Assignment Guidelines for Parcipants

Please share your answers filled inline in the word document.

d ocument.

Please ensure you update all the details:

Name: ____Lovleen Kaur _____________________ 

Batch Id: _____DS WDMCOS 090921__________________ 

Topic: Business Understanding

Instructions: Learn to understand the business objective(s) and constraint(s) based on the business
 problem statements.
statements.

You should identify and articulate/frame statements using Maximize and/or Minimize terminology for
Objective(s) and Constraint(s)

Q1. For the below listed Business Problems, draft Business Objectives and Business Constraints.

Hint: 
- Obje
Objectiv
ctive(s)
e(s) iimpli
mplies
es the
the goa
goals
ls to be ac
achieve
hievedd in te
terms
rms of
of max
maximiz
imizing
ing & mini
minimizi
mizing.
ng.
- Const
Constrain
raint(s)
t(s) are the chal
challenge
lenges/lim
s/limitat
itations
ions in achie
achieving
ving the objec
objective
tivess

S.no Business Problem

Hint Smart data plaorms can bring together customer transacons data and data from real-me
: communicaon streams to disclose the insights concerning customers feelings about the services

which allows addressing the sasfacon-related issues and churn prevenon.

Sol: Hint

Business Objecve:
(i) Minimize: Churn rate (churning implies customer leaving the company to join other)
or
(ii) Maximize: Customer sasfacon (sasfacon
(sasfacon will make customer more loyal to the brand)
 
Constraints: Lack of data coverage for all customers
 

1 Advan
Advanced
ced targe
targeng
ng al
allow
lowss pre
predic
dicng
ng need
needs,
s, prefe
preferen
rences
ces an
and
d custom
customer’
er’ss reacon
reacon to
to the
telecommunicaon services and products on oer by segmenng their market and target the
content according to each group.

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

Sol:

Business Objecve:
(i) Maxim
ximize
ze:: Pro
Prod
duct
uct S
Sal
ale
e and
and Prod
oduc
uctt Qua
Quali
litty
(ii) Minimize: Cu
Customer cocomplaints

Business Constraints:
Constraints: Lack of Market Segmenta
Segmentaon
on data

2 Teleco
Telecommu
mmunic
nicao
aon
n compani
companies
es ten
tend
d to regard
regard the
the custome
customer's
r's engag
engageme
ement
nt pro
proces
cesss and inte
interna
rnall
channels as a guarantee of smooth funconing of the operaons. Network management and
opmizaon gives an opportunity to idenfy the root causes.

Sol:

Business Objecve:
(i) Minimize : Customer inconveniences
(ii)
(ii) Ma
Maxi
ximi
mize
ze:: Cu
Cust
stom
omer
er Sa
Sas
sfa
fac
con
on an
and
d smo
smoot
oth
h fun
func
con
onin
ing
g of
of pro
proce
cess
ss

Business Constraints: Idenfy the problem root cause

3 En
Ensur
suring
ing the
the high
high-qu
-quali
ality
ty perfor
performan
mance
ce of the produ
product
ct accordi
according
ng to the custo
customer
mer’s
’s requir
requireme
ement
nt is
not possible without applying smart data soluon.

Sol:

Business Objecve:
(i) Minimize : CCu
ustomer co complaints
(ii)
ii) Maxim
ximize
ze:: H
Hig
igh
h qu
qual
aliity perf
perfor
orm
manc
ance

Business Constraints:
Constraints: No resource for Smart
Smart Data Soluons

4 Collec
Collecon
on of posi
posive
ve & nega
negave
ve reac
reacon
on to the
the servi
service
ce or produ
product
ct from
from social
social medi
media
a sou
source
rces,
s,
recent trends via Customer senment analysis. This may provide an opportunity of ulizing
mechanisms for direct responding.

Sol:

Business Objecve:
(i) Minimize : Risk of losing customers
(ii) Maximize: Insights

Business Constraints: Lack of Direct customer engagement

5 Acquir
Acquiring
ing as many
many subs
subscri
criber
berss as possib
possible
le remain
remainss a cri
crical
cal go
goal,
al, anywa
anyway.
y. In re
recent
cent years
years tthe
he

number
and of users
increase has been
revenue growing
at the extremely fast, pricing emerged as a tool to limit congeson
same me.

