Explanation: Discovery: In Phase 1, the team learns the business domain, including relevant history such as whether the organization or business unit has attempted similar projects in the past from which they can learn. The team assesses the resources available to support the project in terms of people, technology, time, and data. Important activities in this phase include framing the business problem as an analytics challenge that can be addressed in subsequent phases and formulating initial hypotheses (IHs) to test and begin learning the data. Data preparation: Phase 2 requires the presence of an analytic sandbox, in which the team can work with data and perform analytics for the duration of the project. The team needs to execute extract, load, and transform (ELT) or extract, transform and load (ETL) to get data into the sandbox. The ELT and ETL are sometimes abbreviated as ETLT. Data should be transformed in the ETLT process so the team can work with it and analyze it. In this phase, the team also needs to familiarize itself with the data thoroughly and take steps to condition the data Model planning: Phase 3 is model planning, where the team determines the methods, techniques, and workflow it intends to follow for the subsequent model building phase. The team explores the data to learn about the relationships between variables and subsequently selects key variables and the most suitable models.
Model building: In Phase 4, the team develops datasets for testing, training, and production purposes. In addition, in this phase the team builds and executes models based on the work done in the model planning phase. The team also considers whether its existing tools will suffice for running the models, or if it will need a more robust environment for executing models and workflows (for example, fast hardware and parallel processing, if applicable). Communicate results: In Phase 5, the team, in collaboration with major stakeholders, determines if the results of the project are a success or a failure based on the criteria developed in Phase 1. The team should identify key findings, quantify the business value, and develop a narrative to summarize and convey findings to stakeholders. Operationalize: In Phase 6, the team delivers final reports, briefings, code, and technical documents. In addition, the team may run a pilot project to implement the models in a production environment.
Question : When creating a presentation for a technical audience, what is the main objective?
Explanation: Using visualization for data exploration is different from presenting results to stakeholders. Not every type of plot is suitable for all audiences. Most of the plots presented earlier try to detail the data as clearly as possible for data scientists to identify structures and relationships. These graphs are more technical in nature and are better suited to technical audiences such as data scientists. Nontechnical stakeholders, however, generally prefer simple, clear graphics that focus on the message rather than the data.
When presenting to a technical audience such as data scientists and analysts, focus on how the work was done. Discuss how the team accomplished the goals and the choices it made in selecting models or analyzing the data. Share analytical methods and decision-making processes so other analysts can learn from them for future projects. Describe methods, techniques, and technologies used, as this technical audience will be interested in learning about these details and considering whether the approach makes sense in this case and whether it can be extended to other, similar projects. Plan to provide specifics related to model accuracy and speed, such as how well the model will perform in a production environment.
Question : Your company has different sales teams. Each team's sales manager has developed incentive offers to increase the size of each sales transaction. Any sales manager whose incentive program can be shown to increase the size of the average sales transaction will receive a bonus. Data are available for the number and average sale amount for transactions offering one of the incentives as well as transactions offering no incentive. The VP of Sales has asked you to determine analytically if any of the incentive programs has resulted in a demonstrable increase in the average sale amount. Which analytical technique would be appropriate in this situation?
Explanation: The results of a one-way ANOVA can be considered reliable as long as the following assumptions are met:
Response variable residuals are normally distributed (or approximately normally distributed). Samples are independent. Variances of populations are equal. Responses for a given group are independent and identically distributed normal random variables (not a simple random sample (SRS)). ANOVA is a relatively robust procedure with respect to violations of the normality assumption.[2] If data are ordinal, a non-parametric alternative to this test should be used such as Kruskal-Wallis one-way analysis of variance.
1. They can be used to calculate moving averages over various intervals. 2. They group rows into a single output row. 3. Access Mostly Uused Products by 50000+ Subscribers 4. They don't require ordering of data within a window.
1. Variables A, B, and C are significantly impacting sales and are effectively estimating sales 2. Due to the R2 of 0.10, the model is not valid - the linear regression should be re-run with all 15 variables forced into the model to increase the R2 3. Access Mostly Uused Products by 50000+ Subscribers 4. Due to the R2 of 0.10, the model is not valid - a different analytical model should be attempted