Question

Discuss the uses of data mining

1. Healthcare
2. Finance
3. Retail and e-commerce

Answer 1

The intent behind data mining, whether it is utilized in medical or perhaps business, is always to figure out helpful and comprehensible patterns by examining sizable sets of data. These data models assist in anticipating market or information trends and subsequently help in figuring out what to do pertaining to them.The intent behind data mining, whether it is utilized in medical or perhaps business, is always to figure out helpful and comprehensible patterns by examining sizable sets of data. These data models assist in anticipating market or information trends and subsequently help in figuring out what to do pertaining to them.

a)

One of the most prominent examples of data mining use in healthcare is detection and prevention of fraud and abuse. In this area, data mining techniques involve establishing normal patterns, identifying unusual patterns of medical claims by healthcare providers (clinics, doctors, labs, etc).

Data mining can help in obtaining patterns in different treatment methodologies which are working better than others.

b)

Avery obvious use is to predict future market changes.

Actuaries use data mining along with actuarial techniques to mitigate financial risk emerging from catastrophic events such as floods , cyclones , earthquakes etc.

Banks can use data mining to examine pattern of defaulters on loans if any exits.

Economists use large scale time series data to get composite indices for calculation and prediction of national incomes and helps government in managing fiscal and monetary policies.

c) we all know recommendation we get from e-commerce sites for related products.Sometimes they might be annoying but sometimes they prove beneficial.although recommender system works on machine learning but to learn something over the period it needs lot of data and there data mining helps.

Data mining techniques also helps ecommerce and big retailers to predict the inventory they need to meet upcoming demand based on past data. It also helps them to to compare the price level for different goods so that they can have their own best price to offer.

There are so many uses of data mining these are some of them.

I would suggest you to go through online information to get better understanding.

Please upvote If I am able to help you.

thanks