What is market basket analysis?

1.	What is market basket analysis?
Answer» Market basket analysis is a data mining technique that determines which sets of products tend to be purchased together. A common technique uses conditional probabilities. In addition to the basic probability that an item will be purchased, three results are of particular interest: Support - the probability of two items being purchased together. Confidence - the probability of a second item being purchased GIVEN that another item has been purchased. Lift - calculated as confidence divided by a basic probability, this shows the likelihood of a second item being purchased IF an item is purchased.

Answer»

Market basket analysis is a data mining technique that determines which sets of products tend to be purchased together. A common technique uses conditional probabilities.

In addition to the basic probability that an item will be purchased, three results are of particular interest:

Support - the probability of two items being purchased together.

Confidence - the probability of a second item being purchased GIVEN that another item has been purchased.

Lift - calculated as confidence divided by a basic probability, this shows the likelihood of a second item being purchased IF an item is purchased.

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