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Data mining is a tool for analyzing large amounts of data. It derives its…
- Data mining is a tool for analyzing large amounts of data. It derives its name from the similarities between searching for valuable business information in a large database, data warehouse or data mart.
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DATA MINING TECHNIQUES
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Association analysis uses a specialized set of algorithms that sort through large data sets and express statistical rules among items.
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DATA MINING APPLICATIONS
Retailing and sales
Predict sales, prevent theft and fraud, determine correct inventory levels and distribution schedules.
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1) Data mining technology can generate new business opportunities by providing :
- Automated prediction of trends and behaviors.
- Automated discovery of previously unknown or hidden patterns.
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2) Data mining tools can be combined with :
- Spreadsheets
- Other end-user software development tools
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Forecast levels of bad loans, fraudulent credit card uses, predict credit card spending by new customers, etc.
Forecast claim amounts, medical coverage costs, predict which customers will buy new insurance policies.
Example: police work, health care and marketing
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Identifies groups of items that share a particular characteristic. Clustering differs from classification in that no predefining characteristic is given.
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