1. Define data mining. Why are there many names and definitions for data mining?
2. What are the main reasons for the recent popularity of data mining?
3. Discuss what an organization should consider before making a decision to purchase data mining software.
4. Distinguish data mining from other analytical tools and techniques.
5. Discuss the main data mining methods. What are the fundamental differences among them?
Exercise question: 2. Go to teradatauniversitynetwork.com. Locate Web seminars related to data mining. In particular, locate and watch a seminar given by C. Imhoff and T. Zouqes. Then answer the following questions:
a. What are some of the interesting applications of data mining?
b. What types of payoffs and costs can organizations expect from data mining initiatives?