Explain the key components of an analytics model. Provide an associated example of an analytics model and use it to illustrate your ideas.
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Please find the answers below:
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An analytic model is a mathematical equation that predicts the outcomes taking the historic data of the dependent variables. The key components of an analytics model can be listed as:
1. Define the Real world Problem.
In this phase identify the real world situation or business problem and how the model will be used.
2. Explore and prepare the data.
Data discovery, preparation, collecting historic data, data rules, data formats etc.
3. Define the Algorithm – algorithm is the key component of the analytic model. Ex are neural networks, clustering algorithms etc.
4. Create the model and modeling an experiment
Deploy the model and mange it.
5. Visualization and reports.
Reports and take actions or decisions based on the predictions of the model.
6. Adapt the model
Make changes and adapt the model as per the organization needs and fixing defects.
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We can take website usage by the end visitors to make future predictions of the website usage based on the past
usage of the visitors.
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