In this section, we introduce the diamond prices dataset. Let's start implementing the predictive analytics process we discussed in the first chapter. We begin with the stage we just discussed in the last section, Problem understanding and definition.
Practical project – diamond prices
Diamond prices – problem understanding and definition
A new company, Intelligent Diamond Reseller (IDR), wants to get into the business of reselling diamonds. They want to innovate in the business, so they will use predictive modeling to estimate how much the market will pay for diamonds. Of course, to sell diamonds in the market, first they have to buy them from the producers; this is where predictive modeling becomes useful...
