In 1992, in the Wall Street Journal, the great management guru Peter Drucker said, "From being organized around the flow of things and the flow of money, the economy is being organized around the flow of information". Today, nothing can be closer to the truth than this prophecy.
This was a crucial chapter for us to understand the financial aspects of Big Data. We learnt about how Big Data creates value in the near term and in the longer term through the business benefits it brings to bear. Big Data is less expensive, not free. Many people have the misconception that by putting in a Hadoop cluster, they have started leveraging Big Data. However, there are many other aspects to it; we learnt about many of them and how they impact Big Data projects monetarily. We touched upon a key topic of creating a context diagram to understand, analyze, and visualize Big Data costs with respect to the various aspects and phases of a project. Finally, we worked on ideas that lead to monetization of...
