An introduction to the concept of data mining

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What do you mean by the term data mining? What are its disadvantages? What is it useful for? What are the various reasons it is being used for? Has it proven to be useful?

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Answered By 5 points N/A #183067

An introduction to the concept of data mining

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Hi

Data Mining is the process of analyzing very large sets of data/ Big Data and translating them into useful information. The disadvantages of Data Mining are security issues, privacy problems, misuse of the information, etc. Its uses are –
 
• Financial data analysis
• Telecommunication Industry
• Banking
• Intrusion detection
 
Answered By 566795 points N/A #183068

An introduction to the concept of data mining

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Data mining is sorting through data to spot patterns and create relationships. Data mining parameters involve the following:

  • * Association – finding patterns where one event is linked to the other event.
  • * Sequence or path analysis – searching for patterns in which one event directs to one more later event.
  • * Classification – searching for latest patterns which can result in an alteration in the manner the data is organized.
  • * Clustering – searching and visually documenting sets of facts that are unidentified in the past.
  • * Forecasting – finding out patterns in data that can direct to logical forecasts about the future. This area of data mining is called predictive analytics.

Data mining methods are used in numerous research areas comprising cybernetics, mathematics, marketing, and genetics. A type of data mining that is used in CRM or Customer Relationship Management called web mining takes advantage of the enormous amount of information collected by a website to search for patterns in user behavior.

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