What is data mining, Managerial Economics

Assignment Help:

Q. What is Data mining?

Data mining: Data mining is the process of extracting patterns from data. Data mining is seen as an increasingly important tool by modern business to transform data into an informational advantage. It is now used in a wide range of profiling practices, like surveillance, marketing and scientific discovery.

Data mining generally involves 4 classes of tasks: 

• Clustering - is the task of discovering groups and structures in the data which are in some way or another 'similar', without using known structures in the data.

• Classification - is the task of generalising known structure to apply to new data. For instance, an email program may attempt to classify an email as legitimate or spam. Common algorithms comprise decision tree learning, naive Bayesian classification, nearest neighbour, neural networks and support vector machines.

• Regression - tries to find a function that models the data with least error.

• Association rule learning - Searches for relationships between variables. For illustration a supermarket may gather data on customer purchasing habits. Using association rule learning, supermarket can determine that products are frequently bought together and use this information for marketing purposes. This is sometimes designated as market basket analysis.


Related Discussions:- What is data mining

Determine a specific price of demand of product, Determine a Specific Price...

Determine a Specific Price of demand of product A proclamation concerning the demand of a product without mentioning its price is worthless. For instance, to state that demand

Determine net income by product line, Fandem Technology manufactures two pr...

Fandem Technology manufactures two products using a joint process. The cost of materials going into the joint process for a typical period is $55,000, while labour and overhead to

Gdp growth, Discuss how the nation's present economic situation may affect ...

Discuss how the nation's present economic situation may affect your business in the next year (your market is the entire US economy).  Contain the following in your analysis. a)

Consumer pays for peanut butter, Peanut butter monopolist Calvé supplies pe...

Peanut butter monopolist Calvé supplies peanut butter to Albert Heijn in an isolated village. The supermarket is a monopolist in the village. Demand for peanut butter is given by:

Ols estimator, The variance of the OLS estimator is VAR( ^B)=σ 2 /ns 2 x ...

The variance of the OLS estimator is VAR( ^B)=σ 2 /ns 2 x , where   s 2 x =£x 2 /x You're hired to estimate   and you're going to be paid according to the accuracy of your esti

ME, Is a “perfectly competitive market” an efficient mechanism for the allo...

Is a “perfectly competitive market” an efficient mechanism for the allocation of scarce resources? When it is, explain why. When it is not, document reasons for either inefficient

Factors influencing supply curve - prices of related goods, Prices of other...

Prices of other related goods i)           Substitutes:   If X and Y are substitutes, then if the price X increases, the quantity demanded of X falls.  This will lead to inc

Phillips curve, PHILLIPS CURVE   The Phillips  curve,  named  after  A....

PHILLIPS CURVE   The Phillips  curve,  named  after  A.  W.  Phillips,  describes  the  relationship between unemployment  and  inflation. In  1958  Phillips, then  professor a

Explain the diminishing marginal utility, Diminishing Marginal Utility ...

Diminishing Marginal Utility Diminishing marginal utility as well is to be held responsible for the rise in demand for a product when its price declines. When an individual pur

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd