Have you got Black Swans Swimming in Your Big Data? 13 Business Phrases Explained
9/11, Hurricane Katrina, the 2008 credit crisis, the BP Gulf oil spill in 2010, and the Japanese earthquake and resulting tsunami that put the Fukashima nuclear facility offline. These are all recent examples of what are known as Black Swan events, incidents that occur randomly and unexpectedly and have wide-spread ramifications. Black Swans are a hot topic for business too. The term puts a face on the type of event that companies fear most – the ‘Unknown Unknown’ that, despite all of the preparations that might have been made, organizations are still taken by surprise and often shaken to their core.
ExpresionsANDmeanings:
1- The black swan theory or theory of black swan } Events is a metaphor that describes an event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit of hindsight. (in other words = understanding of a situation or event only after it has happened or developed.)
2- Micro glitches } They are a common problem (failure) for e-commerce companies, especially during the holidays. These glitches can go unseen until they’ve already sapped the business of thousands of dollars. Customers—perhaps frustrated by an inability to check out or a page error that leaves them unable to read about an item they’re interested in purchasing—often take their business elsewhere when a micro glitch hits.
4- Proverbial needles in a haystack} something that is impossible or extremely difficult to find, especially because the area you have to search is too large
6- Frailty of inductive reasoning} Frailty is the condition of being weak and delicate - weakness in character or morals.
7- Outliers are errant data which can skew averages} To skew is to twist something so it is not straight or to distort something so it is biased or unfair.
8- A one-off event or a new opportunity} One-off event is something that happens only a single time.
9- Increase in sales for a key demographic.} The key demographic or target demographic is a term in commercial broadcasting that refers to the most desirable demographic group to a given advertiser. ... In the case of television, most key demographic groups consist of adults who are somewhere in age between 18 and 54.
10- A sharp surge in orders} (of a crowd or a natural force) move suddenly and powerfully forward or upward.
11- A stampede of online shoppers} a sudden panicked rush of a number of horses, cattle, or other animals.
12- Business hinges on making the right decisions} a movable joint or mechanism on which a door, gate, or lid swings as it opens and closes, or that connects linked objects.
13- Under the burden of massive of amounts of data} a load, especially a heavy one.
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