Proposal of Analytical Model for Business Problems Solving in Big Data Environment

Web Services ◽  
2019 ◽  
pp. 618-638
Author(s):  
Goran Klepac ◽  
Kristi L. Berg

This chapter proposes a new analytical approach that consolidates the traditional analytical approach for solving problems such as churn detection, fraud detection, building predictive models, segmentation modeling with data sources, and analytical techniques from the big data area. Presented are solutions offering a structured approach for the integration of different concepts into one, which helps analysts as well as managers to use potentials from different areas in a systematic way. By using this concept, companies have the opportunity to introduce big data potential in everyday data mining projects. As is visible from the chapter, neglecting big data potentials results often with incomplete analytical results, which imply incomplete information for business decisions and can imply bad business decisions. The chapter also provides suggestions on how to recognize useful data sources from the big data area and how to analyze them along with traditional data sources for achieving more qualitative information for business decisions.

Author(s):  
Goran Klepac ◽  
Kristi L. Berg

This chapter proposes a new analytical approach that consolidates the traditional analytical approach for solving problems such as churn detection, fraud detection, building predictive models, segmentation modeling with data sources, and analytical techniques from the big data area. Presented are solutions offering a structured approach for the integration of different concepts into one, which helps analysts as well as managers to use potentials from different areas in a systematic way. By using this concept, companies have the opportunity to introduce big data potential in everyday data mining projects. As is visible from the chapter, neglecting big data potentials results often with incomplete analytical results, which imply incomplete information for business decisions and can imply bad business decisions. The chapter also provides suggestions on how to recognize useful data sources from the big data area and how to analyze them along with traditional data sources for achieving more qualitative information for business decisions.


High volumes and varieties of data is piling every day from healthcare and related fields. This big data sources if managed and analysed properly will provide vital knowledge. Data mining and data analytics have been playing an important role in extracting useful information from healthcare and related data sources. The knowledge extracted from these data sources guiding patients and healthcare personnel towards improved health conditions. Analytical techniques from statistics, functionalities from data mining and machine learning already proved their capability with significant contributions to healthcare industry. The dominant functionality of data mining is classification which has been in use in mining healthcare data. Though classification is a good learning technique it may not provide a causation model which will be a reliable model for better decision making particularly in the medical field. The present models for causality have limitations in terms of scalability and reliability. The present study is targeted to study causal models for causal relationship mining. This study tried to conclude with some proposals for causal relationship discovery which are efficient, reliable and scalable. The proposed model is going to make use of some qualities of decision trees along with statistical tests and analytics. It is proposed to build the learning models on healthcare big data sources.


2011 ◽  
pp. 1323-1331
Author(s):  
Jeffrey W. Seifert

A significant amount of attention appears to be focusing on how to better collect, analyze, and disseminate information. In doing so, technology is commonly and increasingly looked upon as both a tool, and, in some cases, a substitute, for human resources. One such technology that is playing a prominent role in homeland security initiatives is data mining. Similar to the concept of homeland security, while data mining is widely mentioned in a growing number of bills, laws, reports, and other policy documents, an agreed upon definition or conceptualization of data mining appears to be generally lacking within the policy community (Relyea, 2002). While data mining initiatives are usually purported to provide insightful, carefully constructed analysis, at various times data mining itself is alternatively described as a technology, a process, and/or a productivity tool. In other words, data mining, or factual data analysis, or predictive analytics, as it also is sometimes referred to, means different things to different people. Regardless of which definition one prefers, a common theme is the ability to collect and combine, virtually if not physically, multiple data sources, for the purposes of analyzing the actions of individuals. In other words, there is an implicit belief in the power of information, suggesting a continuing trend in the growth of “dataveillance,” or the monitoring and collection of the data trails left by a person’s activities (Clarke, 1988). More importantly, it is clear that there are high expectations for data mining, or factual data analysis, being an effective tool. Data mining is not a new technology but its use is growing significantly in both the private and public sectors. Industries such as banking, insurance, medicine, and retailing commonly use data mining to reduce costs, enhance research, and increase sales. In the public sector, data mining applications initially were used as a means to detect fraud and waste, but have grown to also be used for purposes such as measuring and improving program performance. While not completely without controversy, these types of data mining applications have gained greater acceptance. However, some national defense/homeland security data mining applications represent a significant expansion in the quantity and scope of data to be analyzed. Moreover, due to their security-related nature, the details of these initiatives (e.g., data sources, analytical techniques, access and retention practices, etc.) are usually less transparent.


