Finding a Solution to the Business Problem with Data (1/13)

In general, It all bottoms down to the approach/methodology to be adopted for finding out a possible acceptable solution for the business problem and more so ever in case of analytics, it is the main important step to be adopted based upon the underlying data, domain and problem in hand

Data Approach/Methodology for a solution to a business problem

1.     Define Business Problem – Is it just Deriving Insights or Prediction of the future outcome, or Optimize a particular existing outcome

2.     Get the underlying data

3.     Draft the first methodology to be adopted based upon the type of business problem and the underlying data

4.     Data Pre-processing – Insights are here

5.     Define Hypothesis and testing of Hypothesis

6.     Iterate the methodology if needed à Data Pre-processing à Hypothesis Testing

7.     Decide the Machine Learning /Data Mining Algorithm based upon the problem and data

8.     Define Train, Test and Validation datasets

9.     Run the performance statistics

10. Iterate the data with other algorithms (1 or 2 more) and compare the performance statistics

11. Select the best possible algorithm from the various models based upon the performance statistics

12. Present back the results to the business

In continuation, let me write the series of notes describing the role and importance of each step in the process of finding solution to the problem using data

Defining Business Problem – My next note