Market basket analysis
Write a brief note on the market basket analysis?
Expert
Market basket analysis is a data mining method that determines which setups of products tend to be purchased together. A common method employs conditional probabilities. In addition to the essential probability that an item will be purchased, three outcomes are of particular interest:Support -- the possibility of two items being purchased together.Confidence -- the possibility of a second item being purchased GIVEN that another item has been purchased.Lift -- computed as confidence divided by an essential possibility, this exhibits the likelihood of a second item being purchased IF an item is purchased.
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