Question
About 13 million customers per month contact the West Coast customer service call center of the Bank of America, as reported by CIO Magazine [3].
About 13 million customers per month contact the West Coast customer service call center of the Bank of America, as reported by CIO Magazine [3]. In the past, each caller would have listened to the same marketing advertisement, whether or not it was relevant to the callers interests. However, rather than pitch the product of the week, we want to be as relevant as possible to each customer, states Chris Kelly, vice president and director of database marketing at Bank of America in San Francisco. Thus Bank of Americas customer service representatives have access to individual customer profiles, so that the customer can be informed of new products or services that may be of greatest interest to him or her. This is an example of mining customer data to help identify the type of marketing approach for a particular customer, based on customers individual profile.
Above is the write up and below is the question.
1. Refer to the Bank of America example early in the chapter. Which data mining task or tasks are implied in identifying "the type of marketing approach for a particular customer, based on customer's individual profile"? Which tasks are not explicitly relevant? 2. For each of the following, identify the relevant data mining task(s): a. The Boston Celtics would like to approximate how many points their next opponent will score against them. b. A military intelligence officer is interested in learning about the respective proportions of Sunnis and Shias in a particular strategic region. c. A NORAD defense computer must decide immediately whether a blip on the radar is a flock of geese or an incoming nuclear missile. d. A political strategist is seeking the best groups to canvass for donations in a particular county. e. A Homeland Security official would like to determine whether a certain sequence of financial and residence moves implies a tendency to terrorist acts. f. A Wall Street analyst has been asked to find out the expected change in stock price for a set of companies with similar price/earnings ratios. 3. For each of the following meetings, explain which phase in the CRISP-DM process is represented: a. Managers want to know by next week whether deployment will take place. Therefore, analysts meet to discuss how useful and accurate their model is. b. The data mining project manager meets with the data warehousing manager to discuss how the data will be collected. c. The data mining consultant meets with the Vice President for Marketing, who says that he would like to move forward with customer relationship management. d. The data mining project manager meets with the production line supervisor, to discuss implementation of changes and improvements. e. The analysts meet to discuss whether the neural network or decision tree models should be applied. 4. Discuss the need for human direction of data mining. Describe the possible consequences of relying on completely automatic data analysis tools. 5. CRISP-DM is not the only standard process for data mining. Research an alternative methodology (Hint: SEMMA, from the SAS Institute). Discuss the similarities and differences with CRISP-DMStep by Step Solution
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