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Essay / Tools Data Mining Techniques and Methods
Table of ContentsResearch MethodsResearch DesignHistorical DataData Collection TechniqueData Mining TechniqueStatistical Data ProcessingData Mining Technique Tools and Methods Used in the Development of the proposed study on Starian marketing product sales forecasting and statistical processing of data in order to complete the study. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Research Methods There are many methods that can be used in forecasting. In this chapter, the researcher helps find a suitable model for Starian Marketing Products to forecast the expected future sales of goods. According to Haloub (2013), the choice of appropriate forecasting methods depends on the forecasting situation, whether it is a long-term forecast or a short-term forecast or whether it is a forecast for a new or existing product. Various univariate time series forecasting models for forecasting seasonal food sales have been applied in this paper. It compares the out-of-sample forecast accuracy of different models using mean absolute deviation, mean absolute percent error, and mean percent error. The chosen research method focused on finding responsible answers to the research questions. The literature and studies reviewed provided ideas on how to start Starian Marketing product demand forecasting and provide insight into the theoretical/conceptual background of the study. Reviewing related literature helps the researcher gather valuable data and ideas that can guide the research. The researchers used the collected data provided by the company to conduct the research. Data is the total number of sales from 2012 to 2017. Research Design Research design is a systematic investigation of information to establish facts and conclusions and to ensure that the evidence obtained is effective in addressing the search problem logically and unambiguously. . According to Green and Tull (1978), research is the specification of methods and procedures for acquiring the necessary information. It is the overall operational model or framework of the project that stipulates what information should be collected from what sources and according to what procedures.Experimental research. Design to be able to predict the phenomenon. It is a systematic approach to research in which the researcher manipulates one variable and controls/randomizes the rest of the variables. An experiment is constructed to be able to explain some sort of causality. Experimental research is important to society because it helps us improve our daily lives. Researchers are trying to find out what can happen in the Starian Marketing Product Sales Forecasting research study using time series analysis to obtain the results from the ARIMA model. Researchers used statistical tools to evaluate the ARIMA model criteria. Statistical tools are autoregression, difference, moving average, etc. The researchers used statistical software such as R and Excel to clean, detect data outliers, and remove inaccurate records. Using statistical tools, researchers are able to test the different data separation factors to evaluate and forecast Starion Marketing product sales. Historical data Historical data is the collection of data about the eventpass. They include most data generated manually or automatically within a company. . In business, historical data is important in forecasting because it includes the company's financial statements, customer invoices, and any information that has relative predictive value on the company's future success. Researchers will collect data from 2012 to 2017 (6 years) to have an accurate data source. The data includes product name, category, size and sales etc. which will be cleaned and used in software and statistical tools. The study respondents are the owner and employees of Starian Marketing. Respondent data from 2012 to 2017 will be used as training data to discover predictive relationships and test data to evaluate the strength and acceptability of the model. The researchers will let the data and results be validated by the business owner so that they know if it is effective and if it cannot be used for future purposes. Data Collection Technique Data collection technique is used by researchers to collect information from various sources. . This is an important aspect of any type of research study. Inaccurate data collection can impact the results of a study and ultimately lead to invalid results. The researchers used the procedures to gather information necessary to conduct the study.Interview. The researchers conducted a structured interview and prepared a standard set of questions to know the answer to the questions required for data collection. Interviews help researchers uncover rich, in-depth information and learn information they might otherwise have missed.Literature Review. Documents can provide additional research data, making document analysis a useful and beneficial method for most research. It is a technique used to gather requirements during the requirements elicitation phase of a project. It describes the act of examining existing documentation of comparable business processes or systems in order to extract information that is relevant to the current project and which should therefore be considered project requirements. Data Mining Technique Data mining involves searching for large stores of data to discover them. Patterns and trends that go beyond simple analysis refer to a process by which patterns are extracted from data. Such models often provide relationship insights that can be used to improve business decision-making. Statistical data mining tools and techniques can be roughly grouped based on their use for clustering, classification, association, and prediction. Researchers used data mining techniques for forecasting/prediction. The type of forecasting they use is sales forecasting to predict the sales of Starian Marketing products and use them for future purposes. Sales forecasting is the process of estimating future sales. Accurate sales forecasts enable businesses to make informed business decisions and predict short- and long-term performance. Companies can base their forecasts on past sales data, industry-wide comparisons and economic trends. It provides insight into how a business should manage its workforce, cash flow and resources. In addition to helping a company efficiently allocate its internal resources, predictive data from).