To be more specific, for the healthcare sector, you may choose to focus on nursing homes or minor emergency facilities in Texas and try to discover ways to improve these healthcare businesses.Your main task is to propose a data mining project, involving multiple linear regression, that can be useful for one or more stakeholders of the industry you have chosen. These stakeholders could include customers, managers, administrators at the state or Federal level or by health insurance companies and the like. Likewise, if you choose to focus on the higher education sector of the economy, your challenge will be to propose a data mining project, involving multiple linear regression, that can be useful for one or more stakeholders of that industry. The stakeholder could include students and professors in colleges and universities, academic administrators in colleges and universities, the boards of regents, taxpayers, Higher Education Coordinating Boards, legislators and the governor, and any other stakeholders of higher education institutions in Texas.
Write a plan explaining how you could use at least one data mining method (e.g. multiple regression) to discover useful business intelligence to help managers or any other stakeholders make better predictions and decisions. In your plan, identify one important response variable (Y) and at least 5 predictors (X1, X2, X3, X4, X5) that can be used to predict the response variable using multiple linear regression. Briefly explain why you chose the particular response variable and why you chose each one of the predictors. You can choose any data set from any source accessible to you that will be helpful for you to propose, develop and implement data mining using the multiple regression model. If you can collect real data, then estimate the regression model and write that estimated model in your essay. If you cannot collect real data, then create a reasonable, simulated data set, and then estimate the regression model based on this simulated data set and write the estimated model in your essay.
Comment on at least one visualization tool that you could use as part of your data mining process and explain how this visualization tool could help in the data mining process.
What could be possible costs and benefits for the organization if this data mining plan is adopted and implemented? Write a cost benefit analysis that you can use to convince the top management of the organization to invest in adopting your data mining plan and implementing your data mining plan for an organization.
[Hints] Keep in mind the data mining project involving the Boston Housing data or the data mining project using the Toyota Corrolla data set to help you develop your multiple regression proposal.Word Limit: 500-750 words
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