Market basket analysis

Question

Write a brief note on the market basket analysis?

Answer 1

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.