define business problem the first task in this phase would be to start by understanding the business objective of the problem to be solved and build formal definition of the problem the following points are crucial toward clearly articulating and defining the business problem get business context of the problem to be solvedassess the problem with the help of domainand subject matter experts (smesdescribe main pain points or target areas for business objective to be solved understand the solutions that are currently in placewhat is lackingand what needs to be improved define the business objective along with proper deliverables and success criteria based on inputs from businessdata scientistsanalystsand smes assess and analyze scenarios once the business problem is defined clearlythe main tasks involved would be to analyze and assess the current scenario with regard to the business problem definition this includes looking at what is currently available and making note of various items required ranging from resourcespersonnelto data besides thisproper assessment of risks and contingency plans need to be discussed the main steps involved in the assessment stage here are mentioned as follows assess and analyze what is currently available to solve the problem from various perspectives including datapersonnelresource timeand risks build out brief report of key resources needed (both hardware and softwareand personnel involved in case of any shortcomingsmake sure to call them out as necessary discuss business objective requirements one by one and then identify and record possible assumptions and constraints for each requirement with the help of smes verify assumptions and constraints based on data available ( lot of this might be answered only after detailed analysishence it depends on the problem to be solved and the data availabledocument and report possible risks involved in the project including timelinesresourcespersonneldataand financial based concerns build contingency plans for each possible scenario discuss success criteria and try to document comparative return on investment or cost versus valuation analysis if needed this just needs to be rough benchmark to make sure the project aligns with the company or business vision