A typical analytics project or engagement is generally divided into the following four stages:
Stage 1 - ‘Research’ where the analyst helps to identify and understand the problems and issues that the business is facing or would be encountering in the future. At this step there is significant interaction between the management team and analysts.
Stage 2 - ‘Plan’ where the analyst helps decide what type of data is required, sources from which the data is to be procured, how the data needs to be prepared for use and what methods to be used for analysis.
Stage 3 - ‘Execute’ where the analyst explores and analyzes data from various angles. The analysis paves way to interesting results that are shared with the management. Based on these results, strategies are formulated to tackle the problems identified in stage 1.
Stage 4 - ‘Evaluate’ where the analyst measures the results of the strategies formulated and executed. This stage helps learn and revise future strategies and processes.