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Chapter 22: Data Mining
Nowadays, most businesses and firms have to deal with large databases. Electronic sales transactions systems, data warehouses and databases all contribute to the increasing availability of large amounts of digital, easily accessible data, with rich knowledge potential. Simultaneously, the increasing competitiveness both at the local and global level makes knowledge a valuable asset for management. In the current context, the role played by data mining is critical, since it offers new possibilities for knowledge extraction from large databases, contributing to better business understanding and supporting decisions in a highly competitive environment.
Data mining or the discovery stage of KDD (knowledge discovery from databases) has been defined as the ‘nontrivial extraction of implicit, previously unknown and potentially useful information from data’ (Frawley et al., 1992). ...