BBG 101 Lecture Notes - Lecture 22: Data Mining, Model Selection, Business Intelligence
13 Aug 2020
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Document Summary
Data mining: the process of selecting, exploring, modifying, modeling and assessing (semma) large amounts of data to uncover previously unknown patterns that can be utilised as a business advantage. Data mining is the set of activities used to find new, hidden or unexpected patterns in data. Using information contained in the dw, dm can often provide answers to questions about an organisation that a decision maker has previously not thought to ask. For data mining to be successful, it must be driven by an appropriate business question. Which providers are most likely to claim fraudulent services on a health insurance company? tangent and does not really answer the question. Without an appropriate business question, often the dm process goes off on a. It is no use modelling or data mining unless you have a clear focus on what you want to find out ie. clearly structure the problem or issue you want to resolve.
