What are the basic types of business questions that data mining will help answer, or not answer?
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Data Mining is the process of finding hidden patterns and relationships in the data. It is a powerful new technology with great potential to help companies focus on the most important information in their data warehouses.
Data mining can answer business questions that traditionally were too time-consuming to resolve. When the user’s questions are vague or general in nature, data mining is needed. Such business questions would be like: “What properties characterize the customers that gave us the most business in the past year?” “What’s likely to happen to NY unit sales next month? Why?” and “Which clients are most likely to respond to my next promotional mailing, and why?”
Data mining search databases for hidden relationships, finding predictive information that experts may overlook because it might be beyond their expectations. When implemented on high performance client/server or parallel processing computers, data mining tools can analyze massive databases to deliver answers to questions like these above. Data mining tools predict future trends and behaviors, allowing businesses to make knowledge-driven decisions. …
