There are five phases in Data Science and data analysis:
- Understanding the business problem: This is one of the most neglected steps in data science and analytics although it is the most important one. You need to understand the business problem, and you need to gain a complete understanding of the problem. The main question is, what exactly is the business problem that you are asked to solve or that you want to solve.
- Data Acquisition/Preparation Phase: Acquiring and checking the data
- Analysis Phase: Building models
- Testing/Reflection Phase: Reviewing results and looking at alternative models
- Communication/Deployment/Dissemination Phase: Reporting results
Whilst it may sound that these steps follow one after another, it is more likely that it is an iterative process.