event stream processing (ESP)

In slightly different terms, ESP offers software constructs designed to support event visualization (a dashboard is a classic example), event databases, various forms of event-driven middleware, and even event processing languages. Essentially, ESP provides a set of tools for acquiring and processing multiple event streams to help identify and react to important or critical events in such streams. These tools often include state machines to permit modeling of complex patterns among multiple events, as well as event hierarchies, and event correlation and abstraction tools. You will often find support for event hierarchies, various labels for relationships between events (Such labels include "caused-by, " "member-of, " "timing values, " and so forth), and event-driven processes of all kinds.

ESP is used for various forms of algorithmically based financial trading, fraud detection, process and supply chain monitoring, and so forth.

Read more about event stream processing (ESP): - Wikipedia has an entry about Event Stream Processing. - On Elemental Links, Brenda Michelson provides an 'Event-Driven Architecture Overview.'

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