21 Questions
What is Market Basket Analysis primarily based upon?
The theory that certain group of items are more likely to be bought together
What is confidence used for in Market Basket Analysis?
To determine how likely it is for certain groups of items to be bought together
In what way does Cluster Analysis group objects?
In such a way that objects in the same group are more similar to each other than to those in other groups
How is Cross Sell utilized in Market Basket Analysis?
Grouping products that customers purchase frequently together in the store’s product placement
In what context is Cluster Analysis often used?
Grouping similar customer behavior for targeted marketing campaigns
How are Webstores utilizing Cluster Analysis?
Recommend associated products that are frequently bought together
What is the primary purpose of Marketing Promotions using Market Basket Analysis?
Target marketing campaigns to customers and entice them to purchase related products for items they purchased recently
How does Market Basket Analysis assist in marketing campaigns?
By identifying related products for targeted marketing promotions
What does confidence measure in Market Basket Analysis?
The likelihood of certain groups of items being bought together
How do Webstores use Cluster Analysis for product recommendations?
By recommending associated products that are frequently bought together
Which type of clustering algorithm constructs various partitions and then evaluates them by some criterion?
Partitioning algorithms
What is the main purpose of decision tree analysis?
To empower predictive models with high accuracy and ease of interpretation
In which industry would decision tree analysis be used for credit application process?
Banking
What does the k-means algorithm identify in clustering?
$k$ number of centroids
Which type of clustering algorithm is based on connectivity and density functions?
Density-based algorithms
What is the primary characteristic of a decision tree's internal node?
It represents a 'test' on an attribute
In which industry would decision tree analysis be used for fraudulent behavior analysis?
Insurance
What is the purpose of creating a hierarchical decomposition in hierarchy algorithms for clustering?
To identify areas of similar land use in an earth observation database
What do paths from root to leaf represent in a decision tree?
Classification rules
In which industry would decision tree analysis be used for product launch planning?
Consumer Goods
What is hypothesized for each cluster in model-based clustering algorithms?
A model
Test your knowledge of Market Basket Analysis, a modeling technique used in business analytics to identify patterns in customer purchasing behavior. Learn about cross-selling strategies and product recommendations for webstores.
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