Author(s):  
J. W. Seifert

A significant amount of attention appears to be focusing on how to better collect, analyze, and disseminate information. In doing so, technology is commonly and increasingly looked upon as both a tool, and, in some cases, a substitute, for human resources. One such technology that is playing a prominent role in homeland security initiatives is data mining. Similar to the concept of homeland security, while data mining is widely mentioned in a growing number of bills, laws, reports, and other policy documents, an agreed upon definition or conceptualization of data mining appears to be generally lacking within the policy community (Relyea, 2002). While data mining initiatives are usually purported to provide insightful, carefully constructed analysis, at various times data mining itself is alternatively described as a technology, a process, and/or a productivity tool. In other words, data mining, or factual data analysis, or predictive analytics, as it also is sometimes referred to, means different things to different people. Regardless of which definition one prefers, a common theme is the ability to collect and combine, virtually if not physically, multiple data sources, for the purposes of analyzing the actions of individuals. In other words, there is an implicit belief in the power of information, suggesting a continuing trend in the growth of “dataveillance,” or the monitoring and collection of the data trails left by a person’s activities (Clarke, 1988). More importantly, it is clear that there are high expectations for data mining, or factual data analysis, being an effective tool. Data mining is not a new technology but its use is growing significantly in both the private and public sectors. Industries such as banking, insurance, medicine, and retailing commonly use data mining to reduce costs, enhance research, and increase sales. In the public sector, data mining applications initially were used as a means to detect fraud and waste, but have grown to also be used for purposes such as measuring and improving program performance. While not completely without controversy, these types of data mining applications have gained greater acceptance. However, some national defense/homeland security data mining applications represent a significant expansion in the quantity and scope of data to be analyzed. Moreover, due to their security-related nature, the details of these initiatives (e.g., data sources, analytical techniques, access and retention practices, etc.) are usually less transparent.


2016 ◽  
Vol 21 (3) ◽  
pp. 525-547 ◽  
Author(s):  
Scott Tonidandel ◽  
Eden B. King ◽  
Jose M. Cortina

Advances in data science, such as data mining, data visualization, and machine learning, are extremely well-suited to address numerous questions in the organizational sciences given the explosion of available data. Despite these opportunities, few scholars in our field have discussed the specific ways in which the lens of our science should be brought to bear on the topic of big data and big data's reciprocal impact on our science. The purpose of this paper is to provide an overview of the big data phenomenon and its potential for impacting organizational science in both positive and negative ways. We identifying the biggest opportunities afforded by big data along with the biggest obstacles, and we discuss specifically how we think our methods will be most impacted by the data analytics movement. We also provide a list of resources to help interested readers incorporate big data methods into their existing research. Our hope is that we stimulate interest in big data, motivate future research using big data sources, and encourage the application of associated data science techniques more broadly in the organizational sciences.


2020 ◽  
Vol 64 (2) ◽  
pp. 1091-1105
Author(s):  
Hangjun Zhou ◽  
Guang Sun ◽  
Sha Fu ◽  
Xiaoping Fan ◽  
Wangdong Jiang ◽  
...  

Author(s):  
Dawn E. Holmes

The rapid growth in computing power and storage has led to progressively more data being collected. Big datasets are certainly large and complex, but in order to fully define ‘big data’ we need first to understand ‘small data’ and its role in statistical analysis. ‘Why is big data special?’ considers the four main characteristics of big data: volume, variety, velocity, and veracity, which present a considerable challenge in data management. The advantages we expect to gain from meeting this challenge and the questions we hope to answer with big data can be understood through data mining. The use of big data mining in credit card fraud detection is discussed.


2018 ◽  
Vol 5 (1) ◽  
Author(s):  
Matthew Herland ◽  
Taghi M. Khoshgoftaar ◽  
Richard A. Bauder

2016 ◽  
Vol 28 (1) ◽  
pp. 20-25 ◽  
Author(s):  
Signe Bāliņa ◽  
Rita Žuka ◽  
Juris Krasts

Abstract The paper analyses the business data analysis technologies, provides their classification and considers relevant terminology. The feasibility of business data analysis technologies handling big data sources is overviewed. The paper shows the results of examination of the online big data source analytics technologies, data mining and predictive modelling technologies and their trends.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yoseph Mamo ◽  
Yiran Su ◽  
Damon P.S. Andrew

PurposeAs big data (BD) has increasingly become an important tool for managers and researchers to transform sport management practices, the purpose of this research is to highlight diverse data sources and modern analytical techniques that will leverage BD as a means to advance scholarship in sport management.Design/methodology/approachA comprehensive review of existing BD literature in sport management outlines new perspectives on BD research method and the application of BD in sport management.Findings First, through a thorough review of the literature, a domain-specific conceptualization that incorporates the field's mission and priorities was developed. Second, potential data sources and different types of analytical opportunities was identified, highlighting strategies for developing methodological approaches that leads to novel research questions. BD analytics can allow for more flexibility in improving methodological capability to analyze data and, thus, provide more granular and predictive insights. Finally, this paper concludes with a discussion of BD's impact on three domains of sport management, whereby the organizations yield data-driven decisions.Originality/valueBD has the potential to transform the sport management operations and bridges the research-practice gap. BD research in sport management is instrumental for accumulating new knowledge and/or testing existing theories, either in a deductive fashion or by taking an inductive approach, as the field embarks to advance scholarship.


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