Category: Analytics
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Introduction to Market Basket Analysis
Market basket analysis (MBA) is an analytical technique used to predict future purchase decisions of the customers. It studies historical buying patterns and preferences of the customer to predict what they will prefer to purchase along with the existing items in their basket (or cart). It is also known as “Affinity Analysis” or “Association Rule Mining”.…
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Theoretical Overview to Cluster Analysis
Cluster Analysis is a statistical technique that helps you divide your data points into a number of groups such that data points in the same groups are more similar to other data points in the same group than those in other groups. In simple word, it’s the process of organizing data into groups whose members…
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Introduction to ANOVA
ANOVA (Analysis of Variance) is a statistical technique used to check if the means of two or more groups are significantly different from each other. It may seem odd that it’s called “Analysis of Variance” rather than “Analysis of Means”. However, the name is appropriate since we make inferences about means by analyzing variance. If we…
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Beginners Guide to Logistic Regression
Definition: Logistic regression is a statistical method that helps analyze a dataset in which there are one or more independent variables and has a dependent variable that is binary or dichotomous (there are only two possible outcomes). It was developed by statistician David Cox in 1958. The dependent variable can only take two values i.e.…
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Theoretical Overview of Linear Regression
Linear Regression is a type of statistical model where a linear relationship is established between one or more independent variables to a dependent variable. It’s one of the simplest types of predictive modeling. Linear/multiple Regression models can be represented in the form of an equation Y = A1X1 + A2X2 + … + AnXn + B…