ACCA Applied Skills · Performance Management · Big data and data analytics
A bank receives real-time card payment data and wants to flag potentially fraudulent transactions within seconds. However, some data comes from faulty merchant terminals and contains errors. Which pair of the five Vs is most directly raised by these two features, in the order described?
The answer is velocity and veracity. Real-time processing within seconds illustrates velocity, the speed of data creation and analysis, while errors from faulty terminals raise veracity, the reliability and accuracy of the data. The scenario does not describe different data formats, so variety is not the issue.
- AVolume and Value
- BVariety and Veracity
- CVelocity and VeracityCorrect
- DVelocity and Variety
Explanation
Flagging transactions within seconds relates to velocity, the speed at which data is generated and must be processed. Errors from faulty terminals relate to veracity, the accuracy and trustworthiness of data. Variety is wrong as the scenario does not describe differing formats.
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