Assessment and statistical assessment

Merriam-Webster definesassessment as:

The action or an instance of making a judgment about something.

The following image shows flow for assessing statistical data:

We need to keep a few pointers in mind for statistical assessment. They are listed as follows.

Objectives

With that in mind, to be able to make a reasonable assessment--that is, make a judgment--on something (anything really), one must first have to set objective(s). Assessment objectives help the data scientist determine how to assess data, a database, or a statistical data model. Without clear objectives, you'll waste valuable time, and potentially, put confidence in a model that doesn't meet a business requirement or may even lead to incorrect assumptions (predictions).

Baselines

Next, (based on your set objectives) standards, minimum acceptable performance, or a baseline to establish an opinion on what is being assessed need to be established. In other words, how well does what you are assessing...