MIS 301: Data Mining
Data Mining - correct answer ✔Non-trivial discovery of novel, valid,
comprehensible, and potentially useful patterns in data
Storage capacity is ________ as cost is decreasing - correct answer
✔increasing
Sources of Data - correct answer ✔Internal operation systems, bought from
other sources, social networking, user-generated content, transactional data
from company operations
Problems with Operational Data - correct answer ✔Dirty data, missing
values, inconsistent data, too fine or too course, too much data
Purpose of Operational Data Dashboard - correct answer ✔For executives to
look at anomalies and analyze or monitor KPI's
Business Intelligence Systems - correct answer ✔Unified reporting and
analysis system for organizational decision making using data
Value of Business Intelligence Tools - correct answer ✔Analyze data, look
for patterns, share information with business partners, manage inventory,
design marketing strategies
Primary systems in Business Intelligence - correct answer ✔Reporting
systems, data-mining systems, knowledge management systems, expert
systems
, Reporting systems - correct answer ✔Integrate and process data by sorting,
grouping, summing, and formatting. Produce, administer, and deliver reports.
How do reporting systems improve decision making? - correct answer
✔Provide right information to the right user at the right time
Data mining systems - correct answer ✔Use sophisticated statistical
techniques, like regression and decision tree analysis, to find patterns and
relationships
Example uses of a data mining system - correct answer ✔Database
marketing and targeting, credit risk management, credit scoring, fraud
detection and prevention, healthcare bioinformatics, spam filtering,
recommendation systems, sentiment analysis, qualitative data mining
Steps of data mining - correct answer ✔Business understanding, data
understanding, data prep, data modeling, evaluation, deployment
Benefits of data mining - correct answer ✔Automated decision making,
accurate prediction forecasting, reduce cost, provide customer insights
Automated Decision Making - correct answer ✔Allows continual analysis of
that that automates routine and critical decision making
Accurate Prediction Forecasting - correct answer ✔Facilitates planning and
provides managers with reliable forecasts of trends using data from past and
present trends
Cost Reduction - correct answer ✔Efficiently allocates companies resources
to maximize return and minimize losses
Data Mining - correct answer ✔Non-trivial discovery of novel, valid,
comprehensible, and potentially useful patterns in data
Storage capacity is ________ as cost is decreasing - correct answer
✔increasing
Sources of Data - correct answer ✔Internal operation systems, bought from
other sources, social networking, user-generated content, transactional data
from company operations
Problems with Operational Data - correct answer ✔Dirty data, missing
values, inconsistent data, too fine or too course, too much data
Purpose of Operational Data Dashboard - correct answer ✔For executives to
look at anomalies and analyze or monitor KPI's
Business Intelligence Systems - correct answer ✔Unified reporting and
analysis system for organizational decision making using data
Value of Business Intelligence Tools - correct answer ✔Analyze data, look
for patterns, share information with business partners, manage inventory,
design marketing strategies
Primary systems in Business Intelligence - correct answer ✔Reporting
systems, data-mining systems, knowledge management systems, expert
systems
, Reporting systems - correct answer ✔Integrate and process data by sorting,
grouping, summing, and formatting. Produce, administer, and deliver reports.
How do reporting systems improve decision making? - correct answer
✔Provide right information to the right user at the right time
Data mining systems - correct answer ✔Use sophisticated statistical
techniques, like regression and decision tree analysis, to find patterns and
relationships
Example uses of a data mining system - correct answer ✔Database
marketing and targeting, credit risk management, credit scoring, fraud
detection and prevention, healthcare bioinformatics, spam filtering,
recommendation systems, sentiment analysis, qualitative data mining
Steps of data mining - correct answer ✔Business understanding, data
understanding, data prep, data modeling, evaluation, deployment
Benefits of data mining - correct answer ✔Automated decision making,
accurate prediction forecasting, reduce cost, provide customer insights
Automated Decision Making - correct answer ✔Allows continual analysis of
that that automates routine and critical decision making
Accurate Prediction Forecasting - correct answer ✔Facilitates planning and
provides managers with reliable forecasts of trends using data from past and
present trends
Cost Reduction - correct answer ✔Efficiently allocates companies resources
to maximize return and minimize losses
