Final answer:
Big Data is the term for large volumes of data owned by an organization. The Sloan Survey's recording of over 15 terabytes of data for astronomical research is an example of Big Data in use. The Galaxy Zoo project demonstrates how citizen science can assist in managing Big Data.
Step-by-step explanation:
The term used for extremely large amounts of data owned by an organization is officially known as Big Data. The importance of Big Data is evident in fields like astronomy, where projects such as the Sloan Survey have recorded immense volumes of data. For example, the Sloan Survey has created over 15 terabytes of data, which is comparable to the information in the Library of Congress. Managing, organizing, and processing this quantity of data to extract valuable scientific information is a significant challenge that often requires the use of supercomputers and sophisticated algorithms.
In the era of Big Data, innovative approaches such as citizen science and crowd-sourcing have proven effective. An example of this is the "Galaxy Zoo" project, a part of the Sloan project, where volunteers help classify galaxies. This project highlighted the collaborative strength of human analysis paired with computers in handling massive datasets.