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24 March 2023

Being responsible towards business analytics requires looking for distinctive data

Today, Diego Kuonen and Katarzyna Wac teach in the second year of our GenevaEMBA their module “Business Analytics”.

Only business? Business, life and society are interconnected through data.

Listening to Diego, We have to educate about data and how to handle them. Data science is moving very fast and statisticians are not the fast guys but we have the chance to jump on the train and to put it in the right direction. Collaborating is very important as there is a lot of denial going on. Statistics is key to data collection and some only see it in terms of its use when it comes to confirmatory or explanatory analysis using p-values for example. There are plenty of opportunities ahead. This really is a golden age for statistics (see more in this article).

The example of data for life science will be brought by Katarzyna. She leads an AI-based “precision medicine” project at the University of Geneva (see article): Every patient and every attack is different. A specific treatment may work for some but not for all. Hence the need to take a “precision medicine” approach. The first part of the study will focus on making a prediction when a certain molecule will be the most helpful based on individual characteristics, with the ultimate goal to recommend medication based on the users’ history and symptoms.

Data doesn’t imply standardization. That’s what we call responsible leadership.

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