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

Sol:

Business Objecve:
(i)
(i) Ma
Maxi
ximi
mize
ze:: Reve
Revenu
nue
e and
and in
incr
crea
ease
se in Cu
Cust
stom
omer
er su
subs
bscr
crip
ipo
ons
ns
(ii) Minimize: Congeson
Business Constraints: Idenfying
Idenfying the terms of customers usage and good pricing tool

6 Custom
Customers
ers usual
usually
ly sea
search
rch for
for beer
beer & cheape
cheaperr service
services,
s, so the
the tele
telecomm
communi
unicao
caon
n compani
companieses to
measure, manage and predict the customer lifeme value (CLV).
(CLV). Smart soluons process real-me
insights based on customer purchasing behavior, acvity, services ulized, and average customer
value.

Sol:

Business Objecve:
(i) Minimize : Customer Inconvenience
(ii)
ii) Maxim
ximize
ze:: Cus
usto
tom
mer li
life
fe
me valu
lue
e

Business Constraints: keeping customers requirements met

7 In telecom
telecommun
munica
icaon
ons,
s, com
compan
panies
ies pr
preve
event
nt by
bypas
passs fraud
fraud by us
using
ing big
big data to revi
review
ew the ssour
ource
ce of
transacons, the cost of the call, and the desnaon number, in real-world situaons.

Sol:

Business Objecve:
(i) Maximize : Data Security
(ii) Minimize : Frauds

Business Constraints: reducing inconvenience to customers

8 Idenfy
Idenfy securit
security
y iissues,
ssues, conduct
conduct predi
predicve
cve anal
analysis,
ysis, and use machi
machine
ne llearnin
earning-bas
g-based
ed ssoluo
oluons
ns to

analyze any paerns of threats and automated escalaons to resolve issues before they cause
serious damage.

Sol:

Business Objecve:
(i) Maximize: DDa
ata S
Se
ecurity an
and S
Sa
afety
(ii) Minimize: Issues

Business Constraints: Automated tool to idenfy the security issues

9 Retail
Retail industr
industry
y use
use AI syste
systems
ms with
with built-
built-in
in m
machin
achine
e lea
learnin
rning
g alg
algorith
orithms
ms to collect
collect an
and
d analyze
analyze data
regarding products, transacons, etc. Based on ndings from data, systems esmate the best
strategies that can be implemented for the prot of the business

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

Sol:

Business Objecve:
(i) Maximize: Overall Prot
(ii)
ii) Minim
inimiz
ize
e: fa
fail
ilur
ure
e in
in a
acchi
hiev
evin
ing
g goa
goals
ls

Business Constraints: Data Collecon method

10 The price
price forma
formaon
on process
process depends
depends no
nott onl
only
y on the costs
costs to produce
produce an iitem
tem but
but on the wallet
wallet o
off
a typical customer and the competors' oers. The tools for data analysis bring this issue to a new
level of its approaching.

Sol:

Business Objecve:
(i) Minimize : Competetors risk
(ii) Maximize: O vve
erall Sale

Business Constraints:
Constraints: Idenfying best oers
oers for customer

11 Inventory,
Inventory, as
as it is,
is, con
concerns
cerns stocking
stocking goods
goods ffor
or their
their future
future use.
use. Inventory
Inventory management,
management, in it
itss turn,
turn,
refers to stocking goods to use them in me of crisis. The retailers aim to provide a proper product
at a right me, in a proper condion, at a proper place.

Sol:

Business Objecve:
(i)
(i) Ma
Maxi
ximi
mize
ze:: _
___
___P
_Pro
rodu
duc
con
on ____
______
____
____
____
____
____
____
____
____
__

Business Constraints: ____ stocking goods for their future use  in good condion.______
condion._______
_

12 Customer
Customer ffeedbac
eedback
k is taken as the
the importa
important
nt aspects
aspects of the
the retail
retail store. To increas
increases
es the
the store
store
prots and customer sasfacon based on kiosk survey given by the customer

Sol:

Business Objecve:
(i)
(i) Ma
Maxi
ximi
mize
ze:: ___P
___Pro
rot
t __
____
____
____
____
____
____
____
____
____
____
___
_
(ii) Minimize : ____ inconvenience _________________
______________________
_____

Business Constraints: __ Increase customers sasfacon

sasfacon  ______________
 _________________________
___________

13 To be
be extrem
extremely
ely ecien
ecientt about
about the issue of the
the new store's
store's loca
locaon.
on. To make
make such
such a decisio
decision
na
great deal locaon give a basis for understanding the potenal of the market. Also, special sengs
concerning the locaon of other shops are considered

Sol:

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

Business Objecve:
(i)
(i) Ma
Maxi
ximi
mize
ze:: ___P
___Pro
rot
t __
____
____
____
____
____
____
____
____
____
____
___
_

Business Constraints: ___nd best locaon with low cost _________________________

__________________________________
_________

14 Airlines
Airlines u
use
se AI system
systemss with
with bui
built-in
lt-in machine
machine learnin
learning
g algorith
algorithms
ms to collect
collect and analyze
analyze i
ight
ght data
data
regarding each route distance and altudes, aircra type and weight, weather, etc. Based on
ndings from data, systems esmate the opmal amount of fuel needed for a ight.

