Data Mining
Data mining is the process of sorting through large data sets to identify patterns and establish relationships to solve problems through data analysis. Data mining tools allow enterprises to predict future trends.
Data Mining Parameters
In data mining, association rules are created by analyzing data for frequent if/then patterns, then using the support and confidence criteria to locate the most important relationships within the data. Support is how frequently the items appear in the database, while confidence is the number of times if/then statements are accurate.
Why is data mining important?
So why is data mining important? You’ve seen the staggering numbers – the volume of data produced is doubling every two years. Unstructured data alone makes up 90 percent of the digital universe. But more information does not necessarily mean more knowledge.
Why is data mining important?
Data mining allows you to:
» Sift through all the chaotic and repetitive noise in your data.
» Understand what is relevant and then make good use of that information to assess likely outcomes.
» Accelerate the pace of making informed decisions.