Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

MARKET BASKET ANALYSIS 1,000 Transaction Mask 270 Tank 200 Fin 280 Weight 130 Dive Computer 120 Mask 20 20 150 20 50 Tank 20 80

MARKET BASKET ANALYSIS

1,000

Transaction

Mask

270

Tank

200

Fin

280

Weight

130

Dive

Computer

120

Mask 20 20 150 20 50
Tank 20 80 40 30 30
Fin 150 40 10 60 20
Weights 20 30 60 10 10
Dive Computer 50 30 20 10 5
No Additional Prooduct 10 - - - 5

Support = P (A&B) Example: P (Fins & Mask) = 150/1000 = .15

Confidence = P (A | B) Example: P (Fins | Mask) = 150/270 = .55556

Lift = P (A | B) / P (A) Example: P (Fins | Mask) /P (Fins) = .55556/.28 = 1.98

Note: P (Mask |Fins) / P (Mask) = 150/280/.27=1.98

1. This is the dive shop that has 1,000 transactions. Input your answer as a decimal to 2 places, example: 0.10

What is the probability that someone will buy a tank?

2. What is the support for buying a tank and fins?

3. What is the support for buying two tanks?

4. What is the confidence for fins, given that a tank has been purchased?

5.What is the confidence for a second tank, given that a tank has been purchased

6. What is the lift for fins, given that a tank has been purchased?

7. What does your answer for question #6 (lift for fins) imply about purchasing these items together?

A. When customer buys a tank, the probability of buying fins as well goes down.

B. When customer buys a tank, the probability of buying fins as well goes up.

C. Something else.

D. Nothing can be implied.

8. What is the lift for a second tank, given that a tank has been purchased?

9. What does your answer for question #8 (lift for second tank) imply about purchasing these items together?

A. When a customer buys a tank, the probability of buying a second tank goes down.

B. When a customer buys a tank, the probability of buying a second tank goes up.

C. Something else.

D. Nothing can be implied.

10.Calculate the Euclidean distance between the points (2,5) and (8,4). Enter your answer as a decimal to two places.

11. Calculate the Euclidean distancebetween the points (2,-1,3) and (8,15,-5).Enter your answer as a decimal to two places.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Marketing

Authors: Nigel Piercy and David Cravens

10th edition

78028906, 978-0078028908

More Books

Students also viewed these General Management questions