Project Botticelli

Association Rules and Market Basket Analysis—New Videos

1 July 2014 · 534 views

Essential data mining

Data mining logoI have just published two new videos, which have been at the top of the most-demanded list for a few months. They are part of our growing Data Mining online course.

If you are new to advanced analytics, data mining, or data science, make sure you get to know association rules, as it is easily one of the most useful techniques. The design of the algorithm is simple, it can cope with millions of rows of data, and its main strength comes from a sound theoretical foundation for the way it evaluates the findings, highlighting the interesting ones for you. Indeed, this aspect, the metrics of Rule Importance and Rule Probability are also the area that confuses users of AR! Read my detailed explanation in the 1000-word article that comes with the module, or even better, make time to watch it.

Market Basket Analysis uses association rules, however, association rules can be used for much more than just basket analysis. Notably, it can be used for demographical studies, analysis of customer characteristics, and for looking for associations between events, such as transactions. You can even think of it as a technique useful in data exploration, a bit like a more advanced version of Naive Bayes.

Please note that the first video is free, but registration is required. The second one is available to Full Access Members.