By Richard Boire (auth.)
Big facts is a transforming into company development, yet there little suggestion to be had on the best way to use it essentially. Written by means of a knowledge mining professional with over 30 years of expertise, this booklet makes use of case reports to aid retailers, model managers and IT pros know how to seize and degree info for advertising and marketing purposes.
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Extra info for Data Mining for Managers: How to Use Data (Big and Small) to Solve Business Challenges
This would be no problem if the variable was continuous, such as income or spending. But in this case, the data format is character, namely, a product SKU, which is the typical most granular product level detail. Analysts must treat each outcome as a yes/no variable (all 3,000 outcomes become yes/no variables) where a yes is coded as 1 (presence of product SKU) and no is coded as 0 (no product SKU). What does this mean? 03%. The use of binary variables in this scenario would be meaningless in any future data mining exercise because there are C r e at i o n o f t h e A n a ly t i c a l F i l e 47 too few 1s and too many 0s.
Although this example may seem simplistic to produce, it is important to remember that simplicity is essential in conducting these types of analyses. While producing these spreadsheets, metrics or measures need to be determined that are affected by the program and that are truly incremental. As seen from the above spreadsheet, what-if sensitivity analyses can be very useful in revealing the range of results that could be achieved based on different scenarios. In this example, the results can range from $32K at 1% improved retention rate to $954K at 5% improved retention rate.
Information pertaining to individuals is collected when consumers fill out a lengthy survey in return for coupons that can be redeemed to purchase more products at a discount. Other individuallevel sources for acquisition contain information relating to consumers’’ magazine purchase habits. Here, the information concerning magazine purchase behavior is compiled into a magazine category. The actual fields of data then reveal the recency, frequency, and value of purchases in an overall magazine category.
Data Mining for Managers: How to Use Data (Big and Small) to Solve Business Challenges by Richard Boire (auth.)