Topic > Tools Data Mining Techniques and Methods

IndexResearch MethodsResearch DesignHistorical DataData Collection TechniqueData Mining TechniqueStatistical Data TreatmentData Mining Technique Tools and Methods Used in Developing the Study Proposed in Starian Marketing Product Sales Forecast and Treatment statistician of the data in order to complete the study. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Research Methods There are many methods that can be used in forecasting. In this chapter, the researcher helps to find a suitable model for Starian Marketing Products to predict the expected future sale of goods. According to Haloub (2013), the choice of appropriate forecasting methods depends on the forecasting situation, whether it is a long-term forecast or a short-term forecast or whether it is a forecast for a new or existing product. In this paper, various univariate time series forecasting models were applied to predict seasonal sales of food products. Compare the out-of-sample forecast accuracy of different models using mean absolute deviation, mean absolute percent error, and mean percent error. The chosen research method focused on finding reliable answers to the research questions. The literature and studies reviewed provided ideas on how to start forecasting demand for Starian Marketing products and provided insight into the theoretical/conceptual background of the study. Reviewing related materials helps the researcher gather valuable data and ideas that can guide in the research. The researchers used collected data provided by the company to conduct the research. The data represented the total number of sales from 2012 to 2017.Research DesignThe research design is a systematic investigation of information in order to establish facts and conclusions and to ensure that the evidence obtained allows the research problem to be effectively addressed in a manner logically and in the most unequivocal way possible. According to Green and Tull (1978), a search is the specification of methods and procedures for acquiring the necessary information. It is the overall operating model or project structure that dictates what information is to be collected from which sources and by which procedures. Experimental research. Design to be able to predict the phenomenon. It is a systematic approach to research in which the researcher manipulates one variable and controls/randomizes the rest of the variables. An experiment is constructed to be able to explain some kind of causality. Experimental research is important for society because it helps us improve our daily lives. Researchers seek to determine what might happen in Starian Marketing's product sales forecasting research study by using time series analysis to obtain the results in the ARIMA model. The researchers used statistical tools to evaluate the ARIMA model criteria. The statistical tools are Autoregressive, Difference, Moving Average etc. The researchers used statistical software such as R and Excel to clean, detect outliers from the data and remove inaccurate records. Using statistical tools, researchers are able to test different factors in separating data to evaluate and predict Starion Marketing product sales. Historical Data Historical data is the collection of past event data which includes most of the data generated manually or automatically within a company. In business, historical data is important in forecasting because it includes corporate financial statements, invoicescustomers and any information that has predictive value regarding the future success of the company. The researchers will collect data from 2012 to 2017 (6 years) to have a complete picture of an accurate data source. The data includes product name, category, size, sales etc. which will be cleaned and used in software and statistical tools. The respondents of the study are the owner and employees of Starian Marketing. Respondent data from 2012 to 2017 will be used as training data to discover predictive relationships and test data to evaluate the strength and acceptability of the model. The researchers will let the data and results be validated by the business owner to know if it is effective or can be used for future purposes. Data Collection Technique Data collection technique is used by researchers to collect information from a wide range of sources. It is an important aspect of any type of research study. Inaccurate data collection can impact the results of a study and ultimately lead to invalid results. The researchers used procedures to gather information for completing the study.Interview. The researchers conducted a structured interview and prepared a standard set of questions to know the answer to the questions needed in data collection. Interviews help researchers uncover rich, deep insights and learn insights they might otherwise have missed. Documentary analysis. Documents can provide additional research data, making document analysis a useful and beneficial method for most research. It is a technique used to gather requirements during the requirements elicitation phase of a project. It describes the act of reviewing existing documentation of comparable business processes or systems in order to extract information relevant to the current project and therefore should be considered project requirements. Data Mining Technique Data mining involves searching through large amounts of data to discover patterns and trends that go beyond simple analysis, it refers to a process by which patterns are extracted from data. Such models often provide relationship information that can be used to improve business decision making. Statistical data mining tools and techniques can be roughly grouped based on their use for clustering, classification, association, and prediction. The researchers used data mining prediction/prediction technique. The type of forecasting they use is sales forecasting to predict the sales of Starian Marketing products and use it for future purposes. Sales forecasting is the process of estimating future sales. Accurate sales forecasts enable companies to make informed business decisions and predict short- and long-term performance. Companies can base their forecasts on past sales data, industry-wide comparisons and economic trends. It provides information on how a company should manage its workforce, cash flow and resources. In addition to helping a company allocate its internal resources effectively, predictive sales data is important for companies when looking to acquire investment capital. To make the research more effective, the researchers used time series analysis with the seasonal component. Time series analysis is a statistical technique that deals with time series data or trend analysis. Time series data means that the data is in a series of particular periods or time intervals. Series analysis).