Difference between revisions of "ANLY482 AY2017-18T2 Group18/TeamDAcct Scope"
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Revision as of 21:19, 13 January 2018
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In the validation of the current work done by the previous team, we would need to break down their findings into relationship pairs that they have examined, and from there derive any missing relationships between sales and various key resources that the client invests. This serves also as a primary sensitivity test, allowing us to better focus analytical efforts into areas which appear to have greater sensitivity.
The steps in detail are as follow:
Problem Identification: To sit down with client and discuss about the business problems that need to be solved. Thereafter to identify the pertinent business issues/questions that the company is currently facing.
Data Preparation: To acquire/collect, clean, transform and integrate data (ETL) into a suitable form for further analysis.
Data Exploration: To perform exploratory data analysis (EDA) to analyse the data sets to summarise their main characteristics.
Insights Discovery: From uncovering patterns, trends in data through data exploration, to form insights and make actionable recommendations/responses in model selection. This allows us to better focus analytical efforts into variables/areas related to the business issues identified.
Model Selection: To come up with models based on the type of business issues/questions identified.
Model Validation: To estimate model performance by verifying sensitivity analyses between actual and predicted outcomes.
Model Development: To choose the most suitable model after validation is done and test it against new data we have on hand.
Communication of Results: To communicate to the client and illustrate key insights contained in the data analysed using visualization tools.
