What are the steps involved in an analytics project?

The following are the numerous steps involved in an analytics project:

  • Understanding the business problem
  • Exploring the data and understanding it
  • Preparing the data for modeling by means of detecting outlier values, transforming variables, treating missing values, et cetera
  • Running the model and analyzing the result for making appropriate changes or modifications to the model (an iterative step that repeats until the best possible outcome is reached)
  • Validating the model using a new dataset
  • Implementing the model and tracking the result for analyzing the performance of the same