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Which of the following statements is/are correct regarding application of data mining techniques? (A) Predicting future trends based on information available (B) Electronic data interchange (C) Analysing demographic information about customers (D) Credit risk analysis Choose the correct answer from the options given below:

Which of the following statements is/are correct regarding application of data mining techniques? (A) Predicting future trends based on information available (B) Electronic data interchange (C) Analysing demographic information about customers (D) Credit risk analysis Choose the correct answer from the options given below: Correct Answer (A), (C) and (D) only

The correct answer is (A), (C) and (D) only

Key PointsData Mining:

  • Data mining is a process used to find patterns and relationships in huge data sets that may be used to assist solve business challenges. 
  • Enterprises can forecast future trends and make more educated business decisions thanks to data mining techniques and technologies.
  • Data mining is a crucial component of data analytics as a whole and one of the fundamental fields in data science, which makes use of cutting-edge analytics methods to unearth valuable information in data sets.

Important Points From the given option, the following statements are true regarding data mining:

  • Predicting future trends based on information available
  • Analysing demographic information about customers
  • Credit risk analysis

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