Book•
Business Intelligence: Data Mining and Optimization for Decision Making
01 Jan 2013-
TL;DR: Students following data analysis and data mining courses looking for a systematic and broad coverage of topics in operations research and mathematical models for decision-making will find this an invaluable guide.
Abstract: Business intelligence is a broad category of applications and technologies for gathering, providing access to, and analyzing data for the purpose of helping enterprise users make better business decisions. The term implies having a comprehensive knowledge of all factors that affect a business, such as customers, competitors, business partners, economic environment, and internal operations, therefore enabling optimal decisions to be made. Business Intelligence provides readers with an introduction and practical guide to the mathematical models and analysis methodologies vital to business intelligence. This book: Combines detailed coverage with a practical guide to the mathematical models and analysis methodologies of business intelligence. Covers all the hot topics such as data warehousing, data mining and its applications, machine learning, classification, supply optimization models, decision support systems, and analytical methods for performance evaluation. Is made accessible to readers through the careful definition and introduction of each concept, followed by the extensive use of examples and numerous real-life case studies. Explains how to utilise mathematical models and analysis models to make effective and good quality business decisions. This book is aimed at postgraduate students following data analysis and data mining courses. Researchers looking for a systematic and broad coverage of topics in operations research and mathematical models for decision-making will find this an invaluable guide.
Citations
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01 Apr 2004
TL;DR: In this article, the authors define marketing as "the process through which organizations develop and distribute products and services that satisfy the needs of customers." Customer satisfaction is critical to the profitable operations and growth of organizations and is an integral component of modern-day marketing.
Abstract: Rapidly increasing global competition, emergence of new markets, and technological advancements make today’s marketplace a highly dynamic and challenging environment for companies. Effective marketing is therefore crucial for organizations to survive and prosper in such an environment. Marketing is the process through which organizations develop and distribute products and services that satisfy the needs of customers. Customer satisfaction is critical to the profitable operations and growth of organizations and, as such, an integral component of modern-day marketing.
240 citations
TL;DR: The MetaFraud framework is developed, a novel meta-learning framework for enhanced financial fraud detection that generates confidence scores associated with each prediction that can facilitate unprecedented financial fraud Detection performance and serve as a useful decision-making aid.
Abstract: Financial fraud can have serious ramifications for the long-term sustainability of an organization, as well as adverse effects on its employees and investors, and on the economy as a whole. Several of the largest bankruptcies in U.S. history involved firms that engaged in major fraud. Accordingly, there has been considerable emphasis on the development of automated approaches for detecting financial fraud. However, most methods have yielded performance results that are less than ideal. In consequence, financial fraud detection continues as an important challenge for business intelligence technologies.
In light of the need for more robust identification methods, we use a design science approach to develop MetaFraud, a novel meta-learning framework for enhanced financial fraud detection. To evaluate the proposed framework, a series of experiments are conducted on a test bed encompassing thousands of legitimate and fraudulent firms. The results reveal that each component of the framework significantly contributes to its overall effectiveness. Additional experiments demonstrate the effectiveness of the meta-learning framework over state-of-the-art financial fraud detection methods. Moreover, the MetaFraud framework generates confidence scores associated with each prediction that can facilitate unprecedented financial fraud detection performance and serve as a useful decision-making aid. The results have important implications for several stakeholder groups, including compliance officers, investors, audit firms, and regulators.
230 citations
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12 Jan 2012
TL;DR: A cluster analysis performed on real-world consumption data from a smart meter project conducted by a German regional utilities company is presented and it is shown how to integrate a cluster analysis approach into a business intelligence environment and evaluate this artifact as defined by design science.
Abstract: The introduction of smart meter technology is a great challenge for the German energy industry. It requires not only large investments in the communication and metering infrastructure, but also a redesign of traditional business processes. The newly incurring costs cannot be fully passed on to the end customers. One option to counterbalance these expenses is to exploit the newly generated smart metering data for the creation of new services and improved processes. For instance, performing a cluster analysis of smart metering data focused on the customers’ time-based consumption behavior allows for a detailed customer segmentation. In the article we present a cluster analysis performed on real-world consumption data from a smart meter project conducted by a German regional utilities company. We show how to integrate a cluster analysis approach into a business intelligence environment and evaluate this artifact as defined by design science. We discuss the results of the cluster analysis and highlight options to apply them to segment-specific tariff design.
135 citations
Cites methods from "Business Intelligence: Data Mining ..."
...The k-means algorithm is considered to be the best known and most frequently applied partitioning clustering technique (Vercellis 2009) which is implemented as a standard in most of the established data mining software (also in SAP BI)....
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TL;DR: In this paper, the authors outline an agenda for researching the relationship between technology-enabled networks (such as social media and big data) and the accounting function and propose ways in which to frame early and future research.
Abstract: The purpose of this paper is to outline an agenda for researching the relationship between technology-enabled networks – such as social media and big data – and the accounting function. In doing so, it links the contents of an unfolding area research with the papers published in this special issue of Accounting, Auditing and Accountability Journal.,The paper surveys the existing literature, which is still in its infancy, and proposes ways in which to frame early and future research. The intention is not to offer a comprehensive review, but to stimulate and conversation.,The authors review several existing studies exploring technology-enabled networks and highlight some of the key aspects featuring social media and big data, before offering a classification of existing research efforts, as well as opportunities for future research. Three areas of investigation are identified: new performance indicators based on social media and big data; governance of social media and big data information resources; and, finally, social media and big data’s alteration of information and decision-making processes.,The authors are currently experiencing a technological revolution that will fundamentally change the way in which organisations, as well as individuals, operate. It is claimed that many knowledge-based jobs are being automated, as well as others transformed with, for example, data scientists ready to replace even the most qualified accountants. But, of course, similar claims have been made before and therefore, as academics, the authors are called upon to explore the impact of these technology-enabled networks further. This paper contributes by starting a debate and speculating on the possible research agendas ahead.
