VU MTH302 - All Subjective Solved Past Papers 2023 - Business Mathematics & Statistics

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Data Mining

Data mining is also known as Knowledge-Discovery in Databases (KDD). Put simply it is the processing of the data warehouse. It is a process of automatically searching large volumes of data for patterns. The purpose is to uncover patterns and relationships contained within the business activity and history and predict future behavior. Data mining has become an important part of customer relationship management (CRM).

Example of Data Mining

Consider a retail sales department. Data mining system may infer from routine transactions that customers take interests in buying trousers of a particular kind in a particular season. Hence, it can make a correlation between the customer and his buying habits by using the frequency of his/her purchases. The marketing department will lo at this information and may forecast a possible clientele for matching shirts. The sales department may start a departmental campaign to sell the shirts to buyers of trousers through direct mail, electronic or otherwise. In this case, the data mining system generated predictions or estimates about the customer that was previously unknown to the company.

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Phases of decision-making process are:

Intelligence

searching for conditions in the environment that call for decision so

Design

inventing, developing, and analyzing possible courses of action

Choice

selecting a course of action from those available

Implementation

implementing the selected course of action

Monitoring

checking the consequences of the decision made after implementationThe

Intelligence Phase

Scan the environment to identify problem situations or opportunities. Conditions that call for decisions are identified.

Typical Activities include

1. Country Risk based on following
2. Country credit rating
3. Transparency
4. Corruption
5. Facilities for one window operation (levels of bureaucracy)
6. SRO Culture
7. Govt. Policy
8. Law & Order
9. Exchange rates

For instance, international banks while entering into country make assessment of exposure and thus limit the maximum number of transactions the bank can undertake.

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Type of Decisions

All problems require decision making, however the nature of problem determines how it should be approached. The decision making process There are three types of decisions

1. Unstructured decisions are those in which the decision maker must provide judgment, evaluation, and insights into the problem definition.
2. Structure decisions , by contrast, are repetitive and routine and involve a definite procedure for handling them so that they do not have to be treated each time as if they were new.
3. Some decisions are semi structured; in such cases, only part of the problem has a clear-cut answer provided by an accepted procedure.

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