Contents
INTRODUCTION
Data mining is mmnl rfrrd t as knowledge discovery wthn databases. It about ftng thrugh mv dtt t unvr ttrn, trnd, nd thr truth but dt that arent ntll visible ung machine lrnng, ttt, nd database tm.
While this trm rltvl nw (frt nd n th 1990), t bmng mr mmn rgnztn r all ndutr r ung t to gain furthr insight but how they can bttr thr bun.
A lt g into undrtndng a complex topic lk dt mnng, and vn more goes nt hw h industry bl t use t t nr rvnu, ut t, improve rltnh with customers, nd muh more.
Th rult f dt mnng r nlzd, ttd, and ld t rh a lutn in th frm f dt nlt. In hrt, dt mnng is kn t fndng a ndl in a haystack. Dt mnng ndutd ung mhn lrnng ftwr tht dvr lgrthm and ttt. Th methods hl reduce noise n databases to xtrt useful nfrmtn.
Th vrll fundtn tht mk up data mnng three ntf dln. Frt, thr statistics, which th tud f numr dt rltnh. Then thr rtfl ntllgn, the human-like ntllgn tht ftwr nd m mhn display. Finally, dt mnng also u mhn learning, which is th lgrthm ud to lrn frm th dt nd mk accurate predictions.
It n the bt ntrt f your company t hk out th t f mhn learning software n the market tht you n utlz t mrv r ffn and effectiveness, d u analysis, nd mbd rtfl intelligence within th ltn.
Th r f dt mnng nt f xlrng and analyzing large um f nfrmtn wth th ntntn of discovering mnngful patterns nd trnd. An organization will llt dt and load t nt a data warehouse. This dt wll b trd nd mngd either n n-hu rvr or the lud. Dt vulztn tl use th t t xlr th rrt of th dt to nur t will hl achieve th goals of th business.
Gthr th business nlt, mngmnt tm, nd nfrmtn technology rfnl t ur organization t the dt and determine th w theyd lk t rgnz t. Application software tl wll rt the dt bd n th results nd will u data modeling nd mthmtl mdl t fnd ttrn in the dt.
CHAPTER ONE
A bun is n ntt that frmd in rdr to rr out tvt for the ur f gnrtng rvnu. It involves mngng l t rgnz nd mntn a lltv ffrt toward mlhng a rtulr rtv or rdutv gl. Th trm m refer to gnrl commercial, professional, or ndutrl activity. The singular ug of th trm refers t a rtulr company r corporation, whrn individuals organize bd n xrt and kll t brng about l or thnlgl advancement. The gnrlzd ug refers to a particular market tr, "the computer bun" r "the business mmunt," nd th rtulr community f suppliers f vru gd nd rv. Wth m xtn, such as rtv, nn-rft organizations, and vru gvrnmnt institutions, businesses are formed t earn rft nd nr th rnl wealth of thr wnr n xhng for thr wrk nd xn f tm, nrg, nd money.
In ddtn t different types f tvt, uh as mnufturng, service, rtl, and forth, there r l vru forms of bun rgnztn, wth different lgl hrtrt. As human t h moved twrd increasing glblztn thr have bn significant impacts n the world of bun. One f th gnfnt mt is the interface wth th, as dng business in dffrnt rt f th wrld hllng those involved t respond appropriately t mr thn n t of cultural nd lgl expectations.
T f bun tn
Businesses are ntt formed for th ur f rrng on mmrl ntrr. Suh organizations r often tblhd v legal tm that recognize rtn ntrt, property rights, and rdutn mrgr. Generally, there are fv mn t f business unt recognized:
Sl Prrtrh: A l rrtrh, r ndvdul proprietorship, is a business wnd b a ngl rn. The owner m operate ln r m employ thr, but rtn all th rft nd ttl nd unlmtd rnl liability fr th dbt nurrd b th bun.
Prtnrh: A rtnrh is a form f bun n which tw r mr people rt fr the mmn goal of making rft. Th may rv dffrnt shares of th rft, depending n thr nvtmnt r ntrbutn. Eh rtnr h ttl and unlimited rnl lblt of th debts nurrd b th partnership.
Crtv Business: A cooperative bun, or - business, uses n integrated business structure with members of the - hrng dn-mkng uthrt, rft, and lblt fr dbt. C- nrmll fll nt thr types and include numr -, producer co-ops, nd worker-owned mn.
Private Lmtd Company: Prvt lmtd mn are mll- to mdum-zd businesses tht r ftn run b a fml r mll gru of wnr. Owners nd mngr draw lr and r nl liable fr th business u to th munt tht th have invested n the mn, nd are nt liable for th dbt incurred by th mn unl gnng a rnl gurnt.
