To continue with previous articles on analytics, let us assume that we have a problem statement in place and relevant data for churning is available. Remember that the data for analytics is always voluminous as with a small chunk of data appropriate results can’t be arrived upon. So once you have this large data with you first thing that is required is data exploration. Data exploration is nothing but an exercise to get acquainted with various aspects of the data.
As we all know analytics is purposeless if objectives are not clear. There has to be a problem statement to start your exercise in analytics. Another critical aspect is the data. If you have a problem statement very clearly defined, but relevant data is not there with you, then the whole exercise can go waste. The data has to be substantially large in size in order to arrive at the right kind of conclusions and results. So basically we have learnt three basic ingredients for Analytics as below:
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