3. Data, Information &
Knowledge
■ Data: The most elementary descriptions of things,
events , activities and transactions.
■ Information: Organized data that has meaning and
value.
■ Knowledge: The concept of understanding
information based with recognized patterns in a way that
provides insight to information.
4. What is Data Mining?
■ Data mining is a process of extracting and
discovering patterns in large data sets involving
methods at the intersection of machine
learning, statistics, and database systems.
6. Why Data Mining?
Data mining is easier to understand if you imagine the
process of mining valuable earth resources like gold or
diamonds. Just like in mining for minerals, the goal of data
mining is to extract the most valuable pieces of information
from outstandingly large data sets.
Why people are so interested in data mining?
The answer is simple, it opens many opportunities for business,
because it has predictive and descriptive powers; thus, it is the
technology that can predict the future and make it profitable.
A predictive power implies usage of different features to predict
the value of a certain feature, and thus, find one or a few
patterns that would be interesting, useful, and will possess
a descriptive power.