Question

You want to propose to your classmates that you set up a foundation in his name to provide a $3,000 grant each year to one deserving student. Identify the data and two analytics techniques you could use to estimate how much money is needed for the foundation.

Answer 1

To estimate the amount of money needed for the foundation, you can use descriptive and predictive analytics techniques. Descriptive analytics helps analyze historical data to identify patterns, while predictive analytics uses statistical models to predict future trends.

Step-by-step explanation:

To estimate how much money is needed for the foundation, you would need to gather data on the number of deserving students each year and the cost of the grant. Two analytics techniques you could use are:

1. Descriptive analytics: This would involve analyzing historical data on the number of deserving students and the average cost of grants to identify patterns and trends. This would help in estimating the annual number of deserving students and the average cost of the grant.
2. Predictive analytics: This would involve using statistical models and algorithms to predict future trends based on historical data. By analyzing factors such as the college's enrollment trends, demographic changes, and economic indicators, you can estimate how these factors may impact the number of deserving students and the cost of the grant in the future.