Applications of Data Mining
Data mining technologies can be applied to a large variety of decision-making con-texts in business. In particular, areas of significant payoffs are expected to include the following:
Marketing. Applications include analysis of consumer behavior based on buying patterns; determination of marketing strategies including advertising, store location, and targeted mailing; segmentation of customers, stores, or products; and design of catalogs, store layouts, and advertising campaigns.
Finance. Applications include analysis of creditworthiness of clients, segmentation of account receivables, performance analysis of finance investments like stocks, bonds, and mutual funds; evaluation of financing options; and fraud detection.
Manufacturing. Applications involve optimization of resources like machines, manpower, and materials; and optimal design of manufacturing processes, shop-floor layouts, and product design, such as for automobiles based on customer requirements.
Health Care. Applications include discovery of patterns in radiological images, analysis of microarray (gene-chip) experimental data to cluster genes and to relate to symptoms or diseases, analysis of side effects of drugs and effectiveness of certain treatments, optimization of processes within a hospi-tal, and the relationship of patient wellness data with doctor qualifications.
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