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Data reduction is the transformation of numerical or alphabetical digital information derived empirically or experimentally into a corrected, ordered, and simplified form. . The purpose of data reduction can be two-fold: reduce the number of data records by eliminating invalid data or produce summary data and statistics at different aggregation levels for various applications
Instance selection (or dataset reduction, or dataset condensation) is an important data pre-processing step that can be applied in many machine learning (or data mining) tasks. [1] Approaches for instance selection can be applied for reducing the original dataset to a manageable volume, leading to a reduction of the computational resources that ...
Data management comprises all disciplines related to handling data as a valuable resource, it is the practice of managing an organization's data so it can be analyzed for decision making. [ 1 ] Concept
Data mining is a particular data analysis technique that focuses on statistical modeling and knowledge discovery for predictive rather than purely descriptive purposes, while business intelligence covers data analysis that relies heavily on aggregation, focusing mainly on business information. [4]
Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. [1] Common functions of BI technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text ...
The difference between data analysis and data mining is that data analysis is used to test models and hypotheses on the dataset, e.g., analyzing the effectiveness of a marketing campaign, regardless of the amount of data. In contrast, data mining uses machine learning and statistical models to uncover clandestine or hidden patterns in a large ...
Additionally, organizational performance management data-mining and analytics applications help firms translate company-level goals, such as profit and sales targets, into operational decisions, as workers KPI and required measured effort levels. [7] Market basket analysis has been used to identify the purchase patterns of the Alpha Consumer ...
Predictive analytics statistical techniques include data modeling, machine learning, AI, deep learning algorithms and data mining. Often the unknown event of interest is in the future, but predictive analytics can be applied to any type of unknown whether it be in the past, present or future.