Top 15 Data Mining Techniques for Business Success

Data mining is the process of examining vast quantities of data in order to make a statistically likely prediction. Data mining could be used, for instance, to identify when high spending customers interact with your business, to determine which promotions succeed, or explore the impact of the weather on your business. Data mining principles have [...]

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THE EXAGGERATED PROMISE OF SO-CALLED UNBIASED DATA MINING

Data Mining - Nobel laureate Richard Feynman once asked his Caltech students to calculate the probability that, if he walked outside the classroom, the first car in the parking lot would have a specific license plate, say 6ZNA74. Assuming every number and letter are equally likely and determined independently, the students estimated the probability to be less [...]

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Data Mining vs. Predictive Analytics – Are They the Same?

Predictive analytics is currently one of the most important Big Data trends. But both predictive analytics and data mining attempt to make predictions about possible events in the future with the help of data models. What are the differences between them? “Data mining is an interdisciplinary subfield of computer science. It is the computational process [...]