Robust dimension reducing decision support tool for large, complex datasets

Award Year 

The Data Extraction & Mining Software Tool, or DEMIST, is a mathematical, probabilistic classi-fication tool that employs intelligent feature and pattern selection algorithms. DEMIST improves classification performance and supports meaning-ful decision making.DEMIST has applications in areas such as pat-tern recognition, credit scoring, insurance ratings, job applicant screening, and enterprise level risk management. Unlike other classification methods, DEMIST is able to handle missing information such as credit applications with answers left blank. DEMIST also predicts (more) its own performance. Addi-tionally, DEMIST not only reduces the number of variables in the decision making process, but it re-duces the probability of error in the decision, mak-ing the outcome more reliable and consistent with business goals and objectives. Currently, DEMIST is being commercialized by Milkhouse Software, LLC, a small business in Rhode Island, as part of its enterprise level decision support tool. Zoot Enterprises, Inc. of Mon-tana, a company that focuses on consumer credit scoring for financial institutions, has licensed DEMIST to bring improved decision support and increased revenues to financial institutions. DEMIST will help elimi-nate extending credit to potential non-payees. Anasphere, Inc. has licensed DEMIST to use in its atmo-spheric chemical analysis and has demonstrated detection capabilities down to very small quantities.DEMIST was originally developed for classification of sonar targets, but was expand-ed to other fields, resulting in a product that could potentially benefit all parts of the population. (less)