Define Big Data and Describe the Framework for Understanding Its

question 3

Essay

Define Big Data and describe the framework for understanding its key elements, the three "Vs", explaining what each of the "Vs" represents.

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Definitions:

Freight-In

The cost associated with transporting goods into a warehouse or business, typically included in the cost of goods sold (COGS).

Beginning Inventory

refers to the value of inventory on hand at the start of an accounting period.

Purchase Discounts

Reductions in price given by a supplier to a buyer for prompt payment of their invoice.

Unearned Revenue

Money received by a business for goods or services yet to be delivered or performed; it is recorded as a liability on the balance sheet.