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This process is beneficial when you have large data sets and wish to implement personalized plans. . For instance, a predictive model for the healthcare sector consists of patients divided into three clusters by the predictive algorithm.
Whether it’s choosing the right marketing strategy, pricing a product, or managing supply chains, data mining impacts businesses in various ways: Finance : Banks use predictive models to assess credit risk, detect fraudulent transactions, and optimize investment portfolios. Can handle large volumes of data.
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