In this assignment, you will analyze current data mining practices and evaluate the pros and cons of data mining. You will research an example of a company that has successfully practiced data mining to forecast the market and a company that could not leverage data mining effectively to forecast the market.
In your paper,
Discuss the industry standards for data mining best practices.
Identify pitfalls in data mining, including practices that should be avoided.
Provide an example of a company that has successfully practiced data mining to forecast the market.
Explain the company’s forecasting model.
Describe how they deployed these data mining practices, the insights they gleaned, and the outcomes they achieved.
Provide an example of a company that experienced a failure in data mining that led to an incorrect market forecast.
Explain the company’s forecasting model.
What pitfalls did the organization fall into?
Explain which data mining best practice(s) they could have implemented instead to avoid this failure.