What Is Data Mining

question 16

Multiple Choice

What is data mining?

• A) The analysis of the structure of product, service and information flows and the role of the participating parties
• B) Hunting through files and paper records to establish a knowledge management system
• C) Evaluating the key value and cost drivers which most influence the cash generation capability of an organisation
• D) The process of finding trends, patterns and connections in data in order to inform and improve competitive performance

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Definitions:

Zero-inflation

A situation where the price level of goods and services remains constant over time, indicating an absence of inflation in the economy.

Phillips Curve

An economic concept that describes an inverse relationship between rates of unemployment and corresponding rates of inflation, suggesting that higher inflation is associated with lower unemployment and vice versa.

1970s

A decade marked by significant events including economic turmoil, the oil crisis, social movements, and the Cold War's continuing tension.

Price Expectations

The beliefs or forecasts that consumers and producers have regarding future prices, which can influence their economic decisions.