BUS-K513 Predictive Analytics/Data Mining
- 7 weeks
- 1.5 credits
- Prerequisite(s): MBA Core
High quality information is the key to successful management of businesses. Despite large quantity of data that is collected by organizations, managers struggle to obtain information that would help them in decision making. Data mining or predictive analytics is the use of machine learning algorithms to find patterns of relationships between data elements in large and noisy data sets, which can lead to actions that accrue organizational benefits, for example, by reduction of costs, enhancement of revenue, and better management of business risks. Compared to traditional statistics, which often provide hindsight, the field of predictive analytics seeks to find patterns and classifications that look toward the future. By finding patterns previously not seen, predictive analytics not only provides a more complete understanding of data but is also the basis for models that predict, thus, enabling managers to make better decisions.