Briefly Differentiate between: Data Warehouse and Data Mining.
CS Professional · Banking - Law and Practice · PYQS · December 2020
Briefly Differentiate between: Data Warehouse and Data Mining.
Answer & Explanation:
Data Warehouse: Collection of data to fulfill the information needs of middle and top management, which would enable them to improve in decision making, planning, controlling, and forecasting. Data warehousing is therefore a 'Continuous Process' than a project. It is not a product. Data warehouse is the central component for carrying out data warehousing process. Therefore, data warehouse is the key component but it is not and end in itself. Data warehouse allows to build the 'Data Mountain'. Technology makes available a flood of information at one's finger tips. The problem is to keep your head above the flood of information and at the same time not losing touch with what is happening in your area of interest. Data Mining (DM): Data mining allows us to shift this 'Data Mountain' down to the essential information that is useful for business decisions. DM is the process of identifying valid, novel, potentially useful and ultimately understandable patterns in data. DM is emerging as a powerful decision support tool that frequently uncovers patterns that predict future behavior.
Topics: Information Technology in Banking
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