The following are the various steps involved in an analytics project:
1. Understand the Business problem
2. Explore the data and become familiar with it.
3. Prepare the data for modelling by detecting outliers, treating missing values, transforming variables, etc.
4. After data preparation, start running the model, analyze the result and tweak the approach. This is an iterative step until the best possible outcome is achieved.
5. Validate the model using a new data set.
6. Start implementing the model and track the result to analyze the performance of the model over the period of time.