Which of the following is a data mining approach for decision making?
A) Classification
B) Estimation
C) Affinity grouping
D) All of the above

Question

Quizplus · Accepted Answer

All of the above - Classification, Estimation, and Affinity grouping - are data mining approaches for decision making.

Classification involves categorizing data into pre-defined classes or categories. For example, classifying customers into groups based on their purchasing behavior.

Estimation involves predicting numerical values, such as sales revenue or product demand, based on historical data and other variables.

Affinity grouping involves identifying groups of items or products that are frequently purchased together, such as bread and milk, or beer and chips. This information can be used to suggest cross-selling opportunities or to optimize product placement in a store.

All three approaches can provide valuable insights and help inform business decision making.

Which of the Following Is a Data Mining Approach for Decision