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An Approach for Estimating the Opportunity Cost Using Temporal Association Rule Mining and Clustering

An Approach for Estimating the Opportunity Cost Using Temporal Association Rule Mining and Clustering

Reshu Agarwal
Copyright: © 2021 |Pages: 13
ISBN13: 9781799834731|ISBN10: 1799834735|EISBN13: 9781799834748
DOI: 10.4018/978-1-7998-3473-1.ch046
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MLA

Agarwal, Reshu. "An Approach for Estimating the Opportunity Cost Using Temporal Association Rule Mining and Clustering." Encyclopedia of Organizational Knowledge, Administration, and Technology, edited by Mehdi Khosrow-Pour D.B.A., IGI Global, 2021, pp. 631-643. https://doi.org/10.4018/978-1-7998-3473-1.ch046

APA

Agarwal, R. (2021). An Approach for Estimating the Opportunity Cost Using Temporal Association Rule Mining and Clustering. In M. Khosrow-Pour D.B.A. (Ed.), Encyclopedia of Organizational Knowledge, Administration, and Technology (pp. 631-643). IGI Global. https://doi.org/10.4018/978-1-7998-3473-1.ch046

Chicago

Agarwal, Reshu. "An Approach for Estimating the Opportunity Cost Using Temporal Association Rule Mining and Clustering." In Encyclopedia of Organizational Knowledge, Administration, and Technology, edited by Mehdi Khosrow-Pour D.B.A., 631-643. Hershey, PA: IGI Global, 2021. https://doi.org/10.4018/978-1-7998-3473-1.ch046

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Abstract

Timely identification of newly emerging trends is needed in business process. Data mining techniques are best suited for the classification, useful patterns extraction and predications which are very important for business support and decision making. Some research studies have also extended the usage of this concept in inventory management to determine opportunity cost based on association rules. Yet, not many research studies have considered the application of the data mining approach on evaluating penalty cost which is also a significant factor to the manager for optimal inventory control. In this paper, two different cases for evaluating penalty cost based on cross-selling effect are presented. An example is illustrated to validate the results.

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