Databases Reference
In-Depth Information
mArket BAsket ANAlysIs As AN ActIvIty
Market Basket Analysis occurs in the two activities identified at the begin-
ning of this chapter—Analysis and Reporting. Market Basket Analysis as
an iterative analytic exercise explores data to find statistical relationships
within the unit of work of an enterprise. That unit of work within Market
Basket Analysis is known as an Itemset. But, within the enterprise, that
unit of work may be a single sales transaction, service work order, or man-
ufacturing shift. For that unit of work in the enterprise, some of the identi-
fied aἀ nities may be key to the success of the enterprise.
When an aἀ nity between two objects is key to the continued suc-
cess of the enterprise, the enterprise may choose to monitor that aἀ n-
ity. For that situation, Market Basket Analysis can also occur as a
repeated batch application that monitors the aἀ nity of key objects as
Key Performance Indicators. A Key Performance Indicator is a mea-
surement that can predict or confirm the health of the enterprise. By
including Market Basket Analysis as a batch reporting application to
monitor key aἀ nities, the enterprise will increase its ability to monitor
itself more effectively.
BAck to the BAsket
You may be slightly disappointed that Market Basket Analysis is not
all you thought it was. If you were looking for a silver bullet that would
answer all your questions and give you the keys to success, then the pur-
pose of this chapter was to bring your expectations more in line with the
reality of Market Basket Analysis. Market Basket Analysis can provide
helpful insights into your enterprise and your business environment. If
your expectations of Market Basket Analysis now match the reality of
Market Basket Analysis, then the benefits of Market Basket Analysis have
increased because you now know what to expect.
You may now begin to understand why the Market Basket Analysis effort
in your enterprise has not delivered the promised benefits. The promised
benefits were never stated, because no one knew what to expect. You've
simply heard that Market Basket Analysis is a p owerful tool and you
thought you'd try it. Hopefully, somewhere in that process someone would
