From the course: Certified Analytics Professional (CAP) Cert Prep
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Determining the feasibility
From the course: Certified Analytics Professional (CAP) Cert Prep
Determining the feasibility
- [Instructor] Once you establish a solid problem statement, take a moment and assess whether the problem has an analytics solution or not. You should be asking questions like, Is it possible to implement the analytics solution with the resources under the organization's control? Do we have all the necessary data to perform an analysis? After determining analytical feasibility, think about whether solving the problem makes financial sense. One way to do this is cost benefit analysis. It's a ratio between net gain or loss resulting from a business commitment and the amount of resources committed. Let's say that an investor spends $10,000 to buy stocks. After 10 years, the stocks are worth $12,000 and sold. In this scenario, the net gain or ROI is $2,000 out of $10,000, which is 20%. Let's not worry about taxes or commissions in this scenario. Similarly, the investment in a data analytics project for investigating the loss of…
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