DRIP – Data Rich, Information Poor: A Concise Synopsis of Data Mining

Abstract

As production of data is exponentially growing with a drastically lower cost, the importance of data mining required to extract and discover valuable information is becoming more paramount. To be functional in any business or industry, data must be capable of supporting sound decision-making and plausible prediction. The purpose of this paper is concisely but broadly to provide a synopsis of the technology and theory of data mining, providing an enhanced comprehension of the methods by which massive data can be transferred into meaningful information.