DECA Financial Consulting Complete Practice Exam

Question: 1 / 400

Before selecting a data-mining technique, what must a business first do?

Evaluate past performance

Decide on the budget

Determine the research question

Determining the research question is a crucial first step before selecting a data-mining technique because it defines the objectives and the specific problem that the business or organization aims to address. By having a clear and defined research question, businesses can tailor their data-mining efforts to gather relevant data, choose appropriate methodologies, and ultimately derive insights that are aligned with their goals.

This step ensures that the analysis is focused and relevant, which can lead to more effective results. If a business does not have a well-defined research question, it may lead to misallocation of resources, irrelevant data collection, or choosing inappropriate techniques that do not address the situation at hand. Establishing the research question allows for a strategic approach to data mining, helping ensure that the techniques selected will yield valuable and actionable insights.

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Identify potential risks

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