PROBLEM 1

When confronted with a problem that involves analyzing data, the first step is to select the right approach to solving the problem. For each of the problem scenarios given below, do the following:

Decide if it should be solved using data mining or database queries. Explain your choice briefly.

If you decide that the problem should be solved using data mining, specify which of the three approaches discussed in lecture (classification learning, numeric estimation, and association learning) makes the most sense. Explain your choice briefly.

Here are the problem scenarios:

1.Given various characteristics of a publicly traded company, you want to be able to determine the probability it will split its stock in the near future. The probability values should range from 0.0 to 1.0.

2.You want to explore possible relationships between one or more of the following attributes of products sold by your store: the aisle where the product is found, the height of the shelf on which the product is stored, the color of the packaging, the price, and the number sold.

3.You want to determine the total number of customers at your bank who have a money market account.

4.You want to develop a model that allows you to determine whether or not an individual is a good candidate for a home mortgage loan.