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CRISP DM | Business Understanding in Data Science | Data Science Methodology | Part 2
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Hello and Welcome from 360DigiTMG. This is a video playlist to explain the life cycle of a data science project. In the previous video we were introduced to the data science lifecycle. Now let us discuss about the 1st phase in the data science lifecycle – Business Understanding.
Business Understanding: Arguably one of the most critical phases of the data science life cycle.
Albert Einstein once said, “If I were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it.” A well-defined problem often contains its own solution within it, and that solution is usually quite obvious and straightforward. By defining problems properly, you make them easier to solve, which means saving time, money and resources.
During this phase, the data scientist will have to talk to the stakeholders, domain experts and get a clear understanding of the issue at hand. Most data science projects fail as the expectations are not clearly formulated. So, it is critical that the business problem be defined in the clearest of terms. For example: the business user might say, I want to sales of a particular product. The data scientist needs to understand, the product in question, its historical performance if any, its competitors. What are the current sales, what is the expected increase and by when do results need to be achieved? Needless to say, documenting the requirements is critical to this stage’s success.
1. Explore the current situation. Paint a picture in words by including the “presenting problem,” the impact it is having, the consequences of not solving the problem, and the emotions the problem is creating for those involved.
2. Explain. Once you have examined and clearly explained the situation, draft a simple problem statement by filling in the blank: The problem that we are trying to solve is: ___________. Distill the problem to its simplest form possible.
3. Ask yourself. “Why is that a problem?” If the answer is another problem, then congratulate yourself for moving from the “presenting problem” to a deeper problem. Then ask yourself again, “Why is that a problem?”. Keep asking ‘Why’ until the solution presents itself. You could also use the famous Six Sigma 5-Why technique to help define the problem.
That concludes this video. In the next video we will talk about the next phase in the life cycle – Data Understanding.
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We have specifically created a Facebook Group for all our Data Science aspirants. You can use the below link to join.
In addition to this, we are going to host 2 FREE training sessions Every Single Month on various topics inside this group.
Join FREE Data Science Facebook Group
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About 360DigiTMG
360digiTMG is a 5-year-old training & consulting organization led by stalwarts of the industry who are alumnus of premier institutions like the Indian Institute of Technology, Indian Institute of Management and Indian School of Business. 360digiTMG since its inception has been the forerunner in the space of management and niche programs that aid in up-skilling and cross skilling executives across various levels and domains. 360digiTMG has been conducting training programs across the globe for corporate and individuals alike.
360DigiTMG is one stop solution to all the trainings in emerging technologies such as Artificial Intelligence, Machine Learning, Big Data, Project Management, Quality Management, etc. 360DigiTMG is a training company, which is a division of the analytics consulting firm Innodatatics Inc.
For more Information Contact us @::
India : +91 99899 94319
Malaysia: +603 2092 9488
Did you find this video helpful? Leave a comment below!
#DataScience #ArtificialIntelligence #Scholarship #DataAnalytics #Jumpstart #360DigiTMG #Malaysia
Business Understanding: Arguably one of the most critical phases of the data science life cycle.
Albert Einstein once said, “If I were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it.” A well-defined problem often contains its own solution within it, and that solution is usually quite obvious and straightforward. By defining problems properly, you make them easier to solve, which means saving time, money and resources.
During this phase, the data scientist will have to talk to the stakeholders, domain experts and get a clear understanding of the issue at hand. Most data science projects fail as the expectations are not clearly formulated. So, it is critical that the business problem be defined in the clearest of terms. For example: the business user might say, I want to sales of a particular product. The data scientist needs to understand, the product in question, its historical performance if any, its competitors. What are the current sales, what is the expected increase and by when do results need to be achieved? Needless to say, documenting the requirements is critical to this stage’s success.
1. Explore the current situation. Paint a picture in words by including the “presenting problem,” the impact it is having, the consequences of not solving the problem, and the emotions the problem is creating for those involved.
2. Explain. Once you have examined and clearly explained the situation, draft a simple problem statement by filling in the blank: The problem that we are trying to solve is: ___________. Distill the problem to its simplest form possible.
3. Ask yourself. “Why is that a problem?” If the answer is another problem, then congratulate yourself for moving from the “presenting problem” to a deeper problem. Then ask yourself again, “Why is that a problem?”. Keep asking ‘Why’ until the solution presents itself. You could also use the famous Six Sigma 5-Why technique to help define the problem.
That concludes this video. In the next video we will talk about the next phase in the life cycle – Data Understanding.
👇 SUBSCRIBE TO 360DigiTMG’s YOUTUBE CHANNEL NOW 👇
We have specifically created a Facebook Group for all our Data Science aspirants. You can use the below link to join.
In addition to this, we are going to host 2 FREE training sessions Every Single Month on various topics inside this group.
Join FREE Data Science Facebook Group
★☆★ CONNECT WITH 360DigiTMG ON SOCIAL MEDIA ★☆★
About 360DigiTMG
360digiTMG is a 5-year-old training & consulting organization led by stalwarts of the industry who are alumnus of premier institutions like the Indian Institute of Technology, Indian Institute of Management and Indian School of Business. 360digiTMG since its inception has been the forerunner in the space of management and niche programs that aid in up-skilling and cross skilling executives across various levels and domains. 360digiTMG has been conducting training programs across the globe for corporate and individuals alike.
360DigiTMG is one stop solution to all the trainings in emerging technologies such as Artificial Intelligence, Machine Learning, Big Data, Project Management, Quality Management, etc. 360DigiTMG is a training company, which is a division of the analytics consulting firm Innodatatics Inc.
For more Information Contact us @::
India : +91 99899 94319
Malaysia: +603 2092 9488
Did you find this video helpful? Leave a comment below!
#DataScience #ArtificialIntelligence #Scholarship #DataAnalytics #Jumpstart #360DigiTMG #Malaysia
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