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Data Mining Models by David L. Olson

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CHAPTER 1

Data Mining in Business

Introduction

Data mining refers to the analysis of large quantities of data that are stored in computers. Bar coding has made checkout very convenient for us and provides retail establishments with masses of data. Grocery stores and other retail stores are able to quickly process our purchases and use computers to accurately determine the product prices. These same computers can help the stores with their inventory management, by instantaneously determining the quantity of items of each product on hand. Computers allow the store’s accounting system to more accurately measure costs and determine the profit that store stockholders are concerned about. All of this information is available based on the bar coding ...

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