Translating a Business Problem into Measurable Metrics and Exploratory Data Analysis (EDA)
If a specific business problem comes to us, we need to identify the KPIs that define that business problem and study the data related to it. Beyond generating KPIs related to the problem, looking into the trends and quantifying the problem through Exploratory Data Analysis (EDA) methods will be the next step.
The approach to explore KPIs is as follows:
Data gathering
Analysis of data generation
KPI visualization
Feature importance
Data Gathering
The data that is required for analyzing the problem is part of defining the business problem. However, the selection of attributes from the data will change according to the business problem. Consider the following examples:
If it is a recommendation engine or churn analysis of customers, we need to look into historical purchases and Know Your Customer (KYC) data, among other data.
If it is related to forecasting demand, we need to look into daily sales data.
It needs...
