Question: Problems Page 135, Problem 5.4 Consider the following decile-wise chart for a transaction data model. 5 1 2 3 4 5 6 7 8 9

Problems Page 135, Problem 5.4 Consider the following decile-wise chart for a transaction data model. 5 1 2 3 4 5 6 7 8 9 10 Deciles a. Interpret the meaning of the first and second bars from the left. b. Explain how you might use this information in practice. Page 136, Problem 5.6 A firm that sells software services has been piloting a new product and has records of 500 customers who have either bought the services or decided not to. The target value is the estimated revenue from each sale. The global mean is $2128. However, the cost of the sales effort is not cheap the company figures it comes to $2500 for each of the 500 customers (whether they buy or not). The firm developed a predictive model in hopes of being able to identify the top spenders in the future. The lift and decile charts are shown in the following figures

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