ISDS 2001 : ISDS Test 4
15 Mar 2019
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Document Summary
Data mining: the nontrivial process of identifying valid, novel, potentially useful, and ultimately understandable patterns in data stored in structured databases. Fayyad et al. , (1996: valid - the discovered patterns should hold true on new data, novel - previously unknown patterns are discovered, potentially useful - results should lead to some business benefit, other names: knowledge discovery. Data mining characteristics: data is the most critical ingredient for dm which may include soft/unstructured data, the miner is often an end user, striking it rich requires creative thinking. Smarter insurance: infinity p&c improves customer service and combats fraud with. Used data mining and predictive analytics to fast-track four and close cases quickly: what were the challenges, the proposed solution, and the obtained results. Results: improved customer service, combat fraud, and increase profit (higher roi) Simple taxonomy of data: categorical data, nominal data simple codes assigned as labels. Married, or d-divorced: ordinal data codes assigned as rank order.
