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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Tommaso who wrote (195580)	10/5/2002 5:12:51 PM
From: BDR	Read Replies (1) of 436258

A definition that consultants might use: "An information extraction activity whose goal is to discover hidden facts contained in databases. Using a combination of machine learning, statistical analysis, modeling techniques and database technology, data mining finds patterns and subtle relationships in data and infers rules that allow the prediction of future results. Typical applications include market segmentation, customer profiling, fraud detection, evaluation of retail promotions, and credit risk analysis." However, it is also true that if one is trying to prove a point and looks long enough at enough piles of data one can find data that seems to support your argument even though it actually has nothing to do with what you are trying to show. We have a chart that purports to show a 200 year trend in equities that is labeled the DJIA. Only half the data points represent the DJIA. The trend for the last hundred years looks strong enough, but the creators went out and found another hundred years of historical data that make the trend look absolutely inexorable. Maybe it, maybe it isn't.

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