Intended Learning Outcomes
This course is about extracting useful knowledge from (big) data. It covers the fundamental principles or concepts that
underlie data science and artificial intelligence with a main focus on the selection and application of techniques in Python and the interpretation of results in a business context.
Upon completion of the class, students should be able to
- Explain key terms and the standard data analytics process
- Discuss prerequisites and potential challenges of big data analysis and AI
- Select adequate data analysis methods for a given problem
- Apply selected methods and tools
- Derive the business implications of a big data/AI project
Contents
- Importance of data analysis in the field of digital business
- Basic concepts and techniques of applied data science in Python
- Supervised vs. unsupervised learning
- Regression
- Classification
- Similarity and clustering
- Causality vs. correlation
- Avoiding overfitting
- Analysis of model performance
- Data-analytic thinking
Applied methods in Economics and Business administration
- Analysis models and methods:
- Operation research methods
- Marketing research methods
- Quantitative empirical methods:
- Data analysis methods, e.g. classification, regression, clustering
- Artificial Intelligence
Teaching and Learning Styles
- Seminar-teaching
- Project work
- Group work
Literature
- O'Neil, C. and Schutt, R. (2014), Doing Data Science: Straight Talk from the Frontline, O'Reilly, Sebastopol.
- Provost, F. and Fawcett, T. (2013), Data Science for Business: What You Need to Know About Data Mining and Data-Analytic Thinking, O'Reilly, Sebastopol.
Further indicative reading will also be provided in module materials.