Diamond prices – proposing a solution at a high level

Now, we have a general understanding of the problem, what IDR would like to accomplish, and we know something about the dataset and the context of the problem. Let's formalize the problem using the terminology we defined in Chapter 1, The Predictive Analytics Process: our unit of observation is the diamond, the dataset we have consists of 10 attributes, and each diamond is a data point. Let's make explicit the goal we would like to accomplish and the deliverables.