In short
Data mining discovers patterns, relationships and anomalies in large datasets using statistical and machine learning techniques, such as classification, clustering and association rules.
Key takeaways
- Clustering groups similar items, for example customers with similar buying habits.
- Searching many variables can find chance patterns that don't hold up.
- Results should be validated on data not used to find them.
Where it's tested
BAR: Data Analytics for Accounting — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
An analyst builds a model that recommends the optimal inventory reorder quantity for each SKU based on demand forecasts and carrying costs. What type of analytics is this?