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