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

Economies and diseconomies of scale, Economies and diseconomies of scale ar...

Economies and diseconomies of scale are of two types- external andinternal. Internal economies and diseconomies are those which a firm reaps as a result of its own expansion. Conve

Demand management policies for unemployment, Demand management policies ...

Demand management policies These policies are intended to increase aggregate demand and, therefore the equilibrium level of national income.  They are sometimes called fiscal a

Explain about frequency domain, Q. Explain about Frequency domain? Fre...

Q. Explain about Frequency domain? Frequency domain:   Frequency domain is a term which is used to elucidate the domain for analysis of mathematical signals or functions with

Economic terms a managerial decision assignment, Describe and answer in eco...

Describe and answer in economic terms a managerial decision you have knowledge about (for example one that has to be made at your place of employment). Some examples of decisions a

International commodity agreements, International Commodity Agreements (ICA...

International Commodity Agreements (ICAS) International Commodity Agreements (ICAS) represents attempts to modify the operation of the commodity markets so as to achieve vario

Price elasticity of two parallel demand curves, It can be geometrically pro...

It can be geometrically proved that two elasticity are equal, which is., QB=RD Let's first consider ΔAOB. If we draw a horizontal line from point Q to intersect the vertical axis a

What statistical method used to estimate economic variable, Statistical tec...

Statistical technique used to estimate economic variable Some statistical techniques are used to estimate economic variables of interest to a manager. In a number of cases, sta

Budget planning, they manufacture a single product, specialty curry sauce. ...

they manufacture a single product, specialty curry sauce. They are interested in developing 12 MONTH budget models and want to perform decision analysis on this model. Curryrus.com

Describe about regression analysis, Describe about regression analysis ...

Describe about regression analysis An illustration from the automobile industry is befitting for explaining the forecasting method that uses simple regression analysis. Let's p

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