Assignment:
The development of complex algorithms that can mine mounds of data that have been collected from people and digital devices have led to the adoption of data mining by most businesses as a means of understanding their customers better than before. Data mining takes place in retailing and sales, banking, education, manufacturing and production, health care, insurance, broadcasting, marketing, customer services, and a number of other areas.
1. Determine the benefits of data mining to the businesses when employing active analytics to understand the behavior of customers and associations discovery in products sold to customers.
2. Assess the reliability of the data mining algorithms. Decide if they can be trusted and predict the errors they are likely to produce.
3. Analyze privacy concerns raised by the collection of personal data for mining purposes. Choose and describe three (3) concerns raised by consumers.
4. Provide at least three (3) examples where businesses have used predictive analysis to gain a competitive advantage and evaluate the effectiveness of each business' strategy.