Database Reference
In-Depth Information
Phase 1—Discovery: In Phase 1, the team learns the business domain,
including relevant history such as whether the organization or business
unit has attempted similar projects in the past from which they can learn.
The team assesses the resources available to support the project in terms
of people, technology, time, and data. Important activities in this phase
include framing the business problem as an analytics challenge that can be
addressed in subsequent phases and formulating initial hypotheses (IHs)
to test and begin learning the data.
Phase 2—Data preparation: Phase 2 requires the presence of an
analytic sandbox, in which the team can work with data and perform
analytics for the duration of the project. The team needs to execute
extract, load, and transform (ELT) or extract, transform and load (ETL) to
get data into the sandbox. The ELT and ETL are sometimes abbreviated as
ETLT. Data should be transformed in the ETLT process so the team can
work with it and analyze it. In this phase, the team also needs to
familiarize itself with the data thoroughly and take steps to condition the
data (Section 2.3.4).
Phase 3—Model planning: Phase 3 is model planning, where the team
determines the methods, techniques, and workflow it intends to follow for
the subsequent model building phase. The team explores the data to learn
about the relationships between variables and subsequently selects key
variables and the most suitable models.
Phase 4—Model building: In Phase 4, the team develops datasets for
testing, training, and production purposes. In addition, in this phase the
team builds and executes models based on the work done in the model
planning phase. The team also considers whether its existing tools will
suffice for running the models, or if it will need a more robust
environment for executing models and workflows (for example, fast
hardware and parallel processing, if applicable).
Phase 5—Communicate results: In Phase 5, the team, in collaboration
with major stakeholders, determines if the results of the project are a
success or a failure based on the criteria developed in Phase 1. The team
should identify key findings, quantify the business value, and develop a
narrative to summarize and convey findings to stakeholders.
Search WWH ::




Custom Search