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 hardware and software systems subject to a "real-time constraint", for example from event to system response. Real-time programs must guarantee response within specified time constrai ...

although it can also be stored for later or off-line

data analysis Data analysis is a process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information, informing conclusions, and supporting decision-making. Data analysis has multiple facets and approaches, enc ...

. Real-time data is not the same as

dynamic data In data management, the time scale Time scale may refer to: *Time standard, a specification of either the rate at which time passes, points in time, or both *A duration or quantity of time: **Orders of magnitude (time) as a power of 10 in second ...

. 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 agencies or other public bodies such as international organizations as a public good. They provide quantitative or qualitative information on all major areas of citizens' lives, such as ...

, 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 Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, a ...

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 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 Banks (Ka ...

, Federal Reserve Bank of Philadelphia 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 Real-time bidding (RTB) is a means by which advertising inventory is bought and sold on a per- impression basis, via instantaneous programmatic auction, similar to financial markets. With real-time bidding, advertising buyers bid on an impression a ...

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 class in ancient Celtic cultures. Druids were religious leaders as well as legal authorities, adjudicators, lorekeepers, medical professionals and political advisors. Druids left no written accounts. Whi ...

have arisen and are quickly evolving.Lorica, B
Big Data and Advertising: In the trenches
4 August 2013

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 macroeconomists
at the Federal Reserve Bank of Philadelphia
Real-time database of the EABCN
Real-time computing

In economics

In auctions

See also

References

External links