3) What are different phases of CRISP-DM approach.

Explain these phases with respect to problem

of credit card fraud detection.

A data science process is built around the process model known as the Cross Industry Standard
Process for Data Mining (CRISP-DM). It has six logical phases in order:

1. What does the business need in terms of business understanding?

2. What data do we have or need? - Data comprehension Is it pristine?
3. How should the data be organised in order to support modelling?
4. Which modelling methodologies should we use?
5. Evaluation: Which model fulfils the company's goals the best?
6. How are results accessed by stakeholders after deployment?