1.2.2 Define Business Goals
The first phase of machine learning process is to define business objectives. This initial phase of a project focuses on understanding the project objectives and requirements.
Once you have specified the problem from a business perspective, you can formulate it as a machine learning problem and develop a preliminary implementation plan. Identify success criteria to determine if the machine learning results meet the business goals defined. For example, your business problem might be: "How can I sell more of my product to customers?" You might translate this into a machine learning problem such as: "Which customers are most likely to purchase the product?" A model that predicts who is most likely to purchase the product is typically built on data that describes the customers who have purchased the product in the past.
To summarize, in this phase, you will:
- Specify objectives
- Determine machine learning goals
- Define success criteria
- Produce project plan
Parent topic: Machine Learning Process