How do people in industry do root cause analysis when model performance degrades?

I have experience in academia and from reading but not in industry. I only seen label shift during my internship but my internship ended before I could understand what was causing the positive label proportion to decline.

How do you folks in industry do root cause analysis of model performance decline? Is there some framework you use? How do you know when to retrain a model vs when there’s a bug in the pipeline? Any framework here would help truly …

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