Need help with my Statistics question – I’m studying for my class.
Reflect on the process used to define the scope of business and analytics problems.
Answer in 200 words
2. What challenges or opportunities have you identified in developing your business and analytics problem statements?
Answer in 200 words
For this assignment, you will use the “Analytics Problem Statement” template to organize your problem statement. This will help you identify your analytical problem that you will eventually address using analytics. The analytics problem statement will be an integral component of the remaining activities in this course.
Ensure that data are available to address your business problem. You will need to provide your dataset as a part of the Topic 3 assignment. If using data from your company, ensure that proprietary concerns are addressed or approvals to use the data are obtained. If there are concerns about proprietary issues related to using company data, you can change your dataset accordingly.
APA style is not required, but solid academic writing is expected.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
Analytics Problem Statement
For this assignment, you will use this “Analytics Problem Statement” template to organize your problem statement. Complete the table below according to the directions found in your assignment.
After providing complete information below, write out your Analytics Problem Statement in the last box.
|Identify any analytics-based assumptions involved in the scope of the project.|
|Identify the specific output measures that would be improved (e.g., profit, retention) as a result of implementing the analytics-based solution.|
|Identify the cost of not implementing the analytics-based solution.|
|Identify specific inputs and how they relate to the specific output measures.|
|Describe the analytics focus area, including justification for selecting the focus area to address the specific analytics problem.|
|Include information related to ability to obtain the necessary data for your identified business problem. Be as specific as possible.|
|Document the specific analytics problem statement to be addressed by the project (e.g., perform a multiple regression analysis to predict sales based on number of customers, advertising cost).|
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