Flashcards
Market-basket Analysis
Cards in this deck (4)
- 1What is market-basket analysis?A data mining technique used to determine sales patterns
- 2What are the different variables?Probability, Support, Confidence, Lift
- 3What do each of the variables mean?Probability (Chance a customer will buy product A)
Support (the probability that a customer will buy two items (A & B) together)
Confidence (probability that customer buys B, given that they already bought A)
Lift (ratio of confidence to the base probability of just buying items) - 4What does it mean if confidence and lift are both high for two products?There is an opportunity for cross-selling
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- Description
- INFS1000 Flashcards on Market-basket Analysis, created by Andrew Aiello on 20/11/2019.
- Created by
- Andrew Aiello · Nov 2019
- Updated
- Nov 20, 2019
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