Public Limited Cmn: A ubl limited mn nlud any bun wth lmtd lblt nd a wd spread of hrhldr. Ownr and mngr r hrd b nd rv salaries frm the legal nrrtd entity tht constitutes th bun. They r nl lbl fr th bun u to the amount they hv nvtd n th mn, nd r not lbl fr th debts incurred b th mn unless gnng a rnl guarantee. In th Untd Stt, n "lmtd mn" can l b knwn a corporation r limited lblt company.
Bun lftn
Bun n b lfd n many ways. On of the mt mmn dtntn focuses n th rmr rft-gnrtng tvt f a business. Such classifications can nlud information bun, which gnrt profits rmrl frm the resale f ntlltul rrt, nd utlt businesses, whh ffr ubl rv uh as ht, electricity, r wg trtmnt. The uthrttv list f bun t fr Nrth America ntnd wthn th Nrth American Indutr Clftn Stm (NAICS). Th uvlnt Eurn Union list th NACE. Th mt common frm f business subdivisions are dtld blw:
Manufacturing
Mnufturr rdu rdut, from raw mtrl r component parts, whh they then ll at a rft. Cmn tht mk physical gd, uh r, mutr, r lthng, r ndrd manufacturers.
Srv
Service bun offer ntngbl goods or rv and typically gnrt a rft b hrgng fr their lbr. Inm is rdud b th rendering f rnl rv. Service businesses can nlud hm repair, education, dnttr, accounting, nd plumbing bun.
Rtlng
Retailers and dtrbutr t as mddlmn in mkng goods produced b mnufturr vlbl to th ntndd consumer, generating a rft as a rult f rvdng sales or distribution rv. Mt numr-rntd tr, nludng hn tr, drtmnt tr, as wll as mail-order bun r dtrbutr or rtlr.
Fnnl
Fnnl bun include bnk nd thr mn that gnrt rft thrugh th nvtmnt and mngmnt f tl.
Frnhng
Franchising a form f bun in which an ndvdul or mll bun, known a "franchisee," gvn th right to u th identity, and ll th rdut r rv of, nthr firm known th "franchisor." Th hn of u fr th frnh r high n the business lrd tblhd nd uful, but a mll rtn f th rft mut g t the franchising mn. Many ulr "fast-food" rturnt r frnh.
Bun management
The study f th ffnt and fftv operation of a bun is lld mngmnt. The main branches of mngmnt n nlud financial mngmnt, mrktng mngmnt, human rur mngmnt, trtg mngmnt, rdutn management, customer service mngmnt, information technology mngmnt, nd bun ntllgn.
Th mlt form of bun t mng the partnership. Undr bun rtnrh, h rtnr nvlvd n th mngmnt f the frm business unless rgnzd a limited rtnr. The management f rrtn ftn allows fr company shareholders t lt a brd f drtr responsible fr the mngmnt of th frm affairs v mjrt rul. Under uh rgnztnl schemes, gnrl mngr are ftn ltd. Othr tn m nlud a bun rdnt, vice rdnt, trurr, or rtr.
Publ investment ftn a lrg ur f funding fr nw r expanding business rtn. Bun growth ntt nrd fundng and a lrgr numbr f mn hrhldr. In large Amrn companies, the number f bun shareholders m xd mr thn 100,000. Thugh a lrg munt f mn hr m b hld by n individual f great wlth, the total amount f lrg company tk often large tht vn th wltht f hrhldr wll hld no mr than a frtn of th ttl available shares. Shrhldr lw rtn th tn t sell their hr; f enough shareholders do so, the price of the mn tk may drt. Company mngr often seek t appease th majority of mn stockholders in order t mntn price levels and r tl thrugh th issue f nw stock. In tm f business hrdh, a company may be mrgd into a mr successful mn n rdr t avoid bnkrut. Bun n also b bught nd ld. Business wnr ftn rfr t plans of bun disposal as exit ln.
Many businesses vlv n response t hngng mrkt. Frm tht rv different mrkt xhbt grt dffrn n thnlg, trutur, and bun practices. Crrtn are ftn undr mttv pressures t mdf, rnvnt, r rdvr products that wll nr consumer demand nd mrv nnul rvnu. Successful bun management often focuses n tbl rdutmrkt rltnh t ftr nm grwth and mrkt dvlmnt. Suh rltv market ntrl endows rrt executives nd officers wth ndrbl drtn vr rur nd, in turn, wth ndrbl mrkt powers.
