Data Mining Theory Essay Example | Topics and Well Written Essays - 2000 words

Data Mining Theory - Essay Example Moreover, data mining methods and techniques are helpful for the companies to take actions against business queries that usually were prolonged to determine. They polish databases for unknown models, discovering analytical information that professionals can overlook for the reason that it resides external to their prospects (Thearling), (Berson, Smith and Thearling) and (Chen and Hu). In addition, classification and clustering analysis are two well-known data mining methods for discovering secret structures in large volume of data. On the other hand, classification and clustering are frequently known as identical, but actually they are dissimilar analytical techniques (Colet). This paper presents a detailed analysis of different data mining classification approaches. These classification techniques include Decision tree induction, Bayesian classification (Naive Bayes), Support Vectors Machines (SVM) and Lazy Learners (k-NN). 1- Introduction The one of the most useful techniques of da ta mining is classification that is a machine learning method employed to forecast cluster association for data samples. For instance, we can desire to utilize classification to forecast whether the weather of a specific week’s day will be â€Å"damp†, â€Å"bright† or â€Å"overcast†. Well-known classification methods comprise decision trees as well as neural networks (Chapple). Additionally, the technique of classification is a dissimilar from clustering technique. Though, the classification is related to clustering because it as well slices customer records into distinct sections known as classes. However, as compared to clustering, a classification analysis necessitates that the end-user/forecaster be acquainted with in advance how data and information classes are described. For instance, classes could be described to signify the probability that a client evades on a loan, and his answer could encompass (No/ Yes). In addition, it is essential that eve ry business record in the dataset utilized to develop the classifier previously encompassed a value for the aspect or attribute applied to describe the classes. For the reason that every business database record has a value intended for the attribute utilized to describe the classes, as well as for the reason that the end-user makes a decision on the attribute to utilize. Moreover, the classification is a great deal less investigative as compared to clustering method. On the other hand, the purpose of a classifier is not to discover the data to find out remarkable sections, however rather to make a decision how novel records should be classified, for example, if is this fresh customer likely to fail to pay on the loan he/she might borrow? (Colet) and (Berson, Smith and Thearling) This paper will outline the comparison of four data mining classification techniques including Decision tree induction, Bayesian classification (Naive Bayes), Support Vectors Machines (SVM) and Lazy Learner s (k-NN). This paper will also suggest the most effective technique for the better data assessment and analysis. 2- Problem Situation and Motivation Data mining and classification techniques are utilized by means of different algorithms, and the particular algorithm utilized in this scenario is able to influence the means records are grouped as well as classified. In

Supply and Demand Essay Example | Topics and Well Written Essays - 250 words

Supply and Demand - Essay Example The law of demand in economics states that with all aspects (tastes, expectation, and income) held constant; highly priced commodity will have a low demand (D1). Whereas, that of supply argues that with an increase in supply, the price (P1) of commodity will significantly reduce. An increase in demand (D2) along the curve of supply results to increase in the price (P2) of commodity; and a higher equilibrium quantity. Similarly, a reduction in the level of supply (S1) leads to a shift of the demand curve; to a high price on the equilibrium and a reduced equilibrium quantity. Efficient market theory refers to an analysis in a free market system regarding behavior of prices. It is tasked with the responsibility of determining whether prices accurately reveal essential information; necessary in determining the proper allocation of limited resources among diverse uses (Slee, 2011). Surplus implies that the capacity in demand is lesser than that supplied; whereas shortage exists when the quantity demanded is lesser than that supplied. In addition, in a situation where surplus exist there will be a constant drop of prices; similarly, shortage influences increased pricing (Market Equilibrium