use the results from a predictive model to make a recommendation on how much the jewelry company should bid for the diamonds..
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.
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)
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:
- There have been numerous debates, articles, and even a movie (Blood Diamond) about the mining and international sales of “conflict diamonds.” Research and present (in no less than 500 words) the nature of the conflict diamond trade and the relevance of Drucker’s ideas to today’s multinational enterprises regarding their participation in the trade.
- Papers need to be formatted in proper APA 6th Edition style.
- Each paper requires a minimum of at least three outside peer-reviewed sources for your references.
- Acceptable/credible sources include: Academic journals and books, industry journals, and the class textbook. You could use credible business website sources in addition to the peer-reviewed required sources, but avoid Wikipedia and Google. These are academic papers that need to include scholarly research.
- Using your textbook is required as well to demonstrate that you have read the required material.