does it have,and what challenges does it pose?

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Definitions:

Output

The total amount of goods or services produced by a company, industry, or economy within a specified period.

Total Cost

The complete cost of production, including both fixed and variable costs, incurred by a firm in producing and selling a quantity of a good or service.

Variable Cost

Expenses that vary in relation to the amount of products or services a company generates.

Fixed Cost

Costs that do not change with the level of production or sales, such as rent, salaries, and loan repayments.