Three fundamental factors should be considered when developing a LOE versus ROI plot, which is used to make decisions regarding when to address specific data science questions. The following factors inform which data science question(s) best serve them: Often data science questions build off each other to provide insight into additional business questions. 1) Focus on the actionability and value of the questions results.
2) Gauge the quality of the data and its alignment to the question.
3) Assess the statistical feasibility of developing a model that addresses the question.
Finally, outline how the questions fit into the broader data science landscape.
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What predictive metrics are worth building?Considerations for defining a business question.
Published on 12/09/2020
Authored by Tessa Jones