This website uses cookies to ensure you have the best experience. Learn more

Data Mining Essay

1273 words - 6 pages

Problem 1: Data-Based Decision Making
Supermarket Product Placement
Suppose that we are responsible for managing product placement within a local supermarket.  Our shelving units have 6 shelves each and are numbered from 1 to 6—with 1 being the lowest shelf and proceeding upward until the highest shelf is assigned the number 6.  While there are many placement options that we should consider, we decide to look for any correlations between the row a product is placed on and its sales.  Since we have our data stored in a data warehouse, it is easily accessible and responds quickly to our data request.  Consider each of the following:
·         What judgments can you make ...view middle of the document...

Example 2: Because we can track our customer’s purchases over time, we are not limited to analyzing individual “market baskets”.  Instead, we are able to perform a richer analysis of their cumulative market baskets over time.  Our data mining program discovers the following item sets with significant support:

Item Set 1
Battat Take Apart Toy
Amazing Airplanes children's book by Tony Mitton
Child's Pilot Hat
Stomp Rocket Jr. Glow Kit        

Item Set 2
Bigelow Green Tea
Cozy Chamomile Nighttime Tea
The Smarter Science of Slim book by Jonathan Bailor   

Item Set 3
Being George Washington by Glen Beck
Killing Lincoln by Bill O’Reilly
Original Intent by David Barton

How can you use this information?
Answer:  We can use this information to strategically locate items in the store.  Group these items together and you may increase sales.  We can also use this information to predict sales as the prices change.
Example 3:  We use our data mining program to analyze local buying patterns.  We discover that when men bought diapers on Thursdays and Saturdays, they also tended to buy beer.  Further analysis shows that these shoppers typically did their weekly grocery shopping on Saturdays.  On Thursdays, however, they only bought a few items.  How can you use this information?   …for product placement? … for promotions?

Answer: If people do more shopping in Saturdays, then promote and position products strategically on that day.

Problem 3: Market Basket Analysis: Concept Tree/Sequence Analysis
A local home improvement store has performed data mining and has identified the following concept tree which corresponds to a deck.  The concept tree defines a “deck” in terms of the products that are sold at the store.  What does this allow you to do when analyzing market basket data?
Answer:  This allows you to visualize and determine every piece that will be required to complete a deck
After we were able to build this concept tree, we also perform sequence analysis on our past purchase data and have found strong support for the following sequences of purchases.   
            Deck -> Outdoor Furniture -> BBQ       
            Deck -> Flowers/Landscaping
How can you use this information?                      
Answer:  You can use this data for upselling and cross-selling

Problem 4: Decision Tree                         
In the past, your company’s loan department paid their staff to analyze the credit worthiness of individuals—i.e., to decide whether or not an individual should be approved for a loan.  Over the years, a large amount of data was generated related to this process.  The data set contains information about the applicant, about their loan, and whether the individual met their responsibility to pay the loan back with regular monthly payments.  This data has recently been used by data mining processes to look for patterns that determine an applicant’s credit worthiness.  The following...

Other Papers Like Data Mining

Data Mining Essay

1273 words - 6 pages (YourFirstName, YourLastName) University Name Data Modeling While the importance of data mining huge volumes of data from expansive volumes of data cannot be gainsaid, there are several shortcomings of data mining as outlined in the US Government’s General Accounting Data Mining Report. The unearthed findings are discussed below. Nascent Data Mining Efforts It is reported that out of the 128 federal departments and agencies surveyed

Data Mining Essay

1983 words - 8 pages Data Mining Information Systems for Decision Making 10 December 2013 Abstract Data mining the next big thing in technology, if used properly it can give businesses the advance knowledge of when they are going to lose customers or make them happy. There are many benefits of data mining and it can be accomplished in different ways. The problem with data mining is that it is only as reliable as the data going in and the way it is

Data Mining

869 words - 4 pages Data Mining In today’s society there is more data and information that is being stored it is hard to sort through it all and pick out useful information. All of this information is being stored in data warehouses which are basically a huge database filled with information collected over many years. This is why data mining is so popular, it has the ability to search through these huge amounts of data and find useful information, or will be able

Data Mining - 2050 words

2050 words - 9 pages Data Mining and Predictive Analysis Strayer University Information System for Decision Making CIS 500 Dr. Gregory Hart August 28, 2012 Data Mining and Predictive Analysis Determine the benefits of data mining to the businesses when employing: Predictive analytics to understand the behavior of customers Predictive analytics is used in business to forecast and model services and products to gain a competitive advantage

