Key Milestones for Predictive Analytics

Here is a summary of the main milestones for the predictive analytics cycle:

  • Objectives: define the purpose of the analysis, i.e., the questions the analysis will try to answer using a mathematical model;
  • Database: review the data available and prepare the predictive modelling database;
  • Model: build a predictive model;
  • Evaluation: test the effectiveness and accuracy of the predictive model;
  • Deployment: use the predictive model to answer the stated questions;
  • Monitoring: review the model and verify its effectiveness.