Description
- Define data mining as an enabling technology for business analytics and understand the objectives and benefits of data mining.
- Become familiar with the wide range of applications of data mining Learn the standardized data mining processes Learn different methods and algorithms of data mining
- Build awareness of the existing data mining software tools Understand the privacy issues, pitfalls, and myths of data mining
- Describe text analytics and understand the need for text mining
- Differentiate among text analytics, text mining, and data mining and the application areas for text mining
- Know the process of carrying out a text mining project
- Describe sentiment analysis
- Develop familiarity with popular applications of sentiment analysis Learn the common methods for sentiment analysis Become familiar with speech analytics as it relates to sentiment analysis
- Understand the applications of prescriptive analytics techniques
- Understand the basic concepts of analytical decision modeling and understand the concepts of analytical models for selected decision problems
- Describe how spreadsheets can be used for analytical modeling and solutions Explain the basic concepts of optimization and when to use them
- Explain what is meant by sensitivity analysis, what-if analysis, and goal seeking Understand the concepts and applications of different types of simulation and understand potential applications of discrete event simulation
Explanation & Answer
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answer
Running head: MANAGEMENT
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Management
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Institutional Affiliation
MANAGEMENT
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1.
Data mining is the procedure of classifying all the way through big data sets to recognize models
as well as set up associations to resolve problems throughout data analysis. (Baker & Inventado,
2014). The objective of data mining is to examine models in data. Utilizing text mining as well as
analytics to gain insight into client sentiment may assist firms to distinguish product, as well as
business troubles as well as afterward, address them prior to they turn out to be big concern that
have an impact on sales. Mining the text in client reviews as well as communications might as well
recognize preferred new features to assist strengthen product offerings. Within every case, the
technology offers a chance to advance the general client experience, which will expectantly result
in raised revenues as well as profits. Text mining might as well assist forecast client churn,
allowing firms to take action to head off likely deficiencies to business competitors as part of their
marketing as well as client relationship management plans. Fraud discovery, risk administration,
online promotion as well as web content administration are additional roles that might gain from
the use of text mining devices. Within healthcare, the technology might be able to aid discover
sicknesses as well as medical ailments in patients based on the sign they describe.
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Applications of text mining
Text mining uses comprise screening job candidates based on the contents in their resumes,
classifying website content, blocking spam emails, flagging insurance claims that might be
deceitful, examining records of medical signs to aid in investigations, in addition to reviewing
corporate records as part of electronic discovery methods. Text mining software as well gives
MANAGEMENT
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information retrieval abilities similar to what quest engines, as well as enterprise exploration
programs present, nonetheless, that's more often than not just a factor of higher level text mining
applications,(Larose & Larose, 2014).
Data mining methods comprise the use of algorithms, as well as a much broader range of action
which ranges from asking investigating inquiries concerning the business puzzle to be solved to
documenting validation examination of models. Data mining is not all regarding programming or
math. The source of data mining is experiencing business diff...