Question

What makes data mining an important business tool? What types of information does data mining produce? In what type of circumstance would you advise a company to use data mining?

Answer 1

Explanation:

Data mining is a technique in data analysis that allows users determine faster and one of the strategic business intelligence techniques. Data mining enables users to analyze large amounts of data and to identify hidden links within data not known otherwise.  

For example, data mining might reveal that a consumer buying product X is ten times as likely to buy the product

Data mining finds information such as:

• Relationships, or events related to a single event.

• Events or patterns linked over time.
• Category or patterns that define the category to which an article refers, discovered through an analysis of current classified objects and the application of a set of rules.
• Unclassified or connected clusters;
• Clusters, or unclassified but related groups

Whether hunting at new products and services or seeking new marketing strategies or new markets, I would suggest to a company that uses data mining. Data mining can be useful if unforeseen business issues whose sources are hard to identify are being studied.

Answer 2

Answer:

Analyzing data to detect patterns of shared characteristics

Explanation: