Binghamton University INFO
With advances in modern technology, such as the widespread use of electronic records or the internet, the sheer volume of data that is collected is staggering. The challenge is to distill this data into useful knowledge that has relevance for managerial decisions. Data mining techniques provide solutions to this challenge. To illustrate, some recent applications of data mining include (i) models to predict consumer preferences, e.g. Netflix recommendation system and (ii) models to detect fraudulent credit card transactions, (iii) prediction of diseases in the medical diagnosis field.
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