Big Data Analytics and Nowcasting: A Comprehensive Model for Eventuality of Forecasting and Predictive Policies of Policymaking Institutions

The ability of nowcasting and eventuality is the most crucial and vital achievement of big data analytics in the area of policymaking. To recognize the trends and to render a real image of the current condition and alarming immediate indicators, the significance and the specific positions of big data in policymaking are undeniable. Moreover, the requirement for policymaking institutions to produce a structured model based on big data analytics for nowcasting and eventuality of predictive policies is growing rapidly. The literature review demonstrates that a comprehensive model to assist policymaking institutions by providing all components and indicators in nowcasting of predictive policies based on big data analytics is not devised yet. The presentation of the model is the main finding of this research. This research aims to provide a comprehensive model of nowcasting and eventuality of predictive policies based on big data analytics for policymaking institutions. The research findings indicate that the dimensions of the comprehensive model include: the alignment of nowcasting strategies and the big data analytics’ architecture, nowcasting ecosystem, nowcasting data resources, nowcasting analytics, nowcasting model and nowcasting skill. The results of using the model were analyzed and the recommendations were presented.