Data Analysis For Business Economics And Policy

A comprehensive textbook on data analysis for business, applied economics and public policy that uses case studies with real-world data.

This textbook provides future data analysts with the tools, methods, and skills needed to answer data-focused, real-life questions; to carry out data analysis; and to visualize and interpret results to support better decisions in business, economics, and public policy. Data wrangling and exploration, regression analysis, machine learning, and causal analysis are comprehensively covered, as well as when, why, and how the methods work, and how they relate to each other. As the most effective way to communicate data analysis, running case studies play a central role in this textbook. Each case starts with an industry-relevant question and answers it by using real-world data and applying the tools and methods covered in the textbook. Learning is then consolidated by 360 practice questions and 120 data exercises. Extensive online resources, including raw and cleaned data and codes for all analysis in Stata, R, and Python, can be found at www.gabors-data-analysis.com.

In a world in which we are constantly surrounded by data, figures, and statistics, it is imperative to understand and to be able to use quantitative methods. Statistical models and methods are among the most important tools in economic analysis, decision-making and business planning. This textbook, “Exploratory Data Analysis in Business and Economics”, aims to familiarise students of economics and business as well as practitioners in firms with the basic principles, techniques, and applications of descriptive statistics and data analysis. Drawing on practical examples from business settings, it demonstrates the basic descriptive methods of univariate and bivariate analysis. The textbook covers a range of subject matter, from data collection and scaling to the presentation and univariate analysis of quantitative data, and also includes analytic procedures for assessing bivariate relationships. It does not confine itself to presenting descriptive statistics, but also addresses the use of computer programmes such as Excel, SPSS, and STATA, thus treating all of the topics typically covered in a university course on descriptive statistics. The German edition of this textbook is one of the “bestsellers” on the German market for literature in statistics.

This textbook will familiarize students in economics and business, as well as practitioners, with the basic principles, techniques, and applications of applied statistics, statistical testing, and multivariate data analysis. Drawing on practical examples from the business world, it demonstrates the methods of univariate, bivariate, and multivariate statistical analysis. The textbook covers a range of topics, from data collection and scaling to the presentation and simple univariate analysis of quantitative data, while also providing advanced analytical procedures for assessing multivariate relationships. Accordingly, it addresses all topics typically covered in university courses on statistics and advanced applied data analysis. In addition, it does not limit itself to presenting applied methods, but also discusses the related use of Excel, SPSS, and Stata.

This open access book covers the use of data science, including advanced machine learning, big data analytics, Semantic Web technologies, natural language processing, social media analysis, time series analysis, among others, for applications in economics and finance. In addition, it shows some successful applications of advanced data science solutions used to extract new knowledge from data in order to improve economic forecasting models. The book starts with an introduction on the use of data science technologies in economics and finance and is followed by thirteen chapters showing success stories of the application of specific data science methodologies, touching on particular topics related to novel big data sources and technologies for economic analysis (e.g. social media and news); big data models leveraging on supervised/unsupervised (deep) machine learning; natural language processing to build economic and financial indicators; and forecasting and nowcasting of economic variables through time series analysis. This book is relevant to all stakeholders involved in digital and data-intensive research in economics and finance, helping them to understand the main opportunities and challenges, become familiar with the latest methodological findings, and learn how to use and evaluate the performances of novel tools and frameworks. It primarily targets data scientists and business analysts exploiting data science technologies, and it will also be a useful resource to research students in disciplines and courses related to these topics. Overall, readers will learn modern and effective data science solutions to create tangible innovations for economic and financial applications.

Build a continuously learning and adapting organization that can extract increasing levels of business, customer and operational value from the amalgamation of data and advanced analytics such as AI and Machine Learning Key FeaturesMaster the Big Data Business Model Maturity Index methodology to transition to a value-driven organizational mindsetAcquire implementable knowledge on digital transformation through 8 practical lawsExplore the economics behind digital assets (data and analytics) that appreciate in value when constructed and deployed correctlyBook Description In today’s digital era, every organization has data, but just possessing enormous amounts of data is not a sufficient market discriminator. The Economics of Data, Analytics, and Digital Transformation aims to provide actionable insights into the real market discriminators, including an organization’s data-fueled analytics products that inspire innovation, deliver insights, help make practical decisions, generate value, and produce mission success for the enterprise. The book begins by first building your mindset to be value-driven and introducing the Big Data Business Model Maturity Index, its maturity index phases, and how to navigate the index. You will explore value engineering, where you will learn how to identify key business initiatives, stakeholders, advanced analytics, data sources, and instrumentation strategies that are essential to data science success. The book will help you accelerate and optimize your company’s operations through AI and machine learning. By the end of the book, you will have the tools and techniques to drive your organization’s digital transformation. Here are a few words from Dr. Kirk Borne, Data Scientist and Executive Advisor at Booz Allen Hamilton, about the book: Data analytics should first and foremost be about action and value. Consequently, the great value of this book is that it seeks to be actionable. It offers a dynamic progression of purpose-driven ignition points that you can act upon. What you will learnTrain your organization to transition from being data-driven to being value-drivenNavigate and master the big data business model maturity indexLearn a methodology for determining the economic value of your data and analyticsUnderstand how AI and machine learning can create analytics assets that appreciate in value the more that they are usedBecome aware of digital transformation misconceptions and pitfallsCreate empowered and dynamic teams that fuel your organization’s digital transformationWho this book is for This book is designed to benefit everyone from students who aspire to study the economic fundamentals behind data and digital transformation to established business leaders and professionals who want to learn how to leverage data and analytics to accelerate their business careers.

Provides an introduction of the data industry to the field of economics This book bridges the gap between economics and data science to help data scientists understand the economics of big data, and enable economists to analyze the data industry. It begins by explaining data resources and introduces the data asset. This book defines a data industry chain, enumerates data enterprises’ business models versus operating models, and proposes a mode of industrial development for the data industry. The author describes five types of enterprise agglomerations, and multiple industrial cluster effects. A discussion on the establishment and development of data industry related laws and regulations is provided. In addition, this book discusses several scenarios on how to convert data driving forces into productivity that can then serve society. This book is designed to serve as a reference and training guide for ata scientists, data-oriented managers and executives, entrepreneurs, scholars, and government employees. Defines and develops the concept of a “Data Industry,” and explains the economics of data to data scientists and statisticians Includes numerous case studies and examples from a variety of industries and disciplines Serves as a useful guide for practitioners and entrepreneurs in the business of data technology The Data Industry: The Business and Economics of Information and Big Data is a resource for practitioners in the data science industry, government, and students in economics, business, and statistics. CHUNLEI TANG, Ph.D., is a research fellow at Harvard University. She is the co-founder of Fudan’s Institute for Data Industry and proposed the concept of the “data industry”. She received a Ph.D. in Computer and Software Theory in 2012 and a Master of Software Engineering in 2006 from Fudan University, Shanghai, China.

This textbook presents the essential tools and core concepts of data science to public officials, policy analysts, and economists among others in order to further their application in the public sector. An expansion of the quantitative economics frameworks presented in policy and business schools, this book emphasizes the process of asking relevant questions to inform public policy. Its techniques and approaches emphasize data-driven practices, beginning with the basic programming paradigms that occupy the majority of an analyst’s time and advancing to the practical applications of statistical learning and machine learning. The text considers two divergent, competing perspectives to support its applications, incorporating techniques from both causal inference and prediction. Additionally, the book includes open-sourced data as well as live code, written in R and presented in notebook form, which readers can use and modify to practice working with data.