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A jewelry firm wants to submit a bid to purchase a large collection of diamonds but is uncertain how much it should bid. You will use the results from a predictive model to make a recommendation on how much the jewelry company should bid for the diamonds.
Assignment Details
A diamond distributor has recently decided to exit the market and has put up a collection of 1,000 diamonds up for auction. Seeing this as a great opportunity to expand its inventory, a jewelry firm is interested in making a bid. To determine how much to bid, the firm’s analytics department will use a large database of diamond prices to build a linear regression model to predict the price of a diamond based on its attributes.
As the business analyst, you are tasked to build the linear regression model and apply that model to make a recommendation for how much the company should bid for the entire collection of 1,000 diamonds. (CLOs 1,5,7,8,10,11)
Assignment Submission
To complete this assignment, you will be submitting a file in Word using a report format to provide the answers to the following questions across five steps.
Step 1 – Research and Reflect:
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