This article will introduce you to a case study that applies predictive analytics on a dataset of diamond prices. We’ll begin with the Problem understanding and definition stage.
Diamond prices – problem understanding and definition
A new company, Intelligent Diamond Reseller (IDR), wants to get into the business of reselling diamonds. They want to innovate in the business, so they will use predictive modeling to estimate how much the market will pay for diamonds. Of course, to sell diamonds in the market, first they have to buy them from the producers; this is where predictive modeling becomes useful. Continue reading