Introduction
One of the most important stages, and the initial step of a data science project, is understanding and defining a business problem. However, this cannot be a mere reiteration of the existing problem as a statement or a written report. To investigate a business problem in detail and define its purview, we can either use the existing business metrics to explain the patterns related to it or quantify and analyze the historical data and generate new metrics. Such identified metrics are the Key Performance Indicators (KPIs) that measure the problem at hand and convey to business stakeholders the impact of a problem.
This chapter is all about understanding and defining a business problem, identifying key metrics related to it, and using these identified and generated KPIs through pandas and similar libraries for descriptive analytics. The chapter also covers how to plan a data science project through a structured approach and methodology, concluding with how to represent a problem...