Top Special Offer! Check discount

Get 13% off your first order - useTopStart13discount code now!

Data mining: Valuable Information

63 views 2 pages ~ 352 words

Get a Custom Essay Writer Just For You!

Experts in this subject field are ready to write an original essay following your instructions to the dot!

Hire a Writer

The data mining refers to the method in which data are processed and then summarized into valuable information from various perspectives. This method differ from other forms of data collection because it is enabled by the computer and used to analyze large data sets (Gordon & Michael, 2011). As a method for business, data mining is essential to predict future patterns and behaviours. As a result, organizations will decide informedly.
Many kinds of knowledge are obtained from the mining of data. These include laws of association, sequence patterns, hierarchical grouping and time series patterns. Association rules refer to the predictability of what a client is likely to prefer. For instance, data mining may help to determine what kind of car a female shopper is likely to buy. Sequence patterns may also be referred to as association rules but they are temporal. They are useful in predicting the trends in the market in view of certain events. Classification hierarchies on the other hand refer to information which may be used to categorize products. Patterns within time series refer to information such as that concerning the behavior of stock prices.

In order to ensure efficient decision making, companies should use data mining in several circumstances. Market basket analysis is one of such circumstances. It refers to a technique whereby the company is able to understand the purchasing trends of the clients. Another circumstance whereby data mining would be useful is the management of customer relationship. In order to be able to come up with business strategies which are customer-tailored, a company should collect data that will help inform on client preferences. Other circumstances which call for companies to apply data mining include intrusion detection and fraud detection. Knowledge that may help to reduce the incidences of fraud and intrusion will be useful in preserving the integrity of the company.

In conclusion, data mining is a critical tool in business as it assists in making informed decisions which in turn work towards fulfilling the needs of consumers.

References

Gordon, L. S., & Michael, J. A. (2011). Data Mining Techniques: For Marketing, Sales, and Customer Relationship Management. John Wiley & Sons.

October 20, 2021
Downloads:

61

Writer #

Rate:

4.8

Expertise Business
Verified writer

I enjoyed every bit of working with Krypto for three business tasks that I needed to complete. Zero plagiarism and great sources that are always fresh. My professor loves the job! Recommended if you need to keep things unique!

Hire Writer

This sample could have been used by your fellow student... Get your own unique essay on any topic and submit it by the deadline.

Eliminate the stress of Research and Writing!

Hire one of our experts to create a completely original paper even in 3 hours!

Hire a Pro