The following components highlight the most general architecture of a Python project - Problem Statement is the fundamental component on which the whole project is based. It defines the problem that your model is going to solve and discusses the approach that your project will follow. Dataset is a very crucial component for your project and should be chosen carefully. Only large enough datasets from trusted sources should be used for the project. The algorithm you are using to analyze your data and predict the results. Popular algorithmic techniques include Regression Algorithms, Regression Trees, Naive Bayes Algorithm, and Vector Quantization.