Discuss a business application of data visualization and data discovery.Please be very specific. Start with a business question and discuss why it is important. Then discuss where you would be able to obtain relevant data related to your business question. And then, using that data, discuss what data exploration tools you would use in order to answer your question.
Please be specific and discuss exactly how you would use those tools. In addition, also provide references to business cases where similar problems have been solved.
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As an example, I could be interested in exploring the relationship between price and demand for a new service. This service could e.g. be the toll for using an expressway (think e.g. Selmon Expressway). I would expect that a higher price (i.e. higher toll) would result in a lower demand (i.e. fewer cars), but in order to investigate exactly how price affects demand, I would first need to gather some data. That data could be obtained with the help of e.g. the Tampa Hillsborough Expressway Authority. With their help, I would collect, for each day, the number of cars passing through a particular toll booth as well as the price (i.e. toll) charged for that stretch of the road. While the Selmon Expressway currently does not adjust tolls dynamically, many other expressways do (see e.g. https://www.usatoday.com/story/news/2017/12/07/states-governments-increasingly-turn-tolls-manage-highway-traffic-jams/930900001/ (Links to an external site.)). One of the objectives could be to investigate if by charging varying tolls on the Selmon Expressway, we could better manage traffic (i.e. increase the number of cars during off-peak hours, but reduce the number of traffic jams during rush hours). Once such data is in place, I would explore the relationship between price and demand using a scatterplot; that is, plotting price (i.e. toll) on the x-axis and demand (i.e. number of cars) on the y-axis, one should be able to identify at what value of price one can obtain a desired demand. For instance, if we desired a demand of, say, 1000 cars per hour, then a scatterplot should roughly tell us what toll we would have to charge in order to obtain that desired demand. The same scatterplot would also inform us about how fast demand drops as price increases. For instance, we might learn from the scatterplot that a very small increase in toll (say from $4 to $4.10) does not really have any impact on the resulting number of cars. Only if we increased the toll significantly higher (say to $6) would we start to see a rapid drop in the traffic. As a result, we might be able to use such a scatterplot to better manage traffic and avoid traffic jams in the Tampa Bay area.
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