Georgia Tech, Questions with accurate answers, Graded A+ 2022/2023 Document Content and Description Below
Georgia Tech, Questions with accurate answers, Graded A+ 2022/2023 Document Content and Description Below Question 8.1 Describe a situation or problem from your job, everyday life, current events, etc., for which a linear regression model would be appropriate. List some (up to 5) predictors that you mig ht use. Working in Canada’s biggest retail hardware store chain and building up sales analytics from the scratch, we faced a problem with gathering store transactions data due to various legal reasons. Close to 30% of our 1100+ stores across the country were initially very skeptical and reluctant on sharing their data because of a dealer-owner cooperative business model. We were receiving sales data from around 750 stores and based on which we were building dashboards and taking business decisions around various financial/merchandising/marketing goals. But we lacked the complete insight as a big chunk of data was still unknown to us. We could speculate, but it was not good enough to rely upon. At this point, we decided to build a regression model to predict what might the total sales $$ be of those ‘unknown’ stores based on criteria such as – I. Store Area (in sqrft) – expected to be a +ve correlation II. Primary LOB (hardware, building center, furniture etc.) – need to be converted to numeric values, usually stores with builder centers have larger sales $$ III. Monthly avg temp of the area code (as sales could be seasonal) – helps when we are trying to estimate monthly sales $$ for our monthly BI reports, or dealing with seasonality Question 8.2 Using crime data from
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