Real-time data (RTD) is information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Real-time data is often used for navigation or tracking. Such data is usually
processed using
real-time computing
Real-time computing (RTC) is the computer science term for Computer hardware, hardware and software systems subject to a "real-time constraint", for example from Event (synchronization primitive), event to Event (computing), system response. Rea ...
although it can also be stored for later or off-line
data analysis
Data analysis is the process of inspecting, Data cleansing, cleansing, Data transformation, transforming, and Data modeling, modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making. Da ...
.
Real-time data is not the same as
dynamic data. Real-time data can be dynamic (e.g. a variable indicating current location) or static (e.g. a fresh log entry indicating location at a specific time).
In economics
Real-time economic data, and other
official statistics
Official statistics are statistics published by Government, government agencies or other Statutory corporation, public bodies such as International organization, international organizations as a Public good (economics), public good. They provide q ...
, are often based on preliminary estimates, and therefore are frequently adjusted as better estimates become available. These later adjusted data are called "
revised data".
The terms real-time economic data and real-time economic analysis were coined by Francis
X. Diebold and Glenn D. Rudebusch.
Macroeconomist Glenn D. Rudebusch defined real-time analysis as 'the use of sequential information sets that were actually available as history unfolded.' Macroeconomist
Athanasios Orphanides has argued that economic policy rules may have very different effects when based on error-prone real-time data (as they inevitably are in reality) than they would if policy makers followed the same rules but had more accurate data available.
In order to better understand the accuracy of economic data and its effects on economic decisions, some economic organizations, such as the
Federal Reserve Bank of St. Louis
The Federal Reserve Bank of St. Louis is one of 12 Federal Reserve System, regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main ...
,
Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia — also known as the Philadelphia Fed or the Philly Fed — headquartered at 10 Independence Mall in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which cover ...
and the Euro-Area Business Cycle Network (EABCN), have made databases available that contain both real-time data and subsequent revised estimates of the same data.
In auctions
Real-time bidding is programmatic real-time auctions that sell digital-ad impressions. Entities on both the buying and selling sides require almost instantaneous access to data in order to make decisions, forcing real-time data to the forefront of their needs. To support these needs, new strategies and technologies, such
Druid
A druid was a member of the high-ranking priestly class in ancient Celtic cultures. The druids were religious leaders as well as legal authorities, adjudicators, lorekeepers, medical professionals and political advisors. Druids left no wr ...
have arisen and are quickly evolving.
[Lorica, B]
Big Data and Advertising: In the trenches
4 August 2013
See also
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Datafication
*
Data mining
Data mining is the process of extracting and finding patterns in massive data sets involving methods at the intersection of machine learning, statistics, and database systems. Data mining is an interdisciplinary subfield of computer science and ...
*
Geographic information system
A geographic information system (GIS) consists of integrated computer hardware and Geographic information system software, software that store, manage, Spatial analysis, analyze, edit, output, and Cartographic design, visualize Geographic data ...
*
Information privacy
Information privacy is the relationship between the collection and dissemination of data, technology, the public expectation of privacy, contextual information norms, and the legal and political issues surrounding them. It is also known as dat ...
*
Management information system
A management information system (MIS) is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization. The study of the management information systems involves peo ...
*
Online analytical processing
In computing, online analytical processing (OLAP) (), is an approach to quickly answer multi-dimensional analytical (MDA) queries. The term ''OLAP'' was created as a slight modification of the traditional database term online transaction proces ...
*
Personal data service A personal data service (PDS) gives the user a central point of ''control'' for their personal information (e.g. interests, contact information, affiliations, preferences, friends). The user's data attributes being managed by the service may be stor ...
*
Personal Information Agent
*
Real-time business intelligence Real-time business intelligence (RTBI) is a concept describing the process of delivering business intelligence (BI) or information about business operations as they occur. Real time means near to zero latency and access to information whenever it ...
*
Social information processing
Social information processing is "an activity through which collective human actions organize knowledge." It is the creation and processing of information by a group of people. As an academic field Social Information Processing studies the inform ...
*
User activity monitoring
In the field of information security, user activity monitoring (UAM) or user activity analysis (UAA) is the monitoring and recording of user actions. UAM captures user actions, including the use of applications, windows opened, system commands exe ...
References
{{reflist
External links
ALFRED: Archival Federal Reserve Economic Data real-time data series at the Federal Reserve Bank of St. Louis
Real-time data set for macroeconomistsat the Federal Reserve Bank of Philadelphia
Real-time database of the EABCN
Data
Data analysis
Data mining
Data processing
Collective intelligence
Information technology
Real-time computing