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.