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Explain the values of data mining in a business

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Reference no: EM132994549

There is no standard definition for big data or data mining. In this discussion forum, we follow the general definitions used in our textbook. "Big data" refers to a dataset that is too complex and big to apply traditional data analysis methods. "Data mining" is discovery-oriented in comparison to traditional databases when users know what they are looking for in the database.

Sharpe, N. D., De Veaux, R. D., & Velleman, P. F. (2019). Business statistics (4th ed.). refers to the four Vs (i.e., volume, variety, velocity, and veracity) that make the big data big. Volume or the size is what everyone corresponds with big data, but the other three variables contribute to the complexity that is associated with big data.

-Provide an example of a company that is collecting big data for competitive advantage. Explain how each of the three Vs, outside the volume, is helping the company achieve competitive advantage.

-Explain the values of data mining in a business and at least three challenges in managing a data mining project.

Reference no: EM132994549

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