vu mth302 Mid Term Subjective Solved Past Paper No.1
vu mth302 Business Mathematics & Statistics Solved Past Papers
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Data Mining
Data mining is also known as Knowledge-Discovery in Databases (KDD). Put simply it is the processing of the data warehouse. It is a process of automatically searching large volumes of data for patterns. The purpose is to uncover patterns and relationships contained within the business activity and history and predict future behavior. Data mining has become an important part of customer relationship management (CRM).
Example of Data Mining
Consider a retail sales department. Data mining system may infer from routine transactions that customers take interests in buying trousers of a particular kind in a particular season. Hence, it can make a correlation between the customer and his buying habits by using the frequency of his/her purchases. The marketing department will lo at this information and may forecast a possible clientele for matching shirts. The sales department may start a departmental campaign to sell the shirts to buyers of trousers through direct mail, electronic or otherwise. In this case, the data mining system generated predictions or estimates about the customer that was previously unknown to the company.
Intelligence
searching for conditions in the environment that call for decision soDesign
inventing, developing, and analyzing possible courses of actionChoice
selecting a course of action from those availableImplementation
implementing the selected course of actionMonitoring
checking the consequences of the decision made after implementationTheIntelligence Phase
Scan the environment to identify problem situations or opportunities. Conditions that call for decisions are identified.Typical Activities include
- Country Risk based on following
- Country credit rating
- Transparency
- Corruption
- Facilities for one window operation (levels of bureaucracy)
- SRO Culture
- Govt. Policy
- Law & Order
- Exchange rates
Type of Decisions
All problems require decision making, however the nature of problem determines how it should be approached. The decision making process There are three types of decisions
- Unstructured decisions are those in which the decision maker must provide judgment, evaluation, and insights into the problem definition.
- Structure decisions , by contrast, are repetitive and routine and involve a definite procedure for handling them so that they do not have to be treated each time as if they were new.
- Some decisions are semi structured; in such cases, only part of the problem has a clear-cut answer provided by an accepted procedure.
