3.2 THE PROBLEM UNDERSTANDING PHASE
We begin with the Problem Understanding Phase, in order to make sure that the ladder we are working so hard to climb is not leaning against the wrong wall.
3.2.1 Clearly Enunciate the Project Objectives
The objectives of this analysis are as follows:
- Learn about our potential customers. That is, learn the characteristics of those who choose to bank with us, as well as those who do not.
- Develop a profitable method of identifying likely positive responders, so that we may save time and money. That is, develop a model or models that will identify likely positive responders. Quantify the expected profit from using these models.
3.2.2 Translate These Objectives into a Data Science Problem
How shall we use data science to accomplish the project objectives?
- There are many ways to learn about our potential customers.
- Use Exploratory Data Analysis to express some simple graphic relationships among the variables. For example, use a histogram of age overlain...