133 citations
TL;DR: The challenges of using optimization methods as a tool for supporting decision making are presented, the integration of the user in the optimization process is justified, and a classification of interactive optimization methods is proposed.
Abstract: This article presents a review and a classification of interactive optimization methods. These interactive methods are used for solving optimization problems. The interaction with an end user or decision maker aims at improving the efficiency of the optimization procedure, enriching the optimization model, or informing the user regarding the solutions proposed by the optimization system. First, we present the challenges of using optimization methods as a tool for supporting decision making, and we justify the integration of the user in the optimization process. This integration is generally achieved via a dynamic interaction between the user and the system. Next, the different classes of interactive optimization approaches are presented. This detailed review includes trial and error, interactive reoptimization, interactive multiobjective optimization, interactive evolutionary algorithms, human-guided search, and other approaches that are less well covered in the research literature. On the basis of this review, we propose a classification that aims to better describe and compare interaction mechanisms. This classification offers two complementary views on interactive optimization methods. The first perspective focuses on the user’s contribution to the optimization process, and the second concerns the components of interactive optimization systems. Finally, on the basis of this review and classification, we identify some open issues and potential perspectives for interactive optimization methods.
101 citations
Additional excerpts
...…literature three limits that can justify, in some contexts, the use of interactive optimization methods: (1) the inherent limits of optimization models; (2) the inadequate performances of optimization procedures; and (3) the nonacceptance and misunderstanding of optimization systems by their users....
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References
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Book•
01 Jan 1995TL;DR: Setting of the learning problem consistency of learning processes bounds on the rate of convergence ofLearning processes controlling the generalization ability of learning process constructing learning algorithms what is important in learning theory?
Abstract: Setting of the learning problem consistency of learning processes bounds on the rate of convergence of learning processes controlling the generalization ability of learning processes constructing learning algorithms what is important in learning theory?.
40,147 citations
Book•
16 Jul 1998
TL;DR: Thorough, well-organized, and completely up to date, this book examines all the important aspects of this emerging technology, including the learning process, back-propagation learning, radial-basis function networks, self-organizing systems, modular networks, temporal processing and neurodynamics, and VLSI implementation of neural networks.
Abstract: From the Publisher:
This book represents the most comprehensive treatment available of neural networks from an engineering perspective. Thorough, well-organized, and completely up to date, it examines all the important aspects of this emerging technology, including the learning process, back-propagation learning, radial-basis function networks, self-organizing systems, modular networks, temporal processing and neurodynamics, and VLSI implementation of neural networks. Written in a concise and fluid manner, by a foremost engineering textbook author, to make the material more accessible, this book is ideal for professional engineers and graduate students entering this exciting field. Computer experiments, problems, worked examples, a bibliography, photographs, and illustrations reinforce key concepts.
29,130 citations
01 Jan 1998
TL;DR: Presenting a method for determining the necessary and sufficient conditions for consistency of learning process, the author covers function estimates from small data pools, applying these estimations to real-life problems, and much more.
Abstract: A comprehensive look at learning and generalization theory. The statistical theory of learning and generalization concerns the problem of choosing desired functions on the basis of empirical data. Highly applicable to a variety of computer science and robotics fields, this book offers lucid coverage of the theory as a whole. Presenting a method for determining the necessary and sufficient conditions for consistency of learning process, the author covers function estimates from small data pools, applying these estimations to real-life problems, and much more.
26,531 citations
TL;DR: A nonlinear (nonconvex) programming model provides a new definition of efficiency for use in evaluating activities of not-for-profit entities participating in public programs and methods for objectively determining weights by reference to the observational data for the multiple outputs and multiple inputs that characterize such programs.
25,433 citations
"Business Intelligence: Data Mining ..." refers methods in this paper
...The CCR model was first proposed in Charnes et al. (1978), based on a previous contribution by Farrell (1957)....
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Book•
08 Sep 2000TL;DR: This book presents dozens of algorithms and implementation examples, all in pseudo-code and suitable for use in real-world, large-scale data mining projects, and provides a comprehensive, practical look at the concepts and techniques you need to get the most out of real business data.
Abstract: The increasing volume of data in modern business and science calls for more complex and sophisticated tools. Although advances in data mining technology have made extensive data collection much easier, it's still always evolving and there is a constant need for new techniques and tools that can help us transform this data into useful information and knowledge. Since the previous edition's publication, great advances have been made in the field of data mining. Not only does the third of edition of Data Mining: Concepts and Techniques continue the tradition of equipping you with an understanding and application of the theory and practice of discovering patterns hidden in large data sets, it also focuses on new, important topics in the field: data warehouses and data cube technology, mining stream, mining social networks, and mining spatial, multimedia and other complex data. Each chapter is a stand-alone guide to a critical topic, presenting proven algorithms and sound implementations ready to be used directly or with strategic modification against live data. This is the resource you need if you want to apply today's most powerful data mining techniques to meet real business challenges. * Presents dozens of algorithms and implementation examples, all in pseudo-code and suitable for use in real-world, large-scale data mining projects. * Addresses advanced topics such as mining object-relational databases, spatial databases, multimedia databases, time-series databases, text databases, the World Wide Web, and applications in several fields. *Provides a comprehensive, practical look at the concepts and techniques you need to get the most out of real business data
23,600 citations