Week 2 Flashcards
What are the 6 stages of CRISP DM
Business understanding
Data understanding
Data preparation
Modelling
Evaluation
Deployment
What is business understanding ?
This is the first phase and involves understanding the requirements of the project’s objectives and requirements from a business perspective. This is then converted into a data mining problem and a plan can be then formed.
This is an important stage as you need to define the business problem, so you can develop a solution.
What is data understanding ?
This starts with the collection of data. From this, you can become familiar with the data and identify data quality problems and have some initial insights into any interesting findings.
What is data preparation
this stage covers all the work to get the data into a usable format. The tasks might include table, record and attribute selection as well as transforming and clear data. You may need to go back to this stage many times.
What is modelling ?
This is when you will conduct a statistical analysis of the data.
What is evaluation ?
At this stage, you have built the model and run the statistical analysis, however, you need to consider the quality of the results found and check the steps taken in the statistical analysis to ensure the model is working properly.
What is deployment ?
Once the other stages are complete the findings need to be communicated the findings. This can simply be done with a report or it could be re-running the process over different parts of the enterprise.
What is dynamic pricing ?
Dynamic pricing/Surge pricing is a technological way to price based on supply and demand. So, when the demand is high prices rise. Essentially we are pricing based upon willingness to pay.
