Data Mining and Predictive Analytics, 2nd Edition

Preface

What is Data Mining? What is Predictive Analytics?

Data mining is the process of discovering useful patterns and trends in large data sets.

Predictive analytics is the process of extracting information from large data sets in order to make predictions and estimates about future outcomes.

Data Mining and Predictive Analytics, by Daniel Larose and Chantal Larose, will enable you to become an expert in these cutting-edge, profitable fields.

Why is this Book Needed?

According to the research firm MarketsandMarkets, the global big data market is expected to grow by 26% per year from 2013 to 2018, from $14.87 billion in 2013 to $46.34 billion in 2018.¹ Corporations and institutions worldwide are learning to apply data mining and predictive analytics, in order to increase profits. Companies that do not apply these methods will be left behind in the global competition of the twenty-first-century economy.

Humans are inundated with data in most fields. Unfortunately, most of this valuable data, which cost firms millions to collect and collate, are languishing in warehouses and repositories. The problem is that there are not enough trained human analysts available who are skilled at translating all of this data into knowledge, and thence up the taxonomy tree into wisdom. This is why this book is needed.

The McKinsey Global Institute reports²

:

There will be a shortage of talent necessary for organizations to take advantage of big data. A significant constraint on realizing ...