Analyze data mining in a minimum 1,400-word report and include the following:
- Explain the importance of data mining, and examine its implementation in real-world scenarios.
- Summarize the misconceptions of data mining.
- Critique the confusion of data mining with Online Analytical Processing (OLAP).
- Analyze the importance of statistical analysis and machine learning techniques in data mining.
Cite a minimum of 1 reference from Chapter 2 of the textbook assigned for this course.
Individual Assignment: Predictive Analytics and Relationship to Data Mining
Purpose of Assignment
Business Analytics has evolved from providing descriptive outcomes based on historical information to helping predict future activities from potential customers or groups leveraging that same information. In order to accomplish it, new techniques have been implemented for mining the information and thus expanding to modeling and predictive analytics.
Resources Required
REAL-WORLD DATA MINING: APPLIED BUSINESS ANALYTICS AND DECISION MAKING. Dursun Delen, (2015). Chapter 2: Introduction to Data Mining.