http://www.profdavis.net/beer_and_diapers.pdf Whether urban legend or data minin
ID: 3872393 • Letter: H
Question
http://www.profdavis.net/beer_and_diapers.pdf
Whether urban legend or data mining fact, this article demonstrates the unexpected nuggets of knowledge that are hiding in our everyday data.
https://youtu.be/FOATC8ARHNs
3 minute video that introduces data mining and presents numerous "real-world" applications of data mining
https://youtu.be/R-sGvh6tI04
3.5 minute video on basic tools and concepts used in data mining
After watching the two videos above on Data Mining and reading the article "Market Basket Analysis: What do beer and diapers have in common?" discuss the practical applications of data mining tools and techniques. Your response should include a discussion of how various fields and industries use data mining / predictive analytics.
Explanation / Answer
Answer:
What do beer and diapers have in common?
The relationship between beer and diaper is a market-based analysis. This is said to be product correlation which in the modern world said to be data mining. suppose a new father who is working and has no time to go out and socialize will pick a pack of beer with diapers. This is said to be product correlation and this is done with analyzing your data and extracting out valuable information for the business purpose. this process increases the sale of stores and also increase the customer satisfaction.
Data mining:
Data mining is a very key concept and if it works well it can bring you a great sale and customer satisfaction.
Data mining is extracting valuable data from a giant pool of database, which allows company to decide and analyze that how they can improve their sales and other parts of the business. Over a past few years, data mining has helped lots of company in increasing their sales.
There are big companies which have been there for more than 40 years. on daily basis they are collecting lots of data from user registration to user details etc. so in past 40 years, they have collected lots and lots of data which is valuable for the company to store user information and other kinds of things. But the concept of data mining allows big companies to get the valuable information from whole data they have collected till now.
What it does is, nowadays no matter how good your product is you are not able to sell the product up to your satisfaction. so what data mining does it lets you customize your offers and products according to the customer requirement. so that you sell what customer actually wants.
lets us take another example of Amazon in which if a user sees any product on their website they filter and customise the user recommendation according to the user requirement. what is does, is that it increase your chances of user buying that product.
Due to the concept of data mining Amazon and other big companies has increased in sales up to 50% and it also increases the customer stratification. so Data mining is a great concept and it will keep on evolving because if there is data there exists a concept of data mining.
Hope this helps....if you need any help just comment on it.
Good Luck.....!!
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