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Course Text Book: ‘Getting Started with Data Science’ Publisher: IBM Press; 1 edition (Dec 13 2015) Print. Author: Murtaza Haider Prescribed Reading: Chapter 12 Pg. 529-531 The first step in data mining requires you to set up goals for the exercise. Obviously, you must identify the key questions that need to be answered. However, going beyond identifying the key questions are the concerns about the costs and benefits of the exercise. Furthermore, you must determine, in advance, the expected level of accuracy and usefulness of the results obtained from data mining. If money were no object, you could throw as many funds as necessary to get the answers required. However, the cost-benefit trade-off is always instrumental in determining the goals and scope of the data mining exercise. The level of accuracy expected from the results also influences the costs. High levels of accuracy from data mining would cost more and vice versa. Furthermore, beyond a certain level of accuracy, you do not g

Course Text Book: ‘Getting Started with Data Science’ Publisher: IBM Press; 1 edition (Dec 13 2015) Print. Author: Murtaza Haider Prescribed Reading: Chapter 12 Pg. 529-531 The first step in data mining requires you to set up goals for the exercise. Obviously, you must identify the key questions that need to be answered. However, going beyond identifying the key questions are the concerns about the costs and benefits of the exercise. Furthermore, you must determine, in advance, the expected level of accuracy and usefulness of the results obtained from data mining. If money were no object, you

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