So let's start with the first thing you should know when you are trying to solve a problem.
You should know about the business context of that problem.
You should know what all factors are important and have impact on the variables of interest.
Only if we know the business, we will be able to identify relevant variables and get the required data
for the analysis.
Remember this, the quality of your input will decide quality of your output.
Now, there are two primary ways to gather information about business.
One is to gather it yourself by talking to relevant people or stakeholders of that business, people
who are impacted by the problem at hand.
Or you can also gather information by actually doing these things yourself.
For example, if you have to increase sales of a particular product.
Try to go and sell it yourself in the market.
Go and try to buy it, also to understand customers perspective.
Gathering information by yourself is called doing primary research.
In secondary research, you read or listen to the information gathered by others, maybe there is some
industry related research report or some study done by some consulting firm or someone else has worked
on the same problem before.
We should look at methodology and findings of those earlier works.
Also.
Here is an example.
Suppose you are part of a company which sells online and the problem you are facing is, of course,
abandonment.
That is a lot of your customers add product to their card, but do not actually purchase it.
This is a fairly common problem for online businesses.
Now, if you are given the task to tackle this problem, where do you start?
First, we should go and talk with the relevant teams involved.
Usually there is a marketing team and a product team which cross-functional they handle the online sales
process.
We should go and talk to them.
Then we should tripartism from this site ourselves also to understand what is the customer journey online.
All this will be primarily such.
As part of the candy dessert, we should look for previous studies on guard abandonment within and outside
the organization.
Once we have done all this, we would have a fairly good idea of what all variables and what type of
model we are going to use.
Next task is to get data.