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