1. Determine the benefits of data mining to the businesses when employing:
a. Predictive analytics to understand the behavior of customers
b. Associations discovery in products sold to customers
c. Web mining to discover business intelligence from Web customers
d. Clustering to find related customer information
2. Assess the reliability of the data mining algorithms. Decide if they can be trusted and predict the errors they are likely to produce.
3. Analyze privacy concerns raised by the collection of personal data for mining purposes.
a. Choose and describe three (3) concerns raised by consumers.
b. Decide if each of these concerns is valid and explain your decision for each.
c. Describe how each concern is being allayed.
4. Provide at least three (3) examples where businesses have used predictive analysis to gain a competitive advantage and evaluate the effectiveness of each businesss strategy.
(a). Using predictive analytics to comprehend customer behaviors: To remain competitive within the market, sellers need to comprehend present consumer behavior as well as predict those of the future. The accurate prediction of these behaviors and the full understanding of customer behaviors can help them in improving sales, retaining customers, and extending the relationships sustained with customers. This is realized through predictive analysis data mining, which offers the users, impactful insights throughout the organization (Greene, 2012). Predictive analytics is where statistics and mathematics integrate to business and marketing to establish patterns in data and extrapolating the patterns to future business cases and issues, so as to reduce costs, improve response rates, increase the efficiency of processes and consequently boost revenue levels. Data mining has different components, but the most significant is defining the problem, evaluating the available data and developing predictive models.
(b). Associations discovery for the commodities sold to consumers helps the retailer or other business to capture the unique identifier of a given product. Through capturing this information, the seller is able to analyze the data, so that they can learn the purchasing behavior of their customers. The information derived is used to support business-related strategies and applications like inventory management, marketing promotions and customer relations management.
(c). Mining information on web usage is very important to the effective management of websites, planning the development of adaptive websites, administering business and support services, increasing personalization as well as analyzing the flow of network traffic. Further, fast business growth of businesses forces businesses and customers to face a different situation, where competition plays a major role in determining the strategies adopted by businesses (Greene, 2012). On the other hand, the customer is exposed to more options to choose from, therefore, will need to follow the businesses that depict more value. For example, through discovering that many customers of a given business come from teen customers, may help the company to adjust their targeting outlook, to ensure that it targets the focus group better.
(d). Clustering analysis traces groups of data entities or objects that are similar in certain aspects. The members of the different groups are supposed to be more similar to other members, and different from the members of other clusters. The target of clustering is the discovery of high-quality groups, where inter-cluster similarity is lowest but intra-cluster similarity is highest. Through establishing the highest inter-cluster similarity, the characteristics of the members are used or viewed as the customer information that can be tracked or targeted to increase the impact of the business, among the given high-quality cluster.
The reliability of data mining algorithms can be done through the validation of data mining modes. The process involves the assessment of the performance of the mining models against real data. This is done through understanding the characteristics and the quality of the algorithms before deploying them into the production environment (Chung, & Gray, 1999). To determine the reliability of data mining algorithms, the deployment of different statistical validity measures is checked, towards determining whether there are issues in the model or the data. The reliability of data mining algorithms is determined through the scalability of the clustering techniques. This is particularly true, in the case of large data sets, where space and speed are high.
For example – in the case that the algorithm –in the case of a database that contains millions of records, shows linear or close to linear time complexity, which demonstrates that the reliability of the algorithm is high. The reliability of the algorithm can be determined through the application of tests to determine whether a given point belongs to the cluster in question. In such a case, a reliable algorithm will detect outliers and noise, and eliminate their negative effects or delete them entirely. Through this process, the testing of the validity of the algorithm can be done while the process of clustering is ongoing, or it can be done at the post-processing phase.
For more on this paper, click here
To get a custom written paper in this or any other topic, click here
Expert consultations to help you with studies
We have competent advisors in majority of main subjects
We are available around the clock and all over the world
We promise to meet your expectations or your money back
Place your order now
Our Service Charter
Excellent Quality / 100% Plagiarism-FreeWe employ a number of measures to ensure top quality essays. The papers go through a system of quality control prior to delivery. We run plagiarism checks on each paper to ensure that they will be 100% plagiarism-free. So, only clean copies hit customers’ emails. We also never resell the papers completed by our writers. So, once it is checked using a plagiarism checker, the paper will be unique. Speaking of the academic writing standards, we will stick to the assignment brief given by the customer and assign the perfect writer. By saying “the perfect writer” we mean the one having an academic degree in the customer’s study field and positive feedback from other customers.
Free RevisionsWe keep the quality bar of all papers high. But in case you need some extra brilliance to the paper, here’s what to do. First of all, you can choose a top writer. It means that we will assign an expert with a degree in your subject. And secondly, you can rely on our editing services. Our editors will revise your papers, checking whether or not they comply with high standards of academic writing. In addition, editing entails adjusting content if it’s off the topic, adding more sources, refining the language style, and making sure the referencing style is followed.
Confidentiality / 100% No DisclosureWe make sure that clients’ personal data remains confidential and is not exploited for any purposes beyond those related to our services. We only ask you to provide us with the information that is required to produce the paper according to your writing needs. Please note that the payment info is protected as well. Feel free to refer to the support team for more information about our payment methods. The fact that you used our service is kept secret due to the advanced security standards. So, you can be sure that no one will find out that you got a paper from our writing service.
Money Back GuaranteeIf the writer doesn’t address all the questions on your assignment brief or the delivered paper appears to be off the topic, you can ask for a refund. Or, if it is applicable, you can opt in for free revision within 14-30 days, depending on your paper’s length. The revision or refund request should be sent within 14 days after delivery. The customer gets 100% money-back in case they haven't downloaded the paper. All approved refunds will be returned to the customer’s credit card or Bonus Balance in a form of store credit. Take a note that we will send an extra compensation if the customers goes with a store credit.
24/7 Customer SupportWe have a support team working 24/7 ready to give your issue concerning the order their immediate attention. If you have any questions about the ordering process, communication with the writer, payment options, feel free to join live chat. Be sure to get a fast response. They can also give you the exact price quote, taking into account the timing, desired academic level of the paper, and the number of pages.