Management the 21st Century Has Term Paper

  • Length: 10 pages
  • Subject: Business
  • Type: Term Paper
  • Paper: #93682023

Excerpt from Term Paper :



Information that crawls into the databases or warehouse might be utilized for reasons beyond those initially planned by those filling and amassing the data (Phillips, 1997). Data that might be pleasing in quality for functional databases can be not viable in warehouses that confirm practical strategic business decisions. For case in point, the correctness of the analysis code in an insurance firm's functional database had been immaterial when disbursing insurance claims but might trigger a risk analysis to stop working.

From the above mentioned facts it is clear that research needs to be carried out on data mining so as to clarify and recommend solutions to the problems being faced by business executives in their data mining efforts. The purpose of this research is to explain the functions of data mining in favor of business decisions and to define some of the obstacles to its effectual deployment in companies and give recommendations.

Hypothesis

It is more likely for companies which have a strong vision towards data mining, which produce and sustain data and utilize acceptable resources and designs systems, which assign corporate responsibility inside the data management workforce, which have measurable standards for measuring data and provide workable definitions of quality, which select data mining software this is in line with the data mining vision of the company, which set up monitoring processes to maintain data quality at common stages of data formation, mining, and execution to successfully make use of data mining than companies which do not adhere to the these aspects.

Methodology have chosen case study as the design for this research. This is because I believe that case studies are a worthy tool for research even though it has been said that case studies lack the scientific rigor of other research tools. This is because they cannot rely more on the quality of the matter that the researcher has collected and interpretation of data. This study can be categorized as exploratory research because it will explore, in depth, this particular case and not generalize it.

This case study is different from historical research predominantly by its time-frame and importance. While historical studies characteristically include a period of quite a few decades, this case study centers focus on a reduced time range. In terms of importance, the intention of historical studies are typically to outline cause-and-effect relations as they grow throughout the years, while the intention of this case study is to explain the functions of data mining in favor of business decisions and to define some of the obstacles to its effectual deployment in companies and give recommendations.

This type of research also puts an emphasis on observations. As data is collected from an extensive set of research studies, articles, official publications and statements, I think that a case study would be most suited for my research, giving me an in depth study of the situation. As a researcher I will neither be making assumptions nor will I generalize my results when interpreting the data.

Research Design

Collection of Data

The tactic involved in the process of collection of relevant data will include gathering of concise, and yet, comprehensive information related to the topic (explaining the functions of data mining in favor of business decisions and defining some of the obstacles to its effectual deployment in companies and giving recommendations) from articles published in various scientific journals and magazines by individual researchers, as well as, the government, research institutions and companies using data mining tools. Both, online resources and offline resources will be used to compile the data.

Data analysis and Search tactics

The data analysis and search tactic will depend on manifold means so as to guarantee the most advantageous totality of facts and statistics available. At the outset a comprehensive literature exploration will be performed by means of internet, as well as, university and public library, as mentioned above. In this manner the bulk of published information relating to the topic (explaining the functions of data mining in favor of business decisions and defining some of the obstacles to its effectual deployment in companies and giving recommendations) will be distinguished, initially, and compiled, subsequently.

The analytical strategy that will be employed in this paper will firstly identify the gravity of the situation at hand relating to functions of data mining. Thereafter, the paper illustrates some of the obstacles to its effectual deployment in companies and lastly gives recommendations based in empirical research. Appropriate theories and facts will be given to prove not only the seriousness of the situation but also the validity of the arguments. Also, a brief overview will be given of the past and present situation by evaluating the strengths, weaknesses of the past and present trends and the emerging opportunities and threats. Furthermore, the most pertinent and possible factors relating to the topic (explaining the functions of data mining in favor of business decisions and defining some of the obstacles to its effectual deployment in companies and giving recommendations) will be analyzed and thereafter a thorough examination of possible variables and alternates will be conducted.

As mentioned above, factors influencing data mining are several, but only the most relevant ones will be discussed in this thesis so that the relevancy of the argument can be sustained throughout the paper. Furthermore, the use of quotations, throughout the thesis, will denote the diverse opinions of the most expert personnel in the pertinent field. The observations and views expressed by leading analysts' will offer support to the various assertions that will be presented in this thesis.

Limitations of the Research

It is imperative to analytically assess the outcome and the entire thesis. This is because this thesis has some limitations that should be observed when taking into consideration the importance of the thesis and its assistance. This thesis has concentrated on a subject that has been an extremely large and leading one; that is, functions of data mining and obstacles towards its successful execution. Undoubtedly, this characterizes an extremely difficult assignment for research in spite of the more precise interests that the thesis might have. This wide-ranging and difficult subject has been analyzed from a somewhat limited experimental perception. The choice of the single thesis design obviously draws out numerous limitations in so far as the simplification of the outcome of the thesis is involved. Consequently, the thesis setting can simply be termed as a sort of direct framework of the past and present trends in data mining.

One more limitation of this research study will be the viewpoint assumed. Rather than attempting to comprehend the entire situation in the it industry at the global level, this thesis will be primarily limited to explaining the functions of data mining in favor of business decisions and defining some of the obstacles to its effectual deployment in companies and giving recommendations. Even though the thesis will also consider additional observations of past operations and functions of data warehouses, the most important point-of-view from which results have been sketched is the explanation of the functions of data mining in favor of business decisions.

Validity and reliability of the results

May be the most important aspect of this research will be its heavy reliance on sources of information that can be unfinished or badly subjective. When the information on which the results have been-based is not comprehensive or is deceptive, the soundness of those conclusions is clearly uncertain. Consequently, this research confronts the challenge of making sure that the explanation given is a precise portrayal of what happened, is happening, and what might happen in the data mining sector. How genuinely such information corresponds to the events they portray might be open to important questions. In addition, I myself can be responsible, either by being unsuccessful in researching methodically for records and accounts or by influencing the records.

Taking into consideration the risks to the genuineness and balance of obtainable knowledge concerning the present topic, this research study will adapt a number of safeguards to encourage the accurateness of the production. One method will be to acquire manifold records to determine how strongly dissimilar versions correspond. One more method will be to find the records within the sociopolitical environment of the present day. A third method will be to assess the dependability of a reference by its standing as an official text or by the standing of its writer.

Conclusion

The concept and use of data mining has transformed essentially from what it was a decade ago to what it is right now. Now with the increased competition and advance technology, data mining has become a decisive tool in the tug of war within the global market serving as a mechanism to gain advantage over the competitors' product, advertising, prices, consumer services, etc. The purpose of this research is to explain the functions of data mining in favor of business decisions and to define some of the obstacles to its effectual deployment in…

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