Big Data
Big Data

Extraordinarily large data sets or numbers of variables.

The “big” in Big Data refers to three factors: (1) quantity of transactions, (2) speed of required, and (3) complexity of analysis.

We have seen how Big Data provides a golden opportunity for Big Optimization.

  • The asset management company is able to track, manage, and forecast every rail car in motion at every location for every railroad in North America.  Quantity: many cars, many locations. Speed: constant updates as cars are in motion. Complexity: many different car types, facilities, geographies, and cost battling with Noisy Data.
  • The airline runs one of the three largest air fleets in the world.  It serves the most number of airports of these three airlines by a factor of 10. Quantity: many planes, crews, airports. Speed: need for rapid real-time responses to pilot call-ins as weather and other conditions change. Complexity: extremely high-cost vehicle assets (jets), combined with highly regulated people assets (unionized pilots), combined with varied facilities capacities and rules (airports).
  • The high frequency hedge fund uses optimization to provide low-risk trading in a quintessential Big Data environment . Quantity: thousands of securities, thousands of transactions per second. Speed: real-time, sub second solutions required. Complexity: multiple trading venues, all with different rules.