Concepts of Data Mining

These flashcards cover key concepts, applications, benefits, disadvantages, techniques, and processes related to data mining.

What is data mining?

Data mining is the process of extracting information, looking for hidden, valid, and potentially useful patterns in huge data sets.

What are the common names used for data mining?

Data mining is also called Knowledge discovery, Knowledge extraction, data/pattern analysis, information harvesting, etc.

How is data mining applied in communication?

Data mining techniques are used in the communication sector to predict customer behavior for targeted and relevant campaigns.

What role does data mining play in the insurance industry?

Data mining helps insurance companies to price their products profitably and promote offers to new or existing customers.

How can data mining benefit education?

Data mining allows educators to access student data, predict achievement levels, and identify students needing extra attention.

What is one application of data mining in manufacturing?

Data mining helps manufacturers predict wear and tear of production assets and anticipate maintenance to minimize downtime.

How does banking utilize data mining?

Data mining helps banks see market risks, manage regulatory compliance, and identify probable defaulters for credit decisions.

What is a significant application of data mining in retail?

Data mining techniques help retail stores identify and arrange sellable items and develop offers that encourage customer spending.

How do service providers use data mining?

Service providers use data mining to predict customer churn by analyzing billing details and customer service interactions.

What is the purpose of data mining in crime investigation?

Data mining helps police investigate by predicting where and when crimes are likely to happen.

What are two potential benefits of data mining?

Data mining helps organizations get knowledge-based information and facilitate decision-making processes.

What is a disadvantage of data mining regarding customer data?

Companies may sell useful information about their customers to other companies for profit.

Name a technique used in data mining for pattern identification.

Classification is a data mining technique used to classify data into different classes.

What is clustering in data mining?

Clustering is a technique that identifies groups of similar data points or patterns.

What does regression analysis do in data mining?

Regression analysis identifies and analyzes the relationship between variables to predict the likelihood of specific outcomes.

What are association rules in data mining?

Association rules help find relationships between two or more items, uncovering hidden patterns in the dataset.

What is the modeling phase in data mining?

The modeling phase uses mathematical models to determine data patterns based on business objectives.

What steps are involved in the data mining implementation process?

The process includes Business Understanding, Data Understanding, Data Preparation, Modeling, Evaluation, and Deployment.

What is the final outcome of the data mining deployment phase?

In the deployment phase, discoveries are integrated into everyday business operations with a detailed deployment plan.