Excelsior - Data Mining Applications Discussion

M8D1: Data Mining Applications

Image of a businessperson touching analytical data represented in the form of graphs and charts

Data mining is a collection of computer technologies that analyze information to discover previously unknown and potentially useful information, including relationships and patterns. By applying data mining technologies you can predict future sell trends and customer behaviors. You can identify patterns of financial fraud and terrorist attacks.

Before you start the discussion, read the following reference:

Joseph, M. V. (2013). Significance of Data Warehousing and Data Mining in Business Applications (Links to an external site.). International Journal of Soft Computing and Engineering (IJSCE), 3(1). ISSN: 2231-2307. Retrieved from http://citeseerx.ist.psu.edu/viewdoc/download?doi=...

Respond to the following:

Explain why data mining has become so important in today’s business world.

In the above article, the authors listed application areas of data mining technologies in business, which include government, finance, banking, and marketing. Please identify one application area and conduct research on the Internet to find out how data mining is being studied and applied in these areas. Please remember to put your own thoughts and opinions on these business applications.