{"id":18028,"date":"2023-04-30T17:25:51","date_gmt":"2023-04-30T17:25:51","guid":{"rendered":"https:\/\/www.goodacademic.com\/blog\/questions\/in-this-assignment-you-will-use-predictive-analytic-techniques-to-analyze-four-business-cases\/"},"modified":"2023-04-30T17:25:51","modified_gmt":"2023-04-30T17:25:51","slug":"in-this-assignment-you-will-use-predictive-analytic-techniques-to-analyze-four-business-cases","status":"publish","type":"questions","link":"https:\/\/www.goodacademic.com\/blog\/questions\/in-this-assignment-you-will-use-predictive-analytic-techniques-to-analyze-four-business-cases\/","title":{"rendered":"In this assignment you will use Predictive Analytic techniques to analyze four business cases."},"content":{"rendered":"

In this assignment you will use Predictive Analytic techniques to analyze four business cases.
\nThe data for this assignment can be found in Canvas in Excel or CSV format. The intention is that you will
\nupload the data to Tableau and complete your analyses there; however, you may also use other tools
\n(including Excel).
\nPlease prepare a PowerPoint presentation which addresses your findings regarding the questions and
\nissues presented for each of the cases. A PowerPoint template is available on Canvas. The format of your
\npresentations should be appropriate for a business presentation on the issues raised in the cases. Your
\nwork should include accurate analyses, appropriate visualizations that support your analysis and
\nsuccinct verbal explanations of your findings. An appropriate response would generally be 3 \u2013 5 pages in
\nlength for each case.
\nYou will submit your assignment by uploading your PowerPoint document to Canvas. <\/p>\n

<\/p>\n
CASE 1: Diamond Store
\nYou have a data set of Diamond prices for over 50,000 diamond sales which have been divided
\ninto a Training Set and a Validation set. The data contains the following characteristics of a
\ndiamond:
\n(1) Carat
\n(2) Cut
\n(3) Color
\n(4) Clarity
\n(5) Depth
\n(6) Table
\n(7) X
\n(8) Y
\n(9) Z
\nCarat, Cut, Color, Clarity are the traditional \u201c4 C\u2019s\u201d of diamond ratings. X, Y and Z are the
\nphysical measurements, and Depth and Table are further measurements of the shape of the
\ndiamond as shown here:
\nCreate a Model using the Training Set to predict a Diamond\u2019s Price as a function of the variables
\nshown above.
\nInvestigate how successful the model is in predicting prices by demonstrating the MAPE of the
\nValidation set. Discuss which sorts of diamonds are not being valued properly and suggest ways
\nto handle that in the model.
\nUse the model to predict prices of five new diamonds that you have available to sale.
\nPrepare a brief presentation discussing your model and its accuracy and showing your
\nprediction for the five new diamonds.
\nDATA: Diamonds.xlsx<\/div>\n<\/div>\n
<\/div>\n
CASE 2: Department Store Chain
\nYour task is to forecast future sales for a nationwide department store chain. You have Sales
\nData by department for the period January 2019 through August 2021 and you would like to
\nforecast Sales through August 2023 by day.
\nLook at Daily sales patterns of the Department store and comment on any trends and
\nseasonality you observe. Next create TWO separate forecasts of Sales:
\n(1) A forecast using Triple-exponential smoothing (which is produced by the \u201cForecast\u201d
\nfeature in the Analytics Tab in Tableau). Set the choices to those that you feel produces
\nthe best forecast
\n(2) A forecast using Gaussian Process (using the MODEL_QUANTILE function). Capture both
\nDay-of-week and seasonal fluctuations.
\nShow a visual representation of each forecast, and comment on which forecast is superior
\nand the accuracy and\/or shortfalls of your chosen forecast.
\nDATA: Department Store.xlsx<\/div>\n
<\/div>\n
CASE 3: Great American Read
\nYou oversee promotions for a website of an online book seller. You have created a campaign for
\nmembers of your loyalty program around the theme of the \u201cGreat American Read\u201d (a list of 100
\nbooks that American\u2019s ranked as their favorite novels in a 2018 PBS series). When members
\npurchase a book on the Great American Read list you offer them a discount on another book
\nfrom that list. You have data on the members\u2019 previous buying history and data on their
\npurchases during your Great American Read promotion.
\n1) Perform a clustering analysis which would predict which Genre a customer will purchase
\n(for their first book).
\n2) Perform another clustering analysis to predict whether the customer buys a second
\nbook
\n3) Choose your favorite book from the list and demonstrate which book you should be
\nshown to you as a second book choice.
\n4) Explain your findings in a brief presentation
\nDATA: Great American Read.xlsx<\/div>\n
<\/div>\n
CASE 4: Car Insurance
\nYou are responsible for pricing car insurance policies. You will model the likelihood of a vehicle
\nincurring damage during the coverage period based on an EXPONENTIAL distribution, and you
\nwill model the amount of damage (when it occurs) as a LAPLACE Distribution.
\nYour policies have a deductible and a coverage limit. The insurance company will pay the
\ncustomer for any damage above the deductible but not more than the coverage limit.
\nYou will conduct a Monte Carlo analysis where you simulate whether damage occurs and the
\namount of damage and then calculate the amount paid to the Customer by the insurance
\ncompany. You will price the insurance policy at the average amount paid to the customer in
\nyour simulations, grossed up by your required profit margin.
\nThe model must include the following parameters:
\n\u2022 The mean likelihood of damage, ranging from 10% – 20% in steps of 1%
\n\u2022 The mean damage amount (when damage occurs), ranging from $5,000 –
\n$10,000 in steps of $1,000
\n\u2022 The standard deviation of the damage amount (when damage occurs) ranging
\nfrom $500 – $5,000 in steps of $500
\n\u2022 The policy deductible, ranging from $0 – $3,000 in steps of $500
\n\u2022 The policy coverage limit, ranging from $5,000 – $30,000 in steps of $5,000
\n\u2022 The policy profit margin, ranging from 10% – 30% in steps of 5%
\nDemonstrate the price of an insurance policy that your model would recommend with the
\nfollowing assumptions:
\n\u2022 Mean likelihood of damage: 15%
\n\u2022 Mean damage amount (when damage occurs): $5,000
\n\u2022 Standard deviation of the damage amount (when damage occurs): $2,500
\n\u2022 Deductible: $1,000
\n\u2022 Coverage limit: $10,000
\n\u2022 Profit margin: 20%
\nDATA: random.xlsx<\/div>\n","protected":false},"excerpt":{"rendered":"

In this assignment you will use Predictive Analytic techniques to analyze four business cases. The data for this assignment can be found in Canvas in Excel or CSV format. The intention is that you will upload the data to Tableau and complete your analyses there; however, you may also use other tools (including Excel). Please […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"disciplines":[1112],"paper_types":[],"tagged":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/18028"}],"collection":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions"}],"about":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/types\/questions"}],"author":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/comments?post=18028"}],"version-history":[{"count":0,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/questions\/18028\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/media?parent=18028"}],"wp:term":[{"taxonomy":"disciplines","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/disciplines?post=18028"},{"taxonomy":"paper_types","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/paper_types?post=18028"},{"taxonomy":"tagged","embeddable":true,"href":"https:\/\/www.goodacademic.com\/blog\/wp-json\/wp\/v2\/tagged?post=18028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}