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83. The annual revenue of an international company is correlated with other attributes like advertisement, exchange rate, inﬂation rate etc. Having these values (or their reliable estimations for the next year) the company have to calculate its expected revenue for the next year. Choose the appropriate data mining task for this business problem.
What do you mean by Data Mining?
In order to find associations and patterns that may be used to address business problems through data analysis, massive data sets are processed using a process called data mining. Companies can estimate future trends and make more effective business decisions by using data mining methods and technologies.
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Where Data Mining is used?
Numerous industries, including marketing, business, administration, research and development, education, and medicine, utilize data mining. By offering businesses more knowledge about their clients and assisting in the development of more effective marketing strategies, data mining may provide them a considerable advantage over business competitors by growing revenue while also lowering expenditures.
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What are the benefits of Data Mining?
It supports companies in acquiring accurate information. Compared to other data applications, it is a productive and economical solution. Businesses may modify their processes and products in a beneficial way thanks to it. Fresh and ancient systems are both used in data mining. It contributes to the educated decision-making of organizations
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What is a Data Mining algorithm?
An algorithm is a group of procedures and strategies used in data mining also known as machine learning. It is widely used to generate a model from data. The algorithm initially analyzes the data you provide, searching for specific types of themes or patterns before developing a model.
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What are the trends in data Mining?
Data Mining depends on advanced algorithms that permit the discovery of multiple themes and developments, the observation of deviations, and the assessment of the chances of specific things happening.
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