What do managers need to know about data science?
The French publisher Ellipses contacted my colleague Farid Makhlouf and I recently to produce a university textbook on data science for business students. Because there are several valuable introductory texts to data science already on the market, we decided to address the more inclusive subject of Business Analytics. What do future managers need to understand about data, decision science and machine learning to add value to their organizations and their clients?Read more
Successful management isn't a question of machine learning...
In the last few weeks of Spring Term, the students aren’t the only ones looking forward to summer. As I was listening attentively to the group presentations one Tuesday morning, I couldn’t help but wonder whether I would be heading off to the tennis courts that afternoon. As I received a call from a friend during the mid-morning break offering to play, I took stock of the weather: sunny, hot, windy, and slightly humid. The last fourteen times I had considered playing, the conditions weren’t quite the same. All other things being equal, can you predict whether I was on the courts that afternoon?Read more
Data isn't just data
Part of this story we have heard before. Data is everywhere – we have produced more data in the last two years than in the history of mankind . Data is the lifeblood of the Fourth Industrial Revolution – advances in internet technologies and business analytics will be the new foundations of sustainable competitive advantage . Digital strategies are no longer designed around websites, but in digital platforms designed to capture consumer actions, preferences and motivations. This said, data remains nothing more than imperfect representations of the business realities around us. What do we mean by making a better use of data?Read more
Choices are easy when....
everyone does what they were supposed to do. Unfortunately most of the decisions we face each day address situations that don’t go exactly as planned….
Let’s assume its playoff time and the basketball arena is packed. Each of the two-hundred and fifty fans in section 22 has purchased an assigned seat near half court. However, one teenager decides two hours before tipoff to sit with his friends in the third row rather than his own seat courtside. The fans file in after that attempting to sit in their own seat, but taking a random seat in the section if theirs is already taken. You worked late and unfortunately arrive just after the start of the game to find only one available seat left — the number is hidden by the crowd. What is the risk that by choosing to sit in this last available seat you will in fact be choosing one that you didn't purchase?Read more
Life's Little Bets
Out of the blue, a relative sends you a gift of 1000 euros. A nice sum of money, but not quite enough to purchase that dream home, let alone retire on. You decide to use this unexpected handout to play the French National Lottery, where the prize money announced is more than you’ve ever dreamed. Even if the probability of winning is slim, surely persistence can pay off. You decide to wager 20 Euros each week during the next year, with the idea of doubling down on the next bet with your eventual winnings. How much will you have won in one year's time?Read more
"I just don’t have the time to make better decisions…."
Former Watergate chronicler Bob Woodward spoke passionately last weekend about the importance of taking our time in getting the facts right when taking decisions for ourselves and influencing those around us.  The high potential managers in the audience smiled wryly, for they know only too well that the pressures of modern management have made time the rarest commodity of all. They have just too many decisions to take every day – there just isn’t any time to think about the best obtainable version of the truth.Read more
Is leadership just an illusion in an economy in which everyone prefers posting to listening?
With a regularity surpassing that of the timeless migration of Artic terns, I ask my management students to explore and explain how birds flock together. After discussing whether birds have leaders and followers, we explore various hypotheses of where they learned to fly south. We then compare such bird flocks to markets, corporations, and territories with similar questions about leadership, followship and organizational learning. In an “attention economy”[i] in which everyone is posting and no one seems to be listening we can justifiably wonder whether any one “bird” has the vision, charisma, information to lead the flock.Read more
What would better decisions mean for you and your customers?
Whether we are reading about politics, economics or society, each day seems to bring its load of seemingly poor decision-making. Jack Zenger and Joseph Folkman recently outlined several reasons why decision-makers fail including negligence, lack of anticipation, indecisiveness, and isolation. Are fake news, faked facts, and manipulated opinions the cause or the result of poor decisions? Most importantly, what can be done to improve our decision-making skills for our organizations, our customers, and our careers?Read more
Machine Learning fuels Big Data initiatives around customer profiles, point of sales transactions, and operating performance.
Business analytics is defined as the study, integration, and application of knowledge, skills, and methods for using data, statistical analysis, quantitative approaches, and predictive modeling to enable data-driven decision-making, innovation, and leadership in organizations.
Organized around case studies of business analytics in a wide variety of industries, this conference focuses on how machine learning helps management define, contextualize, and evaluate their business strategies.
By successfully completing the Summer School Program, you will earn 4 ECTS credits, as well as a professional certificate.
On successful completion of the course, the students shall be able to:
Course syllabus available upon request.