Market Basket Analysis with Network of Products
Modelling Network of Products and detecting Communities of Products
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In today's world, big data plays a crucial role in both public and private sector. Leading companies have collected a vast amount of data and information. Data mining is the process of extracting useful information from the raw data. It has become a new trend in business, to analyze the data to make more targeted business model or important decision in defining customer profiles. The facts which otherwise may go unnoticed can be now revealed by using different techniques that mines stored information. However, due to costs, privacy and data protection, only the business owned transactional dat...
In today's world, big data plays a crucial role in both public and private sector. Leading companies have collected a vast amount of data and information. Data mining is the process of extracting useful information from the raw data. It has become a new trend in business, to analyze the data to make more targeted business model or important decision in defining customer profiles. The facts which otherwise may go unnoticed can be now revealed by using different techniques that mines stored information. However, due to costs, privacy and data protection, only the business owned transactional data is typically available for analysis. To find meaningful patterns in the big data is one of the active research in the data mining. Market basket analysis (MBA) is one of the most useful modeling technique in data mining. It involves the mining and analysis of Association Rules, which take the form of a famous statement such as "people who buy diapers are likely to buy beers". Such information can be used as a basis for decisions about marketing activity such as promotional support, inventory control, and cross-sales campaign.
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