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What is Data Mining?
Data mining is a statistical tool for extracting information from a large existing database. The information is extracted in the...
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ata mining is a statistical tool for extracting information from a large existing database. The information is extracted in the form of data set, subjected to statistical analysis tools, and conclusions are drawn from it. In statistics, data sets are very important in predicting outcomes. Large corporations store information in the form of raw data. This data has no use for the firm unless it is converted into a form that can be understood. Consequently, data mining is very essential in management decision-making. For instance, the data obtained can be used to cut costs, do procurement planning, enhance customer relationship, or to increase revenues.