The Bank of Canada has large amounts of data collected over many years.It wants to get value from this data.They decide they want to analyze this large amount of data.They don't have any particular question in mind,they just want to find out if there are any hidden trends in the data.What tools should they use to analyze the data?
A)OLAP
B)data mining
C)predictive analysis
D)text mining

Question

Quizplus · Accepted Answer

Data mining is the best choice because it is specifically designed to uncover hidden patterns and relationships in large datasets. It involves using advanced algorithms to analyze the data and identify trends that may not be immediately apparent. Unlike other options, such as predictive analysis, data mining does not require that specific questions or hypotheses be formulated beforehand, which makes it ideal for exploratory analysis. OLAP and text mining are not as effective for this type of open-ended analysis.

The Bank of Canada Has Large Amounts of Data Collected