Understanding the business problem and proposing a solution

In this section, we talk about problem understanding and definition, and other aspects related to the activity of defining the problem that will be solved using predictive analytics. Of course, the specifics of this stage depend entirely on the project, so we will provide only very generic guidance about this. However, when discussing the practical examples, we will touch on some of the important considerations when understanding the problem in a predictive analytics project.

Context is everything

What we call Problem understanding and definition is the first stage in the process, and as we mentioned in the last chapter, this is a key stage because here is where we...