Cis 500 for Decision Making

Abstract:

Data mining is a process of selecting, discovering and modeling huge amounts of data to categorize meaningful, logical patterns and interaction among key variables.  Data mining is used to uncover trends, envisage future events and assess the intrinsic worth of various courses of action.

1. Determine the benefits of data mining to the businesses when employing:

1. Predictive analytics is using business intelligence data for forecasting and modeling. Assigning these predictive scores is the job of a predictive model which has, in turn, been trained over your data, learning from the experience of your organization. Predictive analytics optimizes marketing campaigns and website behavior to increase customer responses, conversions and clicks, and to decrease churn. Each customer's predictive score informs actions to be taken with that customer.

2. Associations discovery in products sold to customers:

Association discovery is finding correlations or relationships between variables in a large data base. Nowadays the interaction between companies and its customers has changed radically over time. A customer's business continuation is no longer assured. As such, companies have realized that the need to understand their customers is eminent, and to rapidly address issues concerning their wellbeing. To succeed, companies must be proactive and anticipate what a customer desires.

3. Web mining to discover business intelligence from Web customers

The express enlargement in the business has made both business community and customers face a new situation. With regards to intense competition verses the customer's option of preference from a number of alternatives, the business community has realized the essential of intelligent marketing strategies and relationship management. Web servers record and accumulate data about user relations whenever requirements for resources are received. Analyzing the Web access logs can help understand the user behavior and the...