Imagine that you are a business owner with a couple of years’ worth of data. You have monthly sales figures, your monthly marketing budget, a rough estimate of the monthly marketing budget for your major competitors, and a few other similar variables. You desperately want this data to tell you something. Not only that, you are sure it can give you some business insights if you know more. But what exactly can the data tell you? And once you have a clue what the data might tell you, how do you get to that information?
Really large companies have sophisticated computer software to do data mining. Data mining refers to extracting or “mining” knowledge from large amounts of data.1 Stated another way, data mining is the process of analyzing ...
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