Data Mining - 4402 words

4402 words - 18 pages Data Mining Quality in Manufacturing Data Best Practices Approach To The Manufacturing Industry Data Mining: Quality in Manufacturing Data was written by Ken Collier KPMG Consulting and Gerhard Held SAS Consultants Curt Marjaniemi Don Sautter KPMG Consulting and Mohan Namboodiri SAS Technical Reviewers Knowledge Management Solutions Group KPMG Consulting and Development Group Business Solutions Division, Knowledge SAS October 2000

Data Mining - 1405 words

1405 words - 6 pages . The data analytics tool can guide the users so they can use an appropriate tool to build reliable data model (Coronel, Morris, & Rob, 2013). Data Mining Data mining technique automates the detection of relevant patterns and future trends in database. It allows a deeper search into the source data that includes data from data warehouse as well as other categories. The goals of data mining are threefold – 1. Explanatory – To

Data Mining - 1499 words

1499 words - 6 pages Assignment 4: Data Mining CIS 500 Professor: Dr. Edwin Otto Strayer University August 30, 2013 “Data mining is a process that uses statistical, mathematical, artificial intelligence, and machine learning techniques to extract and identify useful information and subsequent knowledge from large databases, including data warehouses” (Turban, 2011). Predictive analytics serves as a benefit of data mining because it’s a process that uses

Data Mining - 585 words

585 words - 3 pages Data Mining GS1140 – Problem Solving Theory Questions Being Addressed: Reason for question and its importance/contribution of answer, components, or variable of question * Crimes that occur around the holidays * We’re trying to analyze a crime pattern of the holiday season, how the public can protect themselves during the

Running Heading: Data Mining

1595 words - 7 pages 1 Mining Running Heading: DATA MINING Anthony Jerry Dr Otto CSI 500 Assignment 4: Data Mining Introduction: As we know data mining takes place in retailing and sales, banking, education, manufacturing and production, health care, insurance, broadcasting

Cis Data Mining

3013 words - 13 pages In today’s business environment, businesses must be able to sift through and analyze massive amounts of data to gain a competitive edge over their competition. Utilizing data mining techniques, businesses are given the ability to analyze data from different points of view and turn it into useful information that can be used to increase revenue, cut costs, or both (Jason.Frand, n.d.). In today’s environment, competitive businesses use what is

Video Data Mining

2329 words - 10 pages VIDEO DATA MINING Pooja Gupta Department of Computer Science Jaypee Institute of Information Technology, NOIDA, U.P. ABSTRACT In recent years, advanced digital capturing technology has made digital data grow rapidly. Knowledge discovery from massive amounts of multimedia data, so-called multimedia mining, has been the focus of

Related Essays

Data Mining Essay 989 Words

989 words - 4 pages TAKING A CLOSER LOOK AT DATA MINING Student’s Name: Maria Dang Teacher’s Name: Mr. Di Pietro Date due: Wednesday, September 11th, 2012 Class: ICS 3U1 Period: 1 Abstract: The following sections will discuss upon the topic, data mining; it is written to those who are of interest. As a matter of fact, data mining is just recently gaining a considerable amount of attention from a wide range of individuals, involving various strategic and

Data Mining Essay 1029 Words

1029 words - 5 pages Data Mining 6/3/12 CIS 500 Data Mining is the process of analyzing data from different perspectives and summarizing it into useful information. This information can be used to increase revenue, cut costs or both. Data mining software is a major analytical tool used for analyzing data. It allows the user to analyze data from many different angles, categorize the data and summarizing the relationships. In a nut shell

Data Mining Essay 1352 Words

1352 words - 6 pages Data Mining Professor Clifton Howell CIS500-Information Systems Decision Making March 7, 2014 Benefits of data mining to the businesses One of the benefits to data mining is the ability to utilize information that you have stored to predict the possibilities of consumer’s actions and needs to make better business decisions. We implement a business intelligence that will produce a predictive score for those consumers to determine these

Data Mining Essay 1657 Words

1657 words - 7 pages Data Mining: What is Data Mining? Overview Generally, data mining (sometimes called data or knowledge discovery) is the process of analyzing data from different perspectives and summarizing it into useful information - information that can be used to increase revenue, cuts costs, or both. Data mining software is one of a number of analytical tools for analyzing data. It allows users to analyze data from many different dimensions or angles