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Data mining - College Paper

Data mining

Data Mining

What is data mining?

Data mining Is the process of analyzing data from different sources and summarizing it into useful information. This information can be used to increase profits, cuts costs, or both. It allows people and companies to research information from many different dimensions or angles, categorize it, and summarize the relationships identified. Basically it is the process of taking information and using it in a way that is helpful to a company. For example having a store card that keeps track of what you buy can help the company better serve you by offering coupons on what you might like. So if you buy a gallon of ice cream a company can send you more ...

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the data, a store can have an appropriate product arrangement in a way that customers can buy and also helps the retail companies offer certain discounts for particular products that will attract more customers.

Banking

Data mining gives financial institutions information about loan information and credit reporting. By building a mold for historical customer’s data, the bank and financial institution can determine good and bad loans. In addition, data mining helps banks detect fraudulent credit card transactions to protect credit card’s owner.If someone steals your credit card and starts buying things that may seem odd, the credit card company will shut down the card, before they can confirm that everything is all right.

Manufacturing

By applying data mining in operational engineering data, manufacturers can detect faulty equipment and fix the problem as needed. By looking through the past data that the machine has collected a manufacturer can determine what went wrong. ...

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Data mining. (2013, August 20). Retrieved April 19, 2024, from http://www.essayworld.com/essays/Data-mining/102927

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"Data mining." Essayworld.com. August 20, 2013. Accessed April 19, 2024. http://www.essayworld.com/essays/Data-mining/102927.

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PAPER DETAILS

Added: 8/20/2013 04:45:27 PM
Submitted By: ghollwhopper
Category: Business
Type: Premium Paper
Words: 775
Pages: 3

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