33 essentials of business information systems chapter

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Unformatted text preview: Classifications: Patterns describing a group an item belongs to • Clusters: Discovering as yet unclassified groupings • Forecasting: Uses series of values to forecast future values 5.33 Essentials of Business Information Systems Chapter 5 Foundations of Business Intelligence: Databases and Chapter Information Management Information Using Databases to Improve Business Performance and Decision Making Data Mining • One popular use of data mining: Analyzing patterns in customer data for one-to-one marketing campaigns or for identifying profitable customers • Predictive analysis: • Uses data mining techniques, historical data, and assumptions about future conditions to predict outcomes of events, such as the probability a customer will respond to an offer or purchase a specific product • Data mining vs. privacy concerns • Used to create detailed data image about each individual 5.34 Essentials of Business Information Systems Chapter 5 Foundations of Business Intelligence: Databases and Ch...
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