![]() ![]() Another reason is the rise of data warehousing. Data warehousing and mining is the science of managing and analyzing large datasets and discovering novel patterns (Davenport & Harris, 2007 Wang, 2006 Olafsson, 2006).ĭata mining is taking off for several reasons: organizations are gathering more data about their businesses, the enormous drop in storage costs, competitive business pressures, a desire to leverage existing information technology investments, and the dramatic drop in the cost/performance ratio of computer systems. The use of data mining can advance a company’s position by creating a sustainable competitive advantage. By using pattern recognition technologies and statistical and mathematical techniques to sift through warehoused information, data mining helps analysts recognize significant facts, relationships, trend, patterns, exceptions and anomalies. Edelstein (2003) estimated that the number has dramatically grown from 28MB in 1996 to 472MB in 2000.ĭata mining seems to be the most promising solution for the dilemma of dealing with too much data having very little knowledge. Disk storage per person (DSP) is a way to measure the growth in personal data. ![]() Some researchers suggest that the volume of information stored doubles every year. In recent years the amount or the volume of information has increased significantly. ![]() ![]() We are drowning in data, but starving for knowledge. Those patterns and rules can be used to guide decision making and forecast the effect of those decisions, and data mining can speed analysis by focusing attention on the most important variables. The extracted information can be used to form a prediction or classification model, identify relations between database records, or provide a summary of the databases being mined. Data mining tools find patterns in the data and infer rules from them. Data mining is the process of extracting previously unknown information from large databases or data warehouses and using it to make crucial business decisions. ![]()
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