Discuss (shortly) whether or not each of the following activities is a data mining task. (a) Dividing the customers of a company according to their profitability (b) Predicting the outcomes of tossing a (fair) pair of dice. (c) Predicting the future stock price of a company using historical records.

Principles of Information Systems (MindTap Course List)

13th Edition

ISBN:9781305971776

Author:Ralph Stair, George Reynolds

Publisher:Ralph Stair, George Reynolds

Chapter9: Business Intelligence And Analytics

Section: Chapter Questions

Problem 3CTQ1

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Concept explainers

Utility theory

The utility theory in economics is stated based on an individual’s preferences. It explains the behavior of individuals. Depending on the assumption, people can be ranked in order of their preferences. In other words, utility means the property in an object that brings benefit, advantage, pleasure, well-being, welfare, good, or happiness.

Question

Discuss (shortly) whether or not each of the following activities is a
data mining task.
(a) Dividing the customers of a company according to their profitability
(b) Predicting the outcomes of tossing a (fair) pair of dice.
(c) Predicting the future stock price of a company using historical records.
(d) Monitoring the heart rate of a patient for abnormalities.
(e) Extracting the frequencies of a sound wave.
(f) Monitoring and predicting failures in a hydropower plant.

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