Seven-step modeling process

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Data analysis in the real world is mostly driven by the desire to solve problem(s). Share a real-life problem where you have applied (or would like to apply) the seven-step modeling process. Is this problem structured, semi-structured, or unstructured? Explain your decision-making process.

The seven steps to the modeling process: (1) Define the problem, (2) Collect and summarize the data, (3) Develop a model, (4) Verify the model, (5) Select one or more suitable decisions, (6) Present the results to the organization, (7) Implement the model and update it over time.

Reference no: EM133144334

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