Sol:

Business Objecve:
(i)
(i) Mini
Minimi
mize
ze : __
____
___R
_Rou
oute
te di
dist
stan
ance
ce ,,Fu
Fuel
el ccos
ostt an
and
d alt
altud
udes
es__
____
____
____
____
____
____
____
____
___
_
(ii)
ii) Maxim
ximize
ze:: ___
__Pr
Pro
ot_
t___
____
____
____
____
___ _

Business Constraints: ___ Find the opmal amount of fuel _________________

__________________________
_________

15 Airlines
Airlines and ight operat
operators
ors can ssigni
ignicantl
cantly
y reduce
reduce the
their
ir operaon
operaonal
al co
costs
sts a
and
nd o
overhea
verhead
d by

opmizing their sales revenue in the longer term to ensure all ights with AI-powered systems
(Dynamic pricing)

Sol:

Business Objecve:
(i) Minimize : __ operaonal costs _________________
___________________
__
(ii)
(ii) Ma
Maxi
ximi
mize
ze:: ___P
___Pro
rot
t__
____
____
____
____
____
____
____
____
____
____
___
_

Business Constraints: ____ minimize inconvenience ________________

 _________________________________
____________________
___

16 As ight
ight delays
delays are
are dep
dependen
endentt on a huge number
number of factors,
factors, an intelli
intelligent
gent ssystem
ystem can b
be
e app
applied
lied to
to
analyze huge data sets in real me to predict delays and re-book customers’
c ustomers’ ights in me.

Sol:

Business Objecve:
(i) Minimize : ___ ight delay _______________
_______________________
________
(ii)
(ii) Ma
Maxi
ximi
mize
ze:: _
___
____
__pr
pro
ot_
t___
____
____
____
____
____
____
____
____
____
__

Business Constraints: ___minimize inconvenience ________________

 __________________________________
_____________________
___

17 By analyzi
analyzing
ng spec
specic
ic custom
customers’
ers’ ight
ight and
and purchas
purchasee pae
paerns
rns an
and
d coupling
coupling it with
with hi
histori
storicc data,
data,
algorithms are able to point out suspicious credit card transacon and eliminate fraudulent cases,
saving airline and travel companies millions of dollars every year.

Sol:

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

Business Objecve:
(i) Minimize : ____ fraudulent transacon  _________________
 ______________________
_____

Business Constraints: ____increase prot_______________________

prot____________________________________
_____________

18 The opmal
opmal way
way to sched
schedule
ule an
an airlin
airline’s
e’s crew
crew to maximize
maximize their
their me
me and
and increase
increase emplo
employee
yee

retenon?
Sol:

Business Objecve:
(i)
(i) Mini
Minim
mize
ize : __
____
__op
oper
era
aon
onal
al cos
cost_
t___
____
____
____
____
____
____
____
____
____
__
(ii)
(ii) Ma
Maxi
ximi
mize
ze:: ___
___ Pr
Pro
ott ___
_____
____
____
____
____
____
____
____
____
____
__

Business Constraints: ___ increase employee retenon __________

19 The image of tthe

he enterpri
enterprise
se in
in th
the
e community
community largely
largely inuence
inuencess recr
recruitme
uitment
nt process
process.. A person
person
may not be interested to apply for a job in an enterprise whose goodwill is not good.

Sol:

Business Objecve:
(i)
(i) Ma
Maxi
ximi
mize
ze:: ___
____
_ goo
goodw
dwil
illl of
of e
ent
nter
erpr
pris
ise_
e___
____
____
____
____
____
____
____
____
____
___
_

Business Constraints: ______increa

______increase
se Job recruitment__________________
recruitment__________________________________
________________

20 If the
the job is boring,
boring, hazar
hazardous,
dous, tensi
tension
on ridden
ridden and llackin
acking
g in opport
opportunie
uniess for advancement
advancement,, very
few persons may be available for such jobs.

Sol:

Business Objecve:
(i)
(i) Mini
Minim
mize
ize : __
__In
Inco
conv
nven
enie
ienc
nce
e __
____
____
____
____
____
____
____
____
____
____
____
__

Business Constraints:
Constraints: __
____make
__make job interesng ___________________________________
____________________________________
_

21 One of
of the gre
greate
atest
st chall
challeng
enges
es tha
thatt an HR leade
leaderr could
could face
face is keeping
keeping tthe
he sta
sta sa
sase
sed.
d.

