What is data mining? How might it be used in logistics? What is the relationship between data mining and information technologies (IT)?
Here is the textbook answer for the first part:
Data mining can be defined as the application of mathematical tools to large bodies of data in order to extract correlations and rules; it uses sophisticated quantitative techniques to find “hidden” patterns in large volumes of data. Data mining has allowed Wal-Mart to discover that when hurricanes are projected to hit the state of Florida, there is a dramatic increase in demand for beer and Kellogg’s Pop Tarts®. As a result, Wal-Mart makes sure that additional stocks of these products are available when hurricanes are projected to hit Florida.
Do you know any other examples where data mining was beneficial?
Do you know which IT technologies were used/beneficial during the process?
Please state the source of information and discuss the results of your research.