Practice Step 1: Define The Business Problem (18.3.1) - Data Science for Business and Decision- Making

Practice: Step 1: Define the Business Problem

Lesson 18.3.1Data Science for Business and Decision- Making

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9 questions

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3 cards from this section. Quick, good the night before a test.
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6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What does it mean to define a business problem?
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Consider what issues the company is facing.
Question 2.
Name one element that is necessary for success criteria.
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Think about how you would assess success.
3Question 3.
What is the first step in the data-driven decision-making process?
- Data Collection
- Define Business Problem
- Model Building
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Consider what clarity is needed before analyzing data.
4Question 4.
True or False: Success criteria should be vague and open to interpretation.
- True
- False
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Think about the purpose of setting criteria.
Question 5.
For a company facing declining market share, outline a clear business problem and set appropriate success criteria.
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Identify specific metrics that demonstrate improvement.
Question 6.
You are tasked with improving an online retail store’s customer satisfaction. How would you define the business problem and create a success criterion?
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Connect the scores back to sales to show relevance.

5 more questions in this section. Enroll free to practise them all.