Implementing statistical modeling involves several steps:
Data Collection: Gather relevant data from various sources such as sales records, customer feedback, and market research. Data Cleaning: Ensure the data is accurate and free from errors. Model Selection: Choose an appropriate statistical model based on the business problem. Model Training: Use the collected data to train the model. Model Evaluation: Assess the model's accuracy and reliability using various metrics. Model Deployment: Implement the model in real-world scenarios to make predictions and recommendations.