1. A non-transitory computer-accessible medium which includes a set of software instructions for classifying data, wherein, when the software instructions are executed by a processing arrangement, the processing arrangement is configured to execute procedures comprising: (a) receiving at least one data record, wherein the at least one data record comprises in-sample data; (b) receiving data associated with at least one of the in-sample data or out-of-sample data; (c) generating, based on the at least one data record, a first predictive model configured to predict whether the data is related to a first class; (d) generating, based on the at least one data record, a second predictive model configured to predict whether the data is related to a second class; (e) utilizing a shrinkage procedure, generating, based on the first and second predictive models, a single predictive model configured to classify the data; (f) obtaining a first set of patterns comprising at least one pattern based on the at least one data record; and (g) using at least one temporal operator, combining one or more patterns from the first set of patterns to generate a second set of patterns, wherein the one or more patterns selected from the first set of patterns meets a predetermined interestingness measure.