Scribd
Upload
8 views4 pages

Unit 4 Assignment

The document discusses the significance of data mining in predicting the financial success of movies in Hollywood, highlighting the challenges of forecasting in the film industry. It explains how advanced predictive analytics and data mining techniques, such as neural networks and decision trees, have improved the accuracy of success predictions compared to traditional methods. The document also contrasts past prediction methods, which relied on subjective scenarios and variable analysis, with modern data-driven approaches.

Uploaded by

dyneara
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
8 views4 pages

Unit 4 Assignment

The document discusses the significance of data mining in predicting the financial success of movies in Hollywood, highlighting the challenges of forecasting in the film industry. It explains how advanced predictive analytics and data mining techniques, such as neural networks and decision trees, have improved the accuracy of success predictions compared to traditional methods. The document also contrasts past prediction methods, which relied on subjective scenarios and variable analysis, with modern data-driven approaches.

Uploaded by

dyneara
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

1

Unit 4 Assignment: Data Mining in Hollywood

Dyneara Cata

Broward College

QMB3302 – Business Analytics

Professor Kandeice Gibson

February 2, 2025
2

Data Mining in Hollywood

The Significance of Predicting Financial Success in the Film Industry for Hollywood

Professionals

It is almost impossible to predict the ratings of any television show or movie.

Furthermore, the movie industry is the "land of hunches and wild guesses" due to the difficulty

associated with forecasting product demand, making the movie business in Hollywood a risky

endeavor (Sharda et al., 2016). However, data analysts made it possible to predict how much a

film producer should invest in a movie. Most importantly, those same studies came with

advanced predictive methods that will effectively tell film producers about the movies' financial

success before the start of the production period.

How Data Mining Can Predict the Financial Success of Movies Before Production Begins

Advanced predictive analytics methods allowed researchers to use data mining to predict

the financial success of movies prior to the production process. First, data analysts used highly

publicized prediction models to convert forecasting or regression problems into classification

problems. Then, those analysts classified a movie based on box-office receipts. Those receipts

were classified into one of nine categories, ranging from “flop” to “blockbuster,”

Afterward, the data analysts collected data from movie databases such as IMDb,

ShowBiz, and AllMovie. Researchers amalgamated that data into a single data set. Then, the

analysts developed prediction models using data mining methods such as neural networks, SVM,

and decision trees. Furthermore, the analysts took older data to build the prediction models and

newer data from 2006 to test that data for accuracy. The prediction results found by data analysts

were reported better than any other results that have been published. Most importantly, there was

a significantly low deviation standard from past models.


3

Hollywood Predictions for Film Success Before the Use of Data Mining Tools and

Techniques

Before the current data mining tools, there were several ways to predict success in

Hollywood. Film producers would most likely set up many “what-if” scenarios. Also, film

producers consider different variables, such as the actors, location, theme, and the time of the

year. With those “what if” scenarios and variables, film producers would at least have an idea for

a budget. As stated by Kenton (2024), by creating a given set of variables, an analyst can

determine how changes in one variable affect the outcome. This is called sensitive analysis,

which helps researchers make predictions.


4

References

Kenton, W. (2024, June 27). Sensitivity analysis. Investopedia.

https://www.investopedia.com/terms/s/sensitivityanalysis.asp

Sharda, R., Delen, D., & Turban, E. (2016). Business Intelligence, Analytics, and Data Science

(4th ed.). Pearson Education (US). https://reader2.yuzu.com/books/9780134635316

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy