Business Understanding
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Name: NIKESH MUNJAJI BOBADE Batch ID: 14/09/2022
Topic: Business Understanding
Instructions: Learn to understand the business objective(s) and constraint(s) based on the
business problem statements. You should identify and frame statements using the words
“maximize” and/or “minimize” for objective(s) and constraint(s) (for example: “maximize
profit” “minimize risk”, etc.)
Guidelines:
1. An assignment submission is considered complete only when correct and executable code(s) are
submitted along with the documentation explaining the method and results. Failing to submit either
of those will be considered an invalid submission and will not be considered as correct submission.
2. Ensure that you submit your assignments correctly. Resubmission is not allowed.
3. Post the submission you can evaluate your work by referring to keys provided. (will be available
only post the submission).
Q. For the below listed business problems, draft the business objectives and constraints.
Hint:
- Objective(s) implies the goals to be achieved in terms of maximizing & minimizing.
- Constraint(s) are the challenges/limitations in achieving the objectives.
S.n Business Problem
o
Hint Smart data platforms can bring together customer transactions data and data from real-time
: communication streams to disclose the insights concerning customers feelings about the services
which allows addressing the satisfaction-related issues and churn prevention.
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Sol: Hint
Business Objective:
Minimize: Churn rate (churning implies customers going to another company for their needs)
(or)
Maximize: Customer satisfaction (satisfaction will make customer more loyal to the brand)
Business Constraints: Lack of data coverage for all customers
1 Advanced targeting allows predicting needs, preferences, and customers’ reaction to the
telecommunication services and products on offer by segmenting their market and targeting the
content according to each group.
Business Objective:
Maximize: __________________________
Minimize: __________________________
Business Constraints: ________________________________________
2 Telecommunication companies tend to regard the customers’ engagement process and internal
channels as a guarantee of smooth functioning of the operations. Network management and
optimization gives an opportunity to identify the root causes.
ss
Business Objective:
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Minimize: the loop holes of the project
Maximize: take preventive measures for the functioning if the operations
Business Constraints: To improve network management and optimization
3 Ensuring the high-quality performance of the product according to the customer’s requirement is
not possible without applying smart data solutions.
Business Objective:
Minimize: Large Amounts of data and cheap solution
Maximize: Give Optimize Data Solutions
Business Constraints: To improve the performance of large amount of data
4 Collection of positive & negative reactions to the service or product from social media sources,
recent trends via customer sentiment analysis may provide an opportunity to utilize mechanisms
for direct responding.
Business Objective:
Minimize: Negative feedback of the customer
Maximize: utilizes mechanisms for direct respond
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Business Constraints: Customer sentiment analysis provides the good opportunities
5 Acquiring as many subscribers as possible remains a critical goal. In recent years, the number of
users has been growing extremely fast and pricing emerged as a tool to limit congestion and
increase revenue at the same time.
Business Objective:
Maximize: Acquiring subscribers / increase revenue
Minimize: limit congestion
Business Constraints: study why the number of user growing so fast
6 Customers usually search for better & cheaper services so the telecommunication companies
measure, manage, and predict the customer lifetime value (CLV). Smart solutions process real-time
insights based on customer purchasing behavior, activity, services utilized, and average customer
value.
Business Objective:
Minimize: the product price
Maximize: better and cheaper services (low price and high quality
Business Constraints: Real time insights / find customer solutions
7 In telecommunications, companies prevent bypass fraud by using big data to review the source of
transactions, the cost of the call, and the destination number, in real-world situations.
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Business Objective:
Minimize: Minimize Fraud
Maximize: __________________________
Business Constraints: review the source
8 Identify security issues, conduct predictive analysis, and use machine learning-based solutions to
analyze any patterns of threats and automated escalations to resolve issues before they cause
serious damage.
Business Objective:
Minimize: __________________________
Maximize: Resolve issues before a time
Business Constraints: Identify all issues, analysis, and pattern / time-consuming process
9 Retail industry uses AI systems with built-in machine learning algorithms to collect and analyze data
regarding products, transactions, etc. Based on findings from data, systems estimate the best
strategies that can be implemented for the profit of the business
Business Objective:
Minimize: __________________________
Maximize: using best strategies for profit
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Business Constraints: using machine algorithms /data availability
10 The price determination process depends not only on the costs to produce an item but on the
wallet of a typical customer and the competitors' offers. The tools for data analysis bring this issue
to a new level of its approach.
Business Objective:
Minimize: low price/ budget friendly
Maximize: product quality and more sell
Business Constraints: Data analysis / Data visualization
11 Inventory deals with stocking goods for their future use. Inventory management refers to stocking
goods to use in times of crisis. The retailers aim to provide the right product at the right time in the
proper condition.
Business Objective:
Minimize: __________________________
Maximize: better services(proper condition, time, place, product)
Business Constraints: inventory management / product storage space and , more money
12 Customer feedback is taken as an important aspect of the retail store. Considering customer
feedback and making changes can increase the store profits and customer satisfaction.
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Business Objective:
Minimize: product fault
Maximize: increase the profits and customer satisfaction
Business Constraints: collect customer feedback / survey
13 Businesses have to be extremely cautious about choosing a new store's location. To make such a
decision, a great deal of study regarding the location is required which gives us a basis for
understanding the potential of the market. Also, special settings concerning the location of other
stores are considered.
Business Objective:
Minimize: __________________________
Maximize: promote business and cover new location
Business Constraints: New store’s location
14 Airlines use AI systems with built-in machine learning algorithms to collect and analyze flight data
regarding each route distance, altitudes, aircraft type, weight, weather, etc. Based on findings from
the data, systems estimate the optimal amount of fuel needed for a flight.
Business Objective:
Minimize: low fuel / less distance
Maximize: high accuracy
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Business Constraints: ________________________________________
15 Airlines and flight operators can significantly reduce their operational costs and overhead by
optimizing their sales revenue in the longer term with AI-powered systems (dynamic pricing)
Business Objective:
Minimize: cost
Maximize: sales revenue / profit
Business Constraints:
16 As flight delays are dependent on a huge number of factors, an intelligent system can be applied to
analyze huge datasets in real time to predict delays and re-book customers’ flights in time.
Business Objective
Minimize: flight delay
Maximize: real time and easy way to book seat
Business Constraints: Analyze huge data
17 By analyzing specific customer’s flight and purchase patterns, and coupling it with historic data,
algorithms are able to point out suspicious credit card transactions and detect fraudulent cases
thereby saving airline and travel companies millions of dollars every year.
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Business Objective:
Minimize: eliminate fraudulent
Maximize: __________________________
Business Constraints: analyze specific customers flight
18 What is the optimal way to schedule an airline’s crew to maximize their productive time and
balance their working hours to increase employee retention?
Business Objective:
Minimize: schedule
Maximize: theit time and increase employee retention
Business Constraints: the way to schedule
19 The image of the enterprise in the community largely influences the recruitment process. A person
may not be interested in applying for a job in an enterprise whose goodwill is low.
Business Objective:
Minimize: __________________________
Maximize: finding the right candidate
Business Constraints: organization policies
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20 If the job is boring, hazardous, tension ridden, and lacking in opportunities for advancement, very
few people may be available for such jobs.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: find the candidate
21 One of the greatest challenges that an HR leader could face is keeping the staff satisfied.
Business Objective:
Minimize: __________________________
Maximize: staff satisfaction
Business Constraints: problem of staff
22 Organizations face huge costs resulting from employee turnover. Some costs are tangible such as
training expenses and the time it takes from when an employee starts to when they become a
productive member.
Business Objective:
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Minimize: minimize cost
Maximize: save money
Business Constraints: organizations face huge costs
23 Attracting the attention of a candidate and driving the traffic towards a company’s hiring page is
one place where an AI can see widespread use.
Business Objective:
Minimize: __________________________
Maximize: get more traffic at the company’s hiring page
Business Constraints: Attracting the attention of a candidate
24 HR departments are responsible for the implementation of training programs. Some of these
programs are designed to ensure your staff follows policies and procedures while others are used
for job advancement. In some job settings, employees are required to complete certain
certification programs.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
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25 Understanding people and why they decide to stay at or leave a job is arguably one of the most
important questions for HR to answer. Identifying attrition risk calls for advanced pattern
recognition in surveying an array of variables.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
26 Your HR department likely deals with many requests and queries from employees throughout the
day. This could include queries about available time off, vacation time, or HR issues with their
paycheck. They may also receive requests for shift swaps and other scheduling problems.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
27 In modern manufacturing, production can often depend on a few critical machines or cells. The
same data that provides a manufacturer real-time monitoring can be analyzed through data
science to improve asset management and prevent machine failure.
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Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
28 Plan to help manufacturers analyze if their product and services are meeting all objectives for initial
processes such as the DMAIC framework. They need a strategy to be used to determine which
product has the highest impact. Helping in minimizing errors and losses and eliminating
unnecessary human effort can increase the overall quality of products and services.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
29 Some flaws in products are too small to be noticed by the naked eye even if the inspector is very
experienced. The time taken for inspection also slows down the production.
Business Objective:
Minimize: __________________________
Maximize: __________________________
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Business Constraints: ________________________________________
30 A business wants to make design enhancements/upgrades to the current version of the product to
increase consumption of the product and thereby the brand image. They need to identify the
features which most of the customers use and they need to understand customer behavior
towards the product, brand, and their interests.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
31 For many contract manufacturers, product development is part of the service they provide so
having data to validate their choices to their customer is crucial. To validate the choices, they need
to depend on a wide range of factors such as value for money, quality, reliability, and service. It is
crucial to gather such data.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
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32 Manufacturers are able to detect all kinds of issues on their routine methods of production, from
bottlenecks to unprofitable production lines. Companies are taking a deeper look into their
logistics, inventory, assets, and supply chain management. The insights will bring high-value
insights that uncover potential opportunities not just in the manufacturing process but also in the
packaging and distribution.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
33 The Department of Employment, Skills and Small Business carries out research to identify skill
shortages in the labor market. Factors for skilled labor shortage analysis are adequate availability of
vacancy, job postings and recruitments, applicants’ qualifications for the job, factors affecting the
position to be filled, such as required licensing requirements, qualification and experience
requirements are few of those constraints that should be considered.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
34 The world is constantly changing. Thus, the sports industry is faced with the challenge of trying to
predict the next trend, the next big idea that will capture their audience. Coupling this challenge
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with that of technology, it’s clear that some sports teams and venues will always be at odds.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
35 Betting companies analyze the massive amounts of data generated by sporting events all around
the world to come up with probabilities for future outcomes. Goes without saying that predictive
modelling using machine learning techniques plays an important role in this.
Business Objective:
Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
36 Stadium management and sponsors have studied the average profile of their audience carefully
and have made targeted advertisements that appeal to their audiences. The broadcasters and
stadium management have placed those ads carefully after conducting a careful analysis of its own
resources for maximum impact.
Business Objective:
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Minimize: __________________________
Maximize: __________________________
Business Constraints: ________________________________________
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