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Business Science Problem Framework

The document outlines a 6-step business science problem framework (BSPF) for applying data science to business problems. Step 1 involves understanding the business problem drivers and measuring key performance indicators (KPIs). Step 2 develops algorithms to predict problems and opportunities. Step 3 measures financial impact by encoding algorithm results and tying individual decisions to profit optimization. Step 4 reports results to stakeholders. Step 5 visualizes outcomes over time. Step 6 deploys recommendations to improve decisions. The framework provides a process to apply data science and uncover business problems and opportunities.

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kumar kumar
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134 views1 page

Business Science Problem Framework

The document outlines a 6-step business science problem framework (BSPF) for applying data science to business problems. Step 1 involves understanding the business problem drivers and measuring key performance indicators (KPIs). Step 2 develops algorithms to predict problems and opportunities. Step 3 measures financial impact by encoding algorithm results and tying individual decisions to profit optimization. Step 4 reports results to stakeholders. Step 5 visualizes outcomes over time. Step 6 deploys recommendations to improve decisions. The framework provides a process to apply data science and uncover business problems and opportunities.

Uploaded by

kumar kumar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Business Science 

Problem Framework 
View  Uncover  Report 
Understand  Measure  Encode  Measure
Business  Problems & Financial 
the Drivers the Drivers Algorithms Results
as a Machine Opportunities Impact

Step 1: Step 1: Step 1: Step 1: Step 1: Step 1:  Step 1:


Isolate business unit Investigate if objectives Collect Data Evaluate performance vs Develop algorithms to Capture outcomes after Measure actual results.
are being met KPIs predict and explain decision making system
Step 2:  Step 2:  problem is implemented Step 2:
Define objectives.  Step 2:  Develop KPIs Step 2: Tie to financial benefits
Define machine in terms Synthesize outcomes Highlight potential Step 2:  Step 2:
of people and processes problem areas Tie financial value of Synthesize results in Step 3:
Step 3: individual decisions to terms of good and bad Report financial benefit of
Step 3: Hypothesize drivers Step 3: optimize for profit outcomes identifying algorithms to key
Collect outcomes in Review process and what was done and what stakeholders
terms of feedback. consider what could be Step 3: happened
Feedback identifies missed or needed to Use recommendation
problems.  answer questions algorithms to improve Step 3:
decisions Visualize outcomes over
time to determine
progress

CRISP Phase 1: Business Understanding

CRISP Phase 2: Data Understanding

CRISP Phase 3: Data Preparation

CRISP Phase 4: Modeling

                                                   CRISP Phase 5: Evaluation

CRISP-DM CRISP Phase 6: Deployment

Version 1.0
Learn to apply the BSPF in Data Science For Business With R (DS4B 201-R)

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