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

The international monetary fund, The International Monetary Fund The I...

The International Monetary Fund The International Monetary Fund is a kind of an embryo World Central Bank.  Its objectives are: i.    To work towards the full convertibilit

The cps data, Using the CPS data, set the sample to women only and regress ...

Using the CPS data, set the sample to women only and regress lnwage on education & MARRIED (which is 1 if married and 0 if not) and 1-MARRIED. Give a 95 percent confidence interval

Open market operations , Open Market Operations Open market operations...

Open Market Operations Open market operations is another traditional or quantitative weapon at the disposal of central bank to control the volume of aggregate bank credit in t

Generate a computer code for solidification situation, Generate a computer ...

Generate a computer code to simulate the following solidification situation during a casting process: The material is a well-known polymer known as PEEK (polyetheretherketo

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)

The determination of equilibrium national income, THE DETERMINATION OF EQUI...

THE DETERMINATION OF EQUILIBRIUM NATIONAL INCOME National income is said to be in equilibrium when there is no tendency for it either to increase or for it to decrease.  The a

Danger of over-specialising - reason for protection, Danger of over-special...

Danger of over-specialising   A country may feel that in its long-term interests it should not be too specialized. A country may not wish to abandon production of certain

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