ACCA Performance Management (F5) Certification Practice Exam

What are the four key characteristics of Big Data?

1. Velocity, Volume, Variability, Value

2. Velocity, Volume, Variety, Veracity

3. Variety, Veracity, Validity, Value

4. Volume, Velocity, Variety, Viscosity

The correct answer is: Velocity, Volume, Variety, Veracity

The correct choice highlights the essential dimensions of Big Data, specifically focusing on characteristics that define the complexities and opportunities within large datasets. These characteristics are: - **Velocity** refers to the speed at which data is generated, processed, and analyzed. With the rise of real-time data sources, organizations need to respond swiftly to new information and insights. - **Volume** pertains to the vast amounts of data generated every second, from various sources such as social media, transaction records, sensors, and more. Managing and storing such large quantities of information is a significant challenge. - **Variety** signifies the different types of data being generated, which can include structured, semi-structured, and unstructured data from various sources. This diversity presents complexities in data integration and analysis. - **Veracity** addresses the quality and accuracy of the data. It is crucial for organizations to ensure that their data is reliable and trustworthy to make informed decisions. Understanding these four characteristics helps in grasping the challenges and potential that come with Big Data, guiding organizations in leveraging data for strategic advantages. It's essential to manage not just the scale and speed but also the integrity of the information to harness its full potential.