Business Analytics Report Discussion
I have no idea if I am on the right track and I would really appreciate some help. The assignment brief is as follows:
A company aims to:
a) improve their brand recognition by optimising the impact of their social media posts
To optimise the impact of their social media post, the company had gathered data on their social media activity and the characteristics of each posts to conduct analyses (Social Media Dataset: Social Media Metrics).
Task 1: Predictive Analytics
1.1 Develop a regression model for each of the social media metric of your choice (minimum 3). Justify the social media metrics chosen for the task
1.2 Identify the post characteristics that are relevant in predicting the performance of the social media metrics
1.3 Provide further analysis to show how each relevant feature influenced the performance of the social media metrics
b) attract more customers by advertising their products in different advertisement media
They would like to know how many to use from each type of media so that the number of audience reach is maximised (Social Media Dataset: Advertising Media).
The advertisement media includes:
2. Online advertising in other platforms (e.g. Twitter, Instagram etc)
To ensure a balance use of advertisement media, TV advertisement must not exceed 50% of the total number of advertisements, flyer and radio must not exceed 10% of the total number of advertisements. In addition, there should be at least 10 online advertisements. The advertising budget is £190,000.
Task 2: Prescriptive Analytics
2.1 Apply prescriptive analytics to recommend the best possible option. State any assumptions that you have made. 2.2
2.2 Develop and solve an optimisation model to determine the number of each type of media to use such that the number of audiences reached is maximised
2.3 Perform what-if analysis for the optimisation model.
2.4 Explain the best option and trade-offs that must be made to increase the numbers of audience reached. Use the Sensitivity Report to facilitate your analysis.
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