From the course: Problem Identification and Solution Design for Data Scientists
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A simple visuatlization for setting priorities
From the course: Problem Identification and Solution Design for Data Scientists
A simple visuatlization for setting priorities
- [Lecturer] Many years ago, a colleague recommended this simple approach, and I've never forgotten. I've used it on every project since, and many consultants I've met do the same. Here it is. Quite simply, what you do is present potential projects on two axis, potential value on the y axis and scale of effort on the x axis. In order to do that, you need the ROI estimates that we discussed earlier in the course, and you also need to estimate scale of effort, which should be primarily the result of the information gathering you did with IT because data prep is the most time consuming step. So scale of effort is negatively correlated with data quality and positively correlated with the amount of data integration and the amount of feature engineering that you think you have to do. Throw in a little extra effort for ill structured problems with challenging problem definition. There's one missing piece, and it's a very important piece. The visualization is not terribly useful if there's…
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