Question

What are the general steps taken to build an analytics model? please type

Answer 1

Analytical Model:

An analytical model is a mathematical model that has a closed form solution, i.e., the solution to the equations used to describe changes in a system can be expressed as a mathematical analytical function.

The general steps taken to build an analytics model are:

1. Define the Problem
2. Define the business case
3. Define the model objective
4. Determine the requirements
5. Gather the Data
6. Process the Data
7. Build the Model
8. Interpret the model results
9. validate the model for production
10. Perform an Economic Analysis
11. Present the results
12. Follow-Up