Structure of your plan
From your studies, you know about the CRISP-DM framework, and decide to use this framework to layout a research plan to present to the Chief Risk Officer as follows (note that you do not need an introduction and conclusion for this task):
1. Business background and analytics goals (500 words): In this section, you should draw on your own research and the task background to develop an understanding of Auswide Bank, its objectives/values, and the environment it operates in to clarify the bank’s potential challenges and/or opportunities for value creation. From this business background, you then derive research questions for the analytical project that are aligned with the task context and business understanding, and are answerable with the data you have got. Make sure you explicitly link your research questions back to the idea of value creation for the bank.
2. Data preparation & understanding (600 words): You should show your preliminary understanding of the data by describing the variables in the dataset, assessing reliability/validity/ethics, and discussing any cleaning or transformations you have done to prepare the data for analysis. Once this is done, you should use data visualisation and descriptive statistics to provide insights on the “typical” home loan applicant for Auswide Bank. You might use confidence intervals or probability concepts to evaluate the strength of your summary statistics.
3. Modelling & Evaluation (600 words): This section should focus on creating and justifying logical expectations of relationships that might exist in the data, and then identifying, justifying, and applying appropriate modelling techniques (such as hypothesis testing or correlation analysis) to provide more insights into the research questions. This is also your opportunity to be explicit about how your specific findings could potentially be exploited by the business to create value.
4. Capability (300 words): In this section, you should focus your discussion on the business’s analytics capability and potential improvements to aspects of the bank’s overall data strategies that they might need so that data can be collected and used in a more meaningful way to create value. For example, you can draw on information that is available about Auswide Bank and the way it talks about data within the organisation, its data strategy, and general challenges faced by banks in the use of data. You could also talk about other data that might be needed to derive better insights that are related to your research questions.
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