Data Science Strategy For Dummies

Chapter 16

Managing Models During Development and Production

IN THIS CHAPTER

Describing the basics of managing models

Sorting out why model management is important

Considering key steps for implementing model management

Identifying and handling model risks

Although managing data is essential in order to succeed with your data science investment, understanding why model management is a key part is equally important. In this chapter, I briefly explore what model management is all about, as well as list some of the important aspects to consider when it comes to model development and deployment.

Unfolding the Fundamentals of Model Management

An algorithm is a step-by-step method of solving a problem, commonly used for data processing, calculation, and other related computer and mathematical operations. An algorithm is also used to manipulate data in various ways, such as inserting a new data item, searching for a particular item, or sorting an item. Technically, computers use algorithms to list the detailed instructions for carrying out a task. For example, to compute an employee’s ...