Posts

Showing posts from April, 2015

Forecasting demand using Big Data

Image
As we walk, cycle or drive around Oxford, make telephone calls, send texts or emails and do our shopping, many of us are unaware of exactly how much data is being generated by our activities. "Big data" is a catch-phrase for describing the overwhelming volume, velocity and variety of this stream of information. Big data has the potential to provide many opportunities for the public and private sectors, offering a means of fusing different sources of information and supporting decision-making in real-time. Perhaps the most interesting aspect of big data is how it deepens our understanding of human behaviour seen through the collective actions of many individuals. We tend to consume services following the temporal cycles in our everyday lives. There are three evident cyclical patterns based around the hour of day, the day of the week and the season of the year. All of these patterns can be seen in electricity consumption, call centre activity, internet usage, financial tran