Data Mining for Managers

Data Mining for Managers

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In today's business and marketing worlds, there's big talk about big data. As companies' capacities to amass information continue to grow and improve, the process of mining the data has become more and more vital. All are abuzz about data mining's importance and potentiala€”and for good reasona€”but the field is still in its infancy, and there's an urgent need to spread and grow the skills, know-how, and strategies to best optimize data mining's results. In Data Mining for Managers, industry-veteran Richard Boire provides streamlined insights and techniques for making the most of the masses of information and mining techniques that technology has enabled. Chock-full of engaging stories and case studies involving some of the world's top companies, Data Mining for Managers sets itself apart in more ways than one. A guide for business managers who need to understand the concepts of data mining as well as the potential it has for providing strategic guidance, Boire delivers a uniquely simple, 4-step process for identifying when data mining is the appropriate tool and then designing, implementing, and measuring your mining. Through hands-on analysis of best practices, Data Mining for Managers demonstrates how to interpret your results into actionable learning and target your mining to achieve appropriate business solutionsa€”solutions that lead directly to optimized customer ROI and other tangible results. Boire also takes pains to outline the common pitfalls of data mining and detail vital approaches for sidestepping them. Among other warnings, he advises managers about the investment in intellectual capital required for effective data mining, urging them against focusing solely on technology and unenlightened, de-contextualized numbers analysis. Data Mining for Managers is a book for marketers, IT professionals, analysts, and anyone else who wants to ride the revolution of big dataa€”not just get swept along by it. It's an invaluable handbook for those looking to learn more about how to convert data mining into actionable insights and business solutions.For instance, a credit card company may want to acquire the most cost-effective prospects. ... to build a solution that optimizes both gross response rate ( marketing cost per card) and approval rate (operations cost per new card). Yet, a further dilemma may be a high level of attrition in the first 6 months after acquiring the card.

Title:Data Mining for Managers
Author: Richard Boire
Publisher:Palgrave Macmillan - 2014-11-18

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