Statistical Model to Establish Relative Strength of a Business Based on Online Ratings and Reviews

Project Description

We have an existing statistical that accomplishes the scope as outlined below. We want to enhance it as we have more data points. The model calculates an apartment community’s online reputation as compared to the entire population.

We collect ratings and number of reviews from various sites on over 70,000 apartment communities on a monthly basis.

As of now, there are about 19 sites that we collect data on. The number of sites is growing. For each site, we gather two variables i.e. the aggregate star rating of the property and the number of reviews that make up the star rating. Most sites have a 5 point scale. There is one site apartmentratings.com that lists the percentage of people recommending the property in addition to the star rating and the number of reviews. Please see the attached sample data.

All data and analysis will be in excel. The model should be in excel too.

The goal is to generate an overall rating that aggregates the websites’ reviews. The rating should be both simple to implement, stable, and accurate. The end result should be a score for each property on a scale of 100 and should serve as a relative ranking of a property’s online reputation.

We have data on what sites are more important to prospects while looking for an apartment. We’ll work with the consultant to fine tune the weightage of various sites. The resulting scoring methodology needs to be tested using various methods such as Sigmoid function example, Bayesian weighting, and Mean Absolute Error. 

Tools Used - Excel