Data Analytics Lifecycle

Question 1

What are the different parts of the data analytics lifecycle?

Answer 1

1) Discovery
2) Data Preparation
3) Model Planning
4) Model Execution
5) Communicate Results
6) Operationalization

Question 2

Discovery

Answer 2

framing the business problem as an analytics challenge and formulating initial hypotheses to test and explore the data

Question 3

Data Preparation

Answer 3

Analytic sandbox where the team can use data ETL (extraction, transformation, and loading)

Question 4

Model Planning

Answer 4

The team explores data relationships, selects key variables, and identifies the most suitable models for the project

Question 5

Model Execution

Answer 5

Develops datasets for testing, training, and production purposes. Builds and executes models based on planning phase and evaluates the need for more robust tools or environments for executing model and workflow

Question 6

Communicate Results

Answer 6

Identifies key findings, quantifies the business value, and develops a narrative to summarize and communicate results to the stakeholders