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