The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

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Chapter 4.5, Problem 4.24E

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The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

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Large companies typically collect volumes of data before designing a product, not only to gain information as to whether the product should be released, but also to pinpoint which markets would be the best targets for the product. Several months ago, I was interviewed by such a company while shopping at a mall. I was asked about my exercise habits and whether or not I'd be interested in buying a video/DVD designed to teach stretching exercises. I fall into the male, 18 – 35-years-old category, and I guessed that, like me, many males in that category would not be interested in a stretching video. My friend Amanda falls in the female, older-than-35 category, and I was thinking that she might like the stretching video. After being interviewed, I looked at the interviewer's results. Of the 97 people in my market category who had been interviewed, 16 said they would buy the product, and of the 101 people in Amanda's market category, 31 said they would buy it. Assuming that these data came…

Large companies typically collect volumes of data before designing a product, not only to gain information as to whether the product should be released, but also to pinpoint which markets would be the best targets for the product. Several months ago, I was interviewed by such a company while shopping at a mall. I was asked about my exercise habits and whether or not I'd be interested in buying a video/DVD designed to teach stretching exercises. I fall into the male, 18 – 35-years-old category, and I guessed that, like me, many males in that category would not be interested in a stretching video. My friend Diane falls in the female, older-than-35 category, and I was thinking that she might like the stretching video. After being interviewed, I looked at the interviewer's results. Of the 93 people in my market category who had been interviewed, 17 said they would buy the product, and of the 113 people in Diane's market category, 34 said they would buy it. Assuming that these data came…

Answer 2

Question

Chapter 4.5, Problem 4.24E

To determine

To explain:

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

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Answer 3

Question

Chapter 4.5, Problem 4.24E

To determine

To explain:

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

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Answer 4

Question

Chapter 4.5, Problem 4.24E

To determine

To explain:

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

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Answer 5

Chapter 4.5, Problem 4.24E

To determine

To explain:

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

Answer 6

Chapter 4.5, Problem 4.24E

To determine

To explain:

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

Answer 7

Chapter 4.5, Problem 4.24E

To determine

To explain:

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 4.2 - What is the difference between primary data and...Ch. 4.2 - A published article reports that 60% of U.S....Ch. 4.2 - A pharmaceutical finn’s annual report states that...Ch. 4.2 - Prob. 4.4E Ch. 4.3 - Prob. 4.5E Ch. 4.3 - Prob. 4.6E Ch. 4.3 - Prob. 4.7E Ch. 4.3 - Prob. 4.8E Ch. 4.3 - Prob. 4.9E Ch. 4.3 - Prob. 4.10E

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

Solution Summary: The author explains the concept of data mining and its utility to the business and organizations. Data mining is a procedure which companies use to convert the collected data into useful information.

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The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

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Chapter 4 Solutions

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

Solution Summary: The author explains the concept of data mining and its utility to the business and organizations. Data mining is a procedure which companies use to convert the collected data into useful information.

Videos

To explain: The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.

Want to see the full answer?

Chapter 4 Solutions

To explain:

The concept of data mining and its utility to the business and organizations. Also, mention the analytical tools used in data mining.