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

Explain about time series analysis, Q. Explain about Time series analysis? ...

Q. Explain about Time series analysis? An analysis of relationship between variables over a period of time. Time-series analysis is helpful in assessing how an economic or othe

The demand curve, The demand curve Suppose that starting from a condit...

The demand curve Suppose that starting from a condition of equilibrium, the price of X falls relative to Y.  We now have a condition where the utility from the last shilling s

Infant industry argument - reason for protection, Infant Industry Argument ...

Infant Industry Argument Advocates of this maintain that if an industry is just developing, with a good chance of success once it is established and reaping economies of sale,

Production function with one variable input, explain production function il...

explain production function illustrate production with one variable input

Scarcity and oppotunity cost, how manager can apply scarcity and oppotunity...

how manager can apply scarcity and oppotunity cost in managerial decision making

MBA, different types of markets and role in managerial economics

different types of markets and role in managerial economics

Recession, Causes of the Nigeria recession

Causes of the Nigeria recession

Disadvantages of a free economy, Disadvantages of a Free Economy The f...

Disadvantages of a Free Economy The free market gives rise to certain inefficiencies called market failures i.e. where the market system fails to provide an optimal allocation

Production, Explain the theory of production, Managerial Economics Explain...

Explain the theory of production, Managerial Economics Explain the Theory of Production

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