AFM341 Chapter Notes - Chapter 9: Us Airways, Web Crawler, American Airlines

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM341
• Professor: Jee Hae Lim

Document Summary

Key disadvantage: can be quickly obsolete with outdated data unless data is continuously updated with internal and external databases as time passes. Business intelligence is a computer-based technique for accumulating and analyzing data from databases and data warehouses to support managerial decision making. 3 steps for business intelligence: gather information from a variety of sources, analyze patterns and trends from that information to gain understanding, make decisions based on the information gained. Use a web crawler (browse internet in systematic way to collect information) Data mining is one technique used to analyze data for business intelligence purposes. Challenge: making sure results are reasonable: ex. Data mining may find statistical correlation between 2 data items when it may not have a plausible relationship in the real world: data mining will only find statistical relationships and some of them represent spurious correlations.