Description
As the amount of data stored in corporate databases and warehouses continues to grow, there is an increasing emphasis on analyzing and interpreting the data and using the results to make improvements and innovations in business processes. The objective of this assignment is to provide an opportunity to perform a simple data mining exercise to appreciate the challenges and usefulness of finding patterns in data and acting upon those patterns.
Data mining, in general, strives to:
Identify valid, novel, potentially useful, and ultimately understandable patterns in data.
Extract hidden, predictive patterns from large databases.
Search for relationships, patterns, trends which, prior to the search, were not known to exist or were not visible.
Use artificial intelligence and statistical analysis to analyze data.
Provide answers to questions a decision maker had previously not thought to ask. (Consider how this might be done.)
Answer the following questions:
1)Identify 5 patterns in the provided Coffee Example.xlsx data file. Compare, for example, the size of the coffee and the length of time the customer is in the Coffee Shop to find a pattern (relationship), if any, between these two variables. This is a 2-variable comparison. At least one of the patterns should include three or more variables. List the patterns you find.
2)For each pattern identified, propose a change to the Coffee Shop to make it more profitable and explain your recommendation. If it is not possible to act on a pattern, then state “no change” and justify why you consider the pattern to be irrelevant or not useful. These could be presented in a table.