16 Questions
What has led to the increasingly widespread business application of data science principles and data-mining techniques?
Volume and variety of data outstripping the capacity of manual analysis
In which industry are the widest applications of data-mining techniques found?
Marketing
What is a major application of data mining in the finance industry?
Credit scoring
Which sector uses data mining for tasks such as fraud detection and workforce management?
Retail
What has outstripped the capacity of manual analysis in exploring datasets?
Volume and variety of data
What is the primary purpose of using data mining in general customer relationship management?
Analyze customer behavior to manage attrition and maximize expected customer value
What is the primary goal of the book mentioned in the text?
To provide a framework for systematically analyzing business problems
What does the text suggest about the terms 'data science' and 'data mining'?
Data science has taken a life of its own, separate from data mining
Why is it important to understand data science even if you never intend to apply it yourself?
To evaluate proposals for data mining projects
What does the text imply about the relationship between data science and data mining techniques?
Data mining techniques embody the basic principles of data science
What should a reader be able to do after getting better at data-analytic thinking?
Spot obvious flaws in proposals for data mining projects
What does the text suggest about the relationship between data science and intuition?
Data science will provide structure and principles, leading to the development of intuition
What is the main difference between 'data science' and 'data mining' according to the text?
'Data science' incorporates fundamental principles, while 'data mining' involves technologies that embody these principles
What does 'data-analytic thinking' enable you to do?
Systematically analyze business problems
What does the text suggest about the relationship between 'data perspective' and business problems?
A 'data perspective' will provide structure and principles for analyzing business problems systematically
Why does the text emphasize basic principles over specific techniques in the book?
Because basic principles are more practical and applicable than specific techniques
Explore the impact of data abundance on business strategies and the shift from manual to automated analysis. Understand the role of powerful computers, networking, and advanced algorithms in leveraging vast datasets for competitive advantage.
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