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Machine Learning Techniques and Statistical Methods for Business Applications: Implications on Big Data Gold Rush

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As computers are involved in many business areas many firms rely on data to improve business performance. This paper explores various data mining techniques including machine learning techniques and statistical methods to handle big data. This paper investigates how machine learning and statistical techniques are used in business areas and how various analytical methods are used according to business applications. Also this paper discusses some implications on big data gold rush and asks what big data techniques can be profitable industry in a big data value chain.
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Keywords: Big Data; Data Mining; Gold Rush; Machine Learning; Statistical Methods

Document Type: Research Article

Affiliations: Department of Business Administration, Seoul National University of Science and Technology, Seoul, Korea

Publication date: July 1, 2018

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  • ADVANCED SCIENCE LETTERS is an international peer-reviewed journal with a very wide-ranging coverage, consolidates research activities in all areas of (1) Physical Sciences, (2) Biological Sciences, (3) Mathematical Sciences, (4) Engineering, (5) Computer and Information Sciences, and (6) Geosciences to publish original short communications, full research papers and timely brief (mini) reviews with authors photo and biography encompassing the basic and applied research and current developments in educational aspects of these scientific areas.
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