Data mining overview
In MicroStrategy, predictive analysis is a subset of Data Mining Services; we cannot do predictive analysis well without knowing the basics of data mining. In this section, we will learn some basics.
Purpose of data mining
The purpose of data mining is to discover useful information from the data, to help us make better business decisions. Data mining is also about automation, reusable methods, and time saving. We want to implement a pre-built model into our database and automate the use of mathematical and statistical processes to predict future outcomes, in short, to build an automated predictive mechanism. Examples include instant credit scoring, fraud detection, marketing campaign management, interactive marketing, market basket analysis, failure rate prediction, and so on.
Limitations of data mining
First, data mining reveals patterns, but we are responsible for deciding how valuable these patterns are. Second, data quality affects model quality; poor data will produce...
