What Makes Data Mining an Important Business Tool? What Types

question 28

Essay

What makes data mining an important business tool? What types of information does data mining produce? In what type of circumstance would you advise a company to use data mining?

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Definitions:

Intermediate Product

Goods that are used in the production process to make other goods, rather than being bought by consumers.

National Income Accountants

Specialists who compile national accounts, a system of accounts that provides detailed information on the economic activities and output of a nation, such as GDP, national income, and expenditure.

Material Well-being

A measure of the quantity and quality of goods and services available to an individual or society.

Net Investment

Gross investment minus depreciation.