DATABASE FUNDAMENTALS
DATA WAREHOUSING AND DATA MINING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Health
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Insurance
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Banking
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Retail
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Detailed explanation-1: -Data mining is most commonly defined as the process of using computers and automation to search large sets of data for patterns and trends, turning those findings into business insights and predictions.
Detailed explanation-2: -Classification is a data mining function that assigns items in a collection to target categories or classes. The goal of classification is to accurately predict the target class for each case in the data. For example, a classification model could be used to identify loan applicants as low, medium, or high credit risks.
Detailed explanation-3: -Data mining is a process used by companies to turn raw data into useful information. By using software to look for patterns in large batches of data, businesses can learn more about their customers to develop more effective marketing strategies, increase sales and decrease costs.