Market basket analysis for Business Analytics
Market basket analysis for Business Analytics
1. Concept of Market Basket Analysis
2.. Explanation of Rules of Market Basket Analysis
3. Business scenarios of Market Basket Analysis
4. Case study on Market Basket Analysis
5. R Code explanation of Market Basket Analysis
6. Output explanation of Market Basket Analysis
7. Conclusion
Market basket analysis for Business Analytics
By Market Basket Analysis, we can able to understand as per past data
which products customers are buying together.
By Market Basket Analysis, we try to understand
What is the probability
Product A and Product B
would be purchased together.
We can say by Market Basket analysis
We try to identify strength of the association
between Product A and Product B.
Support (A)= frq (A)/N
= Count of product A in N transaction/ Total number of transaction
Support (AUB)= Frq(AUB)/N
= How many times Product A and Product B purchased together/ Total number of transaction
Confidence = Support (AUB)/Support(A)
Industry thumb rule is: If LIFT is more then 1, We can say these products has very good association.
Confidence = Support (AUB)/Support(A) X Support(B)
codes could not able to publish over here.
