The overall modeling process typically done in the business world always require seven steps: define the problem, collect and summarize data, formulate a model, verify the model, select one or more suitable decisions, present the results to the organization, and finally implement the model and update it through time.

Question

Quizplus · Accepted Answer

The modeling process can vary depending on the context and specific needs of a business, and while these steps are common, they are not universally required or fixed at seven steps.

The Overall Modeling Process Typically Done in the Business World