Intro to Analytics Chapter 1.1

This set of flashcards covers essential terms and concepts related to data mining as discussed in the lecture.

Data Mining

A business process for exploring large amounts of data to discover meaningful patterns and rules.

Customer Relationship Management (CRM)

A broad topic focusing on managing a company's interactions with current and potential customers to improve business relationships.

Data Warehouse

A system that stores large amounts of historical data from various sources in a consistent format for analysis.

Meaningful Patterns

Significant data trends discovered through data mining that can help improve business operations.

Learning Relationships

The connections formed by businesses understanding and utilizing knowledge about their customers over time.

Predictive Modeling

A statistical technique used to predict future behavior by analyzing patterns in existing data.

Oeno-philes

Wine enthusiasts or experts who have extensive knowledge about wines.

Analytic CRM

The practice of using data mining and analytical techniques to enhance customer relationship management.

Computing Power

The capability of a computer to process data, which has become increasingly affordable and influential in data mining.

The Virtuous Cycle of Data Mining

A cyclical process involving discovering patterns, responding to them, and driving value through actionable insights.