Describe the various steps involved while carrying out an analytical project.

The various steps carried out during an analytical project are:

• Understanding the business problem
• Exploring the data and familiarizing with it
• Preparing the data by spotting outliners, identifying and transforming variables and considering missing values, etc.
• Once the data is prepared, start running the model, evaluate the result, make necessary changes in the approach (if required)
• Authenticate the model using a new set of data
• Start implementation of the model along with keeping a check on the result in order to evaluate the performance of the model over time