ANLY482 AY2017-18T2 Group18/TeamDAcct Scope
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The steps in detail are as follows:
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.
