What Are Some Pros And Cons To Data Mining?

What are advantages of data mining?

As data mining provides financial institutions with information about loan information and credit reporting, by building a model for historical customers, data can determine good and bad loans.

Besides, it helps banks detect fraudulent credit card transactions that are to protect the credit card’s owner..

What is mining advantages and disadvantages?

Disadvantages: It is harder than surface mining and it also costs more money and takes more time. Advantages: Leads to more minerals and ore, also creates less pollution.

What is data mining give example?

Data mining, or knowledge discovery from data (KDD), is the process of uncovering trends, common themes or patterns in “big data”. … For example, an early form of data mining was used by companies to analyze huge amounts of scanner data from supermarkets.

What is the main purpose of data mining?

Data mining is a process used by companies to turn raw data into useful information. By using software to look for patterns in large batches of data, businesses can learn more about their customers to develop more effective marketing strategies, increase sales and decrease costs.

What are the cons of data mining?

Limitations or Disadvantages of Data Mining Techniques:It violates user privacy: It is a known fact that data mining collects information about people using some market-based techniques and information technology. … Additional irrelevant information: … Misuse of information: … Accuracy of data: