The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Indexes are available for the U.S. and various geographic areas.
What is clustering in data mining
What is clustering in Data Mining? Clustering is the method of converting a group of abstract objects into classes of similar objects.
Clustering is a method of partitioning a set of data or objects into a set of significant subclasses called clusters.
What is an example of price level
What is the definition of price level? The price level has a significant impact on the purchase of goods and services but also on the purchasing power of money.
For instance, if P is the amount of money required to buy a specified quantity of goods and services, then one dollar can buy 1/P.
How do you calculate lift analysis
To compute lift, you divide the percentage change in each statistic by the percentage change in the control group.
If you want to know which group is better off, you compare the group that received the marketing campaign (the lift group) to the group that didn’t get the campaign (the control group).
What is lift analysis
Lift analysis is a measurement of how a Campaign impacts specific key metrics like deal velocity, conversion rate, or average deal size.
What products are used to measure inflation
The Bureau of Labor Statistics (BLS) calculates CPI inflation by gathering spending data from tens of thousands of regular consumers around the U.S. It tracks a basket of commonly purchased goods and services, including things like food, gasoline, computers, prescription drugs, college tuition and mortgage payments, to
What is an affinity diagram examples
An affinity diagram is the organization of ideas into a natural or common relationship.
For example, bananas, apples, and oranges would be grouped as fruits, while green beans, broccoli, and carrots would be grouped as vegetables.
Affinity diagrams aid teams in tapping into their creativity and gut instincts.
What is classification in data mining
Classification is a data mining function that assigns items in a collection to target categories or classes.
The goal of classification is to accurately predict the target class for each case in the data.
For example, a classification model could be used to identify loan applicants as low, medium, or high credit risks.
How does cross selling promote customer service
Cross-selling involves selling related, supplementary products or services based on the customer’s interest in, or purchase of, one of your company’s products.
Its a great way of increasing customer loyalty and deeping customer relationships which in turn can improve customer lifetime value and retention.
What are the benefits of selling more than one product?
- Helps Customers Feel Understood
- Builds Loyalty
- Increases Earnings
- Greater Convenience
- Moves Customers Through the Buying Journey
Why is it important to upsell a product
At first, it seems obvious—successful upselling increases revenue and profit. For sales associates and departments that must meet specific quotas on a regular basis, successful sell-ups also help achieve those goals.
In addition, upselling can provide other benefits, such as enhancing the customer experience.
What is a two way lift How does it help in retailing products
Placing of products next to each other so that a greater number of customers who purchase one product are likely to pick up the second one.
How do you calculate support and confidence?
- Support(s) –
- Support = (X+Y) total –
- Confidence(c) –
- Conf(X=>Y) = Supp(X Y) Supp(X) –
- Lift(l) –
- Lift(X=>Y) = Conf(X=>Y) Supp(Y) –
What increases price level
Inflation raises the price level, while deflation decreases the price level. Economists use the aggregate supply and demand model to show anticipated movements in an economy’s price level.
The aggregate supply is the total goods and services that producers are willing to supply (produce) at a given price level.
How can Apriori’s efficiency be improved
Based on the inherent defects of Apriori algorithm, some related improvements are carried out: 1) using new database mapping way to avoid scanning the database repeatedly; 2) further pruning frequent itemsets and candidate itemsets in order to improve joining efficiency; 3) using overlap strategy to count support to
Which techniques can be used to improve the efficiency of algorithm?
- Hash based technique
- Transaction Reduction
- Portioning
- Sampling
- Dynamic item counting
What is FP growth algorithm
FP-growth is an improved version of the Apriori Algorithm which is widely used for frequent pattern mining(AKA Association Rule Mining).
It is used as an analytical process that finds frequent patterns or associations from data sets.
How do you calculate lift value
Lift can be found by dividing the confidence by the unconditional probability of the consequent, or by dividing the support by the probability of the antecedent times the probability of the consequent, so: The lift for Rule 1 is (3/4)/(4/7) = (3*7)/(4 * 4) = 21/16 ≈ 1.31.
Which of the following are examples of NLP?
- Email filters
- Smart assistants
- Search results
- Predictive text
- Language translation
- Digital phone calls
- Data analysis
- Text analytics
What is FP growth tree method
FP-tree(Frequent Pattern tree) is the data structure of the FP-growth algorithm for mining frequent itemsets from a database by using association rules.
It’s a perfect alternative to the apriori algorithm.
What is XL miner
XLMiner has data mining software tools for business analytics, predictive model creation and testing.
XLMiner draws data from Excel workbooks, SQL databases or PowerPivot.
Why FP-tree is better than Apriori algorithm
FP-growth generates conditional FP-Tree for every item in the data. Since apriori scans the database in each of its steps it becomes time-consuming for data where the number of items is larger.
FP-tree requires only one scan of the database in its beginning steps so it consumes less time.
What are different types of classification
The three types of classification are artificial classification, natural classification and phylogenetic classification.
What is the current CPI rate for 2022
The Consumer Price Index increased 8.5 percent for the year ended March 2022, following a rise of 7.9 percent from February 2021 to February 2022.
What is confidence and lift
Lift is nothing but the ratio of Confidence to Expected Confidence. Using the above example, expected Confidence in this case means, “confidence, if buying A and B does not enhance the probability of buying C.”
It is the number of transactions that include the consequent divided by the total number of transactions.
What if lift is less than 1
A lift smaller than 1 indicates that the rule body and the rule head appear less often together than expected, this means that the occurrence of the rule body has a negative effect on the occurrence of the rule head.
What does it mean if lift is 1
A lift value near 1 indicates that the rule body and the rule head appear almost as often together as expected, this means that the occurrence of the rule body has almost no effect on the occurrence of the rule head.
Citations
https://www.ques10.com/p/1536/explain-market-basket-analysis-and-uses-of-it-1/
https://www.statisticshowto.com/market-basket-analysis/
https://www.youtube.com/watch?v=aslTl6i-hpQ
