Data Management for Business Success- Individual Assignment

Data Management for Business Success- Individual Assignment Name BF001 Date Task 1 – Plan to investigate a business issue or problem (LO1) Problem definition for the Quantitative Research The quantitative research focuses on predicting the bank account balance given information about banking services, location, number of ATM transactions and other details pertaining to the account holders. Details on the balance of an account include the name and surname, address and account numbers, but this is personal information that is not revealed to third parties. Thus using information on ATM transactions, services provided, the use of debit cards, whether account holders receive interest and city location are relevant in the analysis. The research question would be “what characteristics are most useful to predict the bank account balances?” Making more accurate bank balance predictions makes it easier to determine the factors that are most likely to influence the account balance, even as no model or forecasting approach can make predict accurately with certainty. Nonetheless, access to information and details on banking services make it possible to identify the variables most associated with high account balances and low account balances (Bhat & Darzi, 2016). There are 60 random bank accounts and balances and looking at the balance of these balances this gives a fair representation of the bank balance and there was no bias when choosing these bank accounts. Customers who make many transactions tend to have higher balances and are more likely to use banking services given that those holding dormant accounts use banking services less frequently and only when absolutely necessary. Predicting the account balances requires estimation by projecting past data and this is based on considerations of different data from the past on individual bank balances. Regardless of the technique used, perfect predictions cannot be made. This is why it is necessary to review and update predictions based on the most recent data, and this also helps in planning. The success of the prediction, partly depends on choosing the most appropriate independent variables since the strength of relationship between the dependent variable and the independent variables differs. Planning of the Research Project investigation Planning and implementing a research project requires searching and identifying best evidence and translating the research evidence. Plant is most effective when there is focus on the methods and procedures to address the research question, and this also influences the choice of methodology. This is prioritized to finalize the research plan, but require selecting the most appropriate research design the population has already been identified and samples on banking. The most important aspects of the research are detailed in the planning process to guide the research, which makes it easier to finalize the research plan (Polit & Beck, 2016). To minimize bias and facilitate interpretability of results the evidence used is consistent with the objectives of the research project. Description of the Data Sets The data set depends on data available, while problem specification is taken into consideration when predicting the account bala...