The goal of building a predictive model is to put it to use to solve a business problem. This is the step that many books and courses on the subject of predictive analytics and machine learning don't talk about. In the end, we don't analyze data and build predictive models just for the sake of building them; when applying these techniques in the real world, we always have a goal in mind.
There are three main ways in which a predictive analytics project can be implemented:
- A technical report
- A feature of an existing product
- An analytic application
Let's briefly discuss these three common cases.