Sol:

Business Objecve:
(i)
(i) Ma
Maxi
ximi
mize
ze:: __St
__Sta
a S
Sa
asf
sfac
aco
on
n __
____
____
____
____
____
____
____
____
____
____
___
_

Business Constraints: __make sta happy giving salary hike etc.____________

etc.______________________________
_____________________
___

22 Organizao
Organizaonsns fa
face
ce huge
huge cos
costs
ts resuln
resulng
g from
from em
employe
ployee
e turnover
turnover.. Some
Some costs
costs are tangi
tangible
ble ssuch
uch as
training expenses and the me it takes from when an employee starts to when they become a

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

producve member.

Sol:

Business Objecve:
(i) Maximize: _____ Employees job duraon ________________
 _____________________
_____
(ii) Minimize : ____  Employee turnover __________________
______________________
____

Business Constraints: ____Make most of Employees producve member __________________

 ___________________
_

23 Aracng
Aracng the
the aenon
aenon of
of a candid
candidate
ate an
and
d driving
driving the tr
trac
ac towards
towards a company’
company’ss hir
hiring
ing page
page is
one place where an AI can and is seeing a widespread use.

Sol:

Business Objecve:
(i) Maximize: _____ aenon of a candidates ________________
 _____________________
_____

Business Constraints: _____nd best candidate to be hired __________________________

___________________________________
_________

24 HR departm
departments
ents are respons
responsible
ible for the
the implem
implementao
entaonn of training
training programs.
programs. Some of these
these
programs are designed to ensure your sta follows policies and procedures while others are used
for job advancement. In some job sengs, employees are required to complete certain
cercaon programs.

Sol:

Business Objecve:
(i) Maximize: ___ Implementaon of training programs ______________
_______________________
_________

Business Constraints: ____Make

____Make employees skilled _________________________________
_________________________________

25 Understand
Understanding
ing people
people and why
why th
they
ey dec
decide
ide to stay at or leave a job is arguabl
arguably
y one of th
the
e most
important quesons for HR to answer. Idenfying arion risk calls for advanced paern
recognion in surveying an array of variables.

Sol:

Business Objecve:
(i)
(i) Mini
Minim
mize
ize : ____
____Jo
Job
b lo
loss
ss__
____
____
____
____
____
____
____
____
____
____
__

Business Constraints: ___ Idenfying arion risk calls _________________

___________________________________
____________________
__

26 Your HR departm
department
ent likely
likely deals with many requests
requests and
and queries
queries from employees
employees throu
throughout
ghout the
day. This could include queries about available me o, vacaon me, or HR issues with their

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

paycheck. They may also receive requests for shi swaps and other scheduling problems.

Sol:

Business Objecve:
(i) Maximize: ____ Queries soluons  ________________
 ______________________
______

Business Constraints: ___ Minimize inconvenience __________________

____________________________________
___________________
_

27 In Modern
Modern manufacturi
manufacturing,
ng, pr
produc
oducon
on can
can o
oen
en dep
depend
end on
on a few crical
crical machines
machines o
orr cell
cells,
s, the
the
same data that provides a manufacturer real-me monitoring can be analyzed through data
science to improve asset management and prevent machine failure.

Sol:

Business Objecve:
(i) Maximize: Producon _________________
__________________________
_________

Business Constraints: _____ improve asset management and prevent machine failure .__

28 To helps
helps m
manufa
anufacturer
cturers,
s, analyze
analyze if their
their pr
product
oduct and servi
services
ces are meeng all o
objecve
bjecvess for inial
inial
processes such as DMAIC framework. To be used to determine which product has the highest
impact. helping in minimize errors and losses and eliminates unnecessary human eort, thereby
increasing the overall quality of products and services.

Sol:

Business Objecve:
(i) Minimize : Errors and losses and unnecessary human eort  ______________
_______________
_

Business Constraints: Make sure quality of products,prot and services  high ______

29 Some aws
aws in
in prod
products
ucts are
are too small to be noced
noced with the naked
naked eye,
eye, even
even if the iinspect
nspector
or is very
experienced. The me taken for inspecon is also slowing down the producon.

