Elements of Data Mining:
Classification – finds the defining characteristic of a certain group
Clustering – identifies groups of items that share a particular, pre-given characteristics
Association – identifies relationships between events that occur at one time
Sequencing – similar to association, except that the relationship exists over a period of time
Forecasting – estimates future values based on patterns within large sets of data
Principle:
Having a single, coherent view of the whole of an organisation’s data
Issues:
Technology and information provide powerful, distinctive competences
monitoring of the buying habits and tastes of customers so that advertising and promotion can be directed towards specific customer segments
Applications:
To exploiting the information available, to identify and understand data patterns
Source of Data Mining:
(Chandler-Wilde, R., 2005) Henley Business School