Explaining the importance of big data from a risk management

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Assignment:

Based on Via Rail's business model, plenty of data is being collected, yet the Board of Directors also believe they may not be obtaining the most value or use from all their data. This has come to light following a statement by Operation Lifesaver: Currently, the Transportation Safety Board of Canada does not publish demographic data related to crossing and trespassing incidents. OL was able to gather some demographic data from its partner-railways for the last five years in order to confirm the target audience for its new campaign, however this data is not comprehensive.

Accurate data about rail-related suicides and potential suicide "clusters" would also provide valuable information for designing interventions. Access to these sources of data would allow OL to be much more strategic and impactful with its rail safety outreach and campaigns. What is a response to the Board explaining the importance of Big Data from a risk management context by focusing on internal, external, structured and unstructured data and using Via Rail as a reference for your examples.

Reference no: EM133459111

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