Hi All,
I am quite confuse how I should proceed with my Data.
I have data/report from a rental cars company with many location: Number of cars per location, Total profit, Profit per location, revenue per day, utilization, closed agreement, number of day on rent...and many other features.
I want to know how many/optimum number of cars every location should have.
I would really appreciate your input.
Please let me know if you require any further information.
Cheers.
What have you done so far? How do you define optimum when it comes to cars - all cars will be rented, no customer turned away, or some mix?
I cleaned my data only!
struggling to know how to proceed next.
Well optimum number of cars its the cars that should be in the location to cover the rental needs of the customers.
Car non rented = charge
So, what are you trying to maximize or minimize? Unused cars, profit at each location, what?
If profit, how do you calculate profit (hint, revenue minus costs)? What are the costs? what are the revenues? Do they vary day to day?
If you are wanting to model, then what are your dependent and independent variables?
Answer that, and you can start. Note that you will want a regression type rather than classification type model if you choose to go this route.
Thank you for you response.
But I don't think you understood my objective here.
I am not trying to maximize or minimize.
I am looking to know whats the perfect number of car every location should have!
features that I have in hand: Number of cars per location, Total profit, Profit per location, revenue per day, utilization, closed agreement, number of day on rent...and many other features.
The above information are submitted monthly.
I hope its clear now!
The optimum number of cars based on the previous monthly revenues and other data I have!
Define optimum. Trying to get you to see that you do want to maximize or minimize something.
I would say optimum is the number of cars every licensees needs to have based on the numbers of revenue he made in the past month?
or option 2
Number of cars to reach the minimum utilization of 80%