There is a statistical technique which can answer business questions as follows:
- How long will a particular customer remain with your business? In other words, after how much time this customer will churn?
- How long will this machine last, after successfully running for a year ?
- What is the relative retention rate of different marketing channels?
- What is the likelihood that a patient will survive, after being diagnosed?
If you find any of the above questions (or even the questions remotely related to them) interesting then read on. The purpose of this article is to build an intuition, so that we can apply this technique in different business settings.
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