Developing Predictive Models for Business Decisions

You are a data scientist tasked with developing predictive models to aid in business decision-making. Begin by assessing the available dataset, identifying relevant features, and selecting the appropriate modeling techniques. Create a step-by-step plan that includes data preprocessing, model selection, training and validation processes, and evaluate model performance using suitable metrics such as accuracy, precision, recall, and F1 score. Provide recommendations for model improvement and scalability while also identifying potential biases in the data. Present your findings and model insights in a 500-word report tailored for business stakeholders, ensuring clarity and actionable insights.