5. Conclusion
This study investigates the related survey literature in order to identify the frequently used data mining techniques in various business application areas. In total, eight business application areas where data mining techniques are used are surveyed. They are bankruptcy prediction, customer relationship management, fraud detection, intrusion detection, recommender systems, software development effort estimation, stock prediction/investment, and other financial time-series areas.
In addition, it is found that 33 different techniques have been employed in these eight business application areas. Among them, there are 24 and 9 supervised and unsupervised learning techniques, respectively. This demonstrates that most business problems are prediction oriented. Furthermore, bankruptcy prediction is the most widely studied application area where 15 different techniques were used.
For the widely used data mining techniques, 10 different techniques are identified, which include 7 supervised and 3 unsupervised techniques, namely decision trees (including C4.5 and CART), genetic algorithms, k-nearest neighbors, multilayer perceptron neural networks, naïve Bayes, and support vector machines as the supervised learning techniques and association rules, expectation maximization, and k-means as the unsupervised learning techniques.