Submitted by: Submitted by sppuckett
Views: 353
Words: 5354
Pages: 22
Category: Business and Industry
Date Submitted: 01/30/2013 11:51 AM
Abstract
This paper is designed to convey knowledge of current research and provide perspectives on the topic of data mining and its practical application. There is an evolution in data mining methodology and utilization that is allowing analysts to sift through a mountain of information in order to reveal viable products. Experts have composed numerous literary works that encompass the utilization of algorithms and fuzzy logic to explore unnoticed and possibly underutilized information sources, data mining’s integral role in product innovation and the customer relationship management field of influence as well as highlight corporate commitment and responsibility on the topic of customer privacy. The parameters of data to be used are only limited by the spectrum in which a user is searching and greater importance is being placed on trained analysts that can navigate the tsunami of data being collected and processed.
Introduction
Data mining is a term that describes the process of discovering useful and actionable information from large databases or data warehouses in an effort to gain insight into trends and patterns in data. The process can be as simple as searching through internal data archives stored in local databases to utilizing huge data warehouse repositories that collate large volumes of information into categories that can be retrieved, sorted and analyzed by users. Baltzan, Phillips and Haag (2009) note that data mining is the process of analyzing data that is not transparent in raw data form while researchers analyze their findings to reveal patterns and predictable behavior. Commonalities and associations become clearer as the fidelity of detail increases with the usage of data mining tools and software packages. Ultimately, the output from these technologies allows analysts to validate and introduce previously under represented information into the business solution process.
Current perspectives in the field of data mining entertain new...