What is the first step in building a prediction according to the defined process?

The first step in building a prediction according to the defined process is to define the use case. This step is crucial as it sets the groundwork for what you aim to achieve with the prediction. By clearly identifying and specifying the problem or opportunity that you want to address, you establish the scope and direction of the predictive endeavor.

Defining the use case helps ensure that the prediction is aligned with business goals and has practical relevance. It also influences which data will be relevant and how you will measure the success of the prediction later on. A well-defined use case essentially drives the entire predictive modeling process, guiding subsequent steps such as identifying the data to use, creating the prediction model itself, and establishing metrics for evaluating the outcome.

In summary, starting with the use case clarifies the objectives and informs all other aspects of the prediction project.