From the course: Predictive Analytics Essential Training: Data Mining
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Budgeting sufficient time
From the course: Predictive Analytics Essential Training: Data Mining
Budgeting sufficient time
- [Instructor] Most organizations are very hesitant at the beginning of an analytics project. It's because they've read about the high failure rates, but if you have thoroughly vetted the project, and if you have identified both a micro-decision and an intervention with potential ROI, you're off to a great start, and you simply need to commit to the project because the next element is budgeting sufficient time. Data mining projects take time. They take many weeks and perhaps quite a few months. If someone asks a data miner if they can do something preliminary in a week, they're thinking about something other than data mining. Maybe what they really mean is that they're trying to generate an ad hoc report, but they certainly can't mean data mining if it's going to be over and done with in a week. Over the last many years, most projects that I've been involved in take between six to eight weeks, on the low end, and 20 weeks…
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