Defining the Problem Statement
If you recollect the data we explored in Chapter 1, R for Advanced Analytics, bank marketing data, we have a dataset that captures the telemarketing campaigns conducted by a bank to attract customers.
A large multinational bank is designing a marketing campaign to achieve its growth target by enticing customers for bank deposits. The campaign has been ineffective in luring customers, and the marketing team wants to understand how the campaign can be improved to achieve the growth targets.
We can reframe the problem from the business stakeholders' perspective and try to see what kind of solution would best fit here.
Problem-Designing Artifacts
Just like there are several frameworks, templates, and artifacts for software engineering and other industrial projects, data science and business analytics projects can also be effectively represented using industry standard artifacts. Some popular choices are available from consulting giants such as McKinsey, BCG, and decision...