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A data mining algorithm is a set of heuristics and calculations that creates a data mining model from data. To create a model, the algorithm first analyzes the data you provide, looking for specific types of patterns or trends. The algorithm uses the results of this analysis to define the optimal parameters for creating the mining model. These parameters are then applied across the entire data set to extract actionable patterns and detailed statistics. Topics like data pre-processing , Data security , Mining algorithm.
The American Statistical Association is the world’s largest community of statisticians, the "Big Tent for Statistics." The ASA supports excellence in the development, application, and dissemination of statistical science through meetings, publications, membership services, education, accreditation, and advocacy. Our members serve in industry, government, and academia in more than 90 countries, advancing research and promoting sound statistical practice to inform public policy and improve human welfare.
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Scope and Importance :
The mining model that an algorithm creates from your data can take various forms, including:
• A set of clusters that describe how the cases in a dataset are related.
• A decision tree that predicts an outcome, and describes how different criteria affect that outcome.
• A mathematical model that forecasts sales.
• A set of rules that describe how products are grouped together in a transaction, and the probabilities that products are purchased together.
Market Analysis :
The Mining algorithm market has been achieving strong revenues. The Global Market Statistics shows that it has reached a revenue height of 5.49 USD (billion), 9.15 USD (billion) and 3.12 USD (billion) for services, hardware and software, respectively for the year 2013. The global market statistic also shows a revenue forecast for the global big data market from 2011 to 2017. For 2016, the source projects the global big data market is predicted to grow to more than 45 billion U.S. dollars in revenue.
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This page was last updated on 12th Sep, 2015
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