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01. BA and DM: Overview

Unit topics

  • What is Data Mining?
  • Examples of BA Applications
  • Explaining vs. Predicting
  • Data Mining vs. Statistical Inference
  • Types of Data Mining Problems
  • The Data Mining Process
  • The concept of "Holdout Data"

Step #1: Watch the videos

Video 1.1: Examples of business analytics implementations (12 min)
Video 1.2: Data mining in a nutshell (11 min)
Video 1.3: Data partitioning and performance evaluation (6 min)

Step #2: Read in the textbook

First/Indian:
Chapters 1-2
Second Edition:
Chapters 1-2

Step #3: Discuss on the forum

Consider the recent Target saga, where data mining was used to generate offers for pregnant women.
  • What was the business goal?
  • What was the data mining goal?
  • The data used: What was a record and what were measurements for a record?
  • Is this an example of supervised or unsupervised learning?