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Data Mining - College Paper

Data Mining

In today’s business world, information about the customer is a necessity for a businesses trying to maximize its profits. A new, and important, tool in gaining this knowledge is . is a set of automated procedures used to find previously unknown patterns and relationships in data. These patterns and relationships, once extracted, can be used to make valid predictions about the behavior of the customer.
is generally used for four main tasks: (1) to improve the process of making new customers and retaining customers; (2) to reduce fraud; (3) to identify internal wastefulness and deal with that wastefulness in operations, and (4) to chart unexplored areas of the internet ...

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to pre-process the data” (SAS Institute).
There are several different types of models and algorithms used to “mine” the data. These include, but are not limited to, neural networks, decision trees, rule induction, boosting, and genetic algorithms.
is largely, if not entirely used for business purposes. The highest users of include banking, financial, and telecommunications industries (Two Crows). will have a different effect on different industries in the business world.
The key to succeeding in this rapidly changing industry is to understand the customer, or the market that the customer represents. Through , companies can know what their customers have done in the past and what they will do in the future. With this information, the companies will be in ideal positions to make business decisions based on the information they have gained from the ...

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Data Mining. (2008, December 9). Retrieved April 19, 2024, from http://www.essayworld.com/essays/Data-Mining/94377

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"Data Mining." Essayworld.com. December 9, 2008. Accessed April 19, 2024. http://www.essayworld.com/essays/Data-Mining/94377.

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PAPER DETAILS

Added: 12/9/2008 08:37:59 PM
Category: American History
Type: Free Paper
Words: 320
Pages: 2

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