A Data Scientist’s Guide to an Efficient Project Lifecycle

It is often seen that projects overshoot their normal completion data by at least three times most probably owing to shifting goals, inefficient approaches towards data collection and exploring various solution paths among others. A closer scrutiny often reveals that the delay was avoidable had there been a more disciplined decision making in place. To put it in a nutshell, there are three major principles which, if followed closely, can reduce the entire project completion time by a considerable extent without any need for sacrificing the end results. These three principles are:
1. Fail Fast
2. 40/70 Rule
3. Fermi Estimation
However, before the three principles are reviewed it is important to define the overall objective in its relevant context. The way you define a problem and an objective has a strong bearing on how you set the bar and the performance metrics that you use. It is of paramount importance that there is a close alignment with your problem, goals and data metric.


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