Sol:

Business Objecve:
(i) Minimize : Inspecon me _________________
_____________________
____

Business Constraints: Maximize inspecon standard for best product _____________

30 To make
make design
design enhan
enhancem
cement
ents/u
s/upgr
pgrade
ade th
thee curr
current
ent versi
version
on of the
the product
product to incr
increas
ease
e
consumpon of the product and thereby the brand image. To bring in the features most of the
customers use we need to understand customer behavior towards the product, brand, and their

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

interests.

Sol:

Business Objecve:
(i) Maxim
ximize
ze:: ___
__Sa
Sale
le__
____
___
____
_______
______
____
____
____
____
___
_

Business Constraints: _____increase brand image _________________

_____increase _______________________________
______________

31 For many
many contract
contract manufac
manufacturers
turers,, prod
product
uct develo
development
pment is part
part o
off the service
service the
they
y provide,
provide, so
having data to validate their choices to their customer is crucial. To validate the choices, we 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, also how your own potenal customers weigh up their purchasing
decisions.

Sol:

Business Objecve:
(i) Maxim
ximize
ze:: ___
___S
_Sa
ale
le_
____
______
_______
______
____
____
____
____
___
_

Business Constraints: _____Make Customers sased __________

32 Manufactur
Manufacturersers are
are able to det
detect
ect al
alll kinds
kinds of issu
issues
es on their roun
rounee meth
methods
ods o
off prod
producon,
ucon, from
bolenecks to unprotable producon lines.
Companies are taking a deeper look into their logiscs, inventory, assets, and supply chain
management. The insights will bring high-value insights that uncover potenal opportunies not
 just in the manufacturing process but alsoalso in the packaging and distribu
distribuon.
on.

Sol:

Business Objecve:
(i)
(i) Mini
Minimi
mize
ze : _Pr
_Prod
oduc
uco
on
nCCos
ostt and
and Ti
Timi
ming
ng__
____
____
____
____
____
____
____
____
____
____
___
_

Business Constraints: ___Make packaging and distribuon low cost and easy _____________________

33 The Department
Department of Employ
Employment,
ment, Skills
Skills and
and Sma
Small
ll Busine
Business
ss ca
carries
rries out resear
research
ch to idenfy
idenfy sskill
kill
shortages in the labor market. Factors for Skilled labor shortage analysis are, adequate availability
of vacancy, job posngs and recruitments, applicants qualicaons for the job, factors aecng the
posion to be lled, such as required licensing requirements, qualicaon and experience
requirements are few of those constraints that should be considered.

Sol:

Business Objecve:
(i) Maxim
ximize
ze:: S
Sk
kil
illled Labo
Labor_
r___
____
____
____
____
____
__

Business Constraints:  __ Provide licensing requirements, qualicaon

qualicaon and experience to labors ____
 ____

© 2013 - 2020 360DigiTMG. All Rights Reserved.

 

34 The world
world is constan
constantly
tly changin
changing.
g. Th
Thus,
us, the
the sports
sports in
indust
dustry
ry is faced with tthe
he ch
challen
allenge
ge of trying
trying to
predict the next trend, the next big idea that will capture their audience. Coupling this challenge
with that of technology, it’s clear that some sports teams and venues will always be at odds.

Sol:

Business Objecve:
(i) Maxim
ximize
ze:: _ a
au
udi
die
enc
nce
e ___
_____
____
___
______
_____
____
____
___
_

Business Constraints: __make sport events interesng ___________________________

___________________________

35 Beng
Beng companies
companies to analyze
analyze the massiv
massivee amounts
amounts of data
data generat
generated
ed by spor
sporng
ng ev
events
ents all around
around
the world, to come up with probabilies for future outcomes. Goes without saying that predicve
modelling using Machine Learning techniques plays an important role in this.

Sol:

Business Objecve:
(i)
(i) Mini
Minim
mize:
ize: _Fai
_Failu
lure
re outc
outcom
omes
es ____
______
____
____
____
____
____
____
____
___
_
(ii)
(ii) Ma
Maxi
ximi
mize
ze:: _Pro
_Prot
t__
____
____
____
____
____
____
____
____
____
____
___
_

Business Constraints:
Constraints: _____Build predicve mode
modell with high accuracy
accuracy_____
_____

36 Stadium
Stadium m
manage
anagement
ment and Spons
Sponsors
ors have
have sstudied
tudied the average
average pro
prole
le of
of their
their au
audien
dience
ce car
carefull
efully
y
and have made targeted adversements that appeal to their audiences. The broadcasters and
stadium management has placed those ads carefully aer conducng a careful analysis of its own
resources for maximum impact.

Sol:

Business Objecve:
(i) Minimize: _____ Adversements cost _______________
_____________________
______

Business Constraints: _____Low adversements cost with maximum impact

impact ________________