From the course: Problem Identification and Solution Design for Data Scientists

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Identifying ROI

Identifying ROI

From the course: Problem Identification and Solution Design for Data Scientists

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Identifying ROI

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- [Narrator] I'm going to try to convince you that you can estimate ROI during the business understanding phase. You just have to always remember to gather the following information early in the problem definition process. Let's imagine that you're trying to predict utility poles coming down during storms. For instance, during Hurricane Ida, apparently more than 30,000 poles came down, which caused damage and are also very dangerous. Utility poles don't come down just because they're old. There are factors like location, exposure to high wind, exposure to freezing temperatures, and so on. So you can build a model to predict which are most vulnerable when the storm does come. Here are the kinds of questions you would ask the project sponsor to give you the info you need to make some estimates, including very basic stuff like, "How many poles are there?" Obviously we're interested in the region that they're responsible for or that they want to build a model for. How many do they replace…

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