Credit to Santiago over at ML.School with his course Building AI/ML Systems That Don't Suck for thinking through and sharing this image during his course.
This is similar to other tradeoffs in business where it's important to shape, temper, and communicate your expectations. What are your priorities? How do you solve the business problem while juggling the quality, speed, and cost of the output?
Spend the time upfront defining the business problem and the ideal solution.
The image is self-explanatory.
