Specify Business Problem (why start with a business problem? (problem =…
Specify Business Problem
why start with a business problem?
problem = opportunity
carefully specify problem = evaluate options in precise manner
can we access data relevant to solving problem?
no information leads to ML being useless
once problem is clear, obtain requisite data
describe project in brief to stakeholders
outline case in language of business
how will this project improve the bottom line?
evaluate against three criteria
does statement specify actions resulting from project?
how will this project improve the bottom line? - IMPORTANT
is project statement presented in language of business?
first step in the ML process for businesses
companies generally want to know:
why customers purchase products
why customers are satisfied/dissatisfied
which customers are likely to buy a product
why customers dont renew contracts
which internet users to promote ads to
for all examples, should lead to "i want to predict"