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Data mining is the process of discovering previously unknown, actionable and profitable information from large consolidated databases and using it to support tactical and strategic business decisions through statistical analysis such as, linear and logistic regression, multivariate analysis, principal components analysis, decision trees and neural networks.
Data mining consists of five major elements:
- Store and manage the data in a multidimensional database system.
- Provide data access to business analysts and information technology professionals.
- Analyze the data by application software.
- Present the data in a useful format, such as a graph or table.
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