What Are Some of the Obstacles to Developing Data-Mining Applications

question 61

Essay

What are some of the obstacles to developing data-mining applications in the real world? Does this mean that data-mining projects should be avoided?

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Definitions:

Complex Interdependence

Complex interdependence reflects a situation in international relations where states and their fortunes are interconnected through multiple channels, diminishing the relevance of military power.

Oligopolistic Firms

Companies operating in a market structure characterized by a few dominant firms, with significant control over their pricing and market strategies.

Price Competition

A market situation where businesses attempt to attract customers by undercutting each other's prices.

Market Structure

Describes the competitive environment of a market, characterized by factors such as number of firms, product differentiation, and ease of entry.