"Data, Models and Decisions: Statistics Empowers Future Business" Concludes Successfully
In September, Oneworld Hanxin College hosted the "Hanxin Lecture Series," featuring Dr. Chang Yun Fah, Associate Professor at Taylor's University. He delivered a series of engaging lectures titled "Data, Models, and Decision-Making: Statistics Empowering Future Business," which attracted enthusiastic public participation.Associate Professor Chang Yun Fah, a graduate of the University of Malaya with a PhD in Applied Statistics, explained the fundamental concepts and operational methods of statistics in an accessible manner. He then used business examples to illustrate how data-driven thinking can enhance corporate value and optimize decision-making. The course covered four key themes: "Data as the Foundation of Everything," "Making Machines Smarter," "Improving Business Value and Decision-Making," and "Traveling in a Time Machine to See Your Future Self."
The statistical analysis process includes problem understanding, data collection and planning, data cleaning and management, analysis, and presentation of results to ensure reliable and actionable conclusions. Business intelligence (BI) provides descriptive analytics through reports and dashboards, explaining what happened. Big data analytics (BDA) leverages large-scale, diverse, and high-velocity data, combining predictive modeling with text and multimedia analysis to reveal trends and trends and provide actionable insights.
The programme not only enriched participants' knowledge through lectures but also deepened their understanding of data analysis and model application through hands-on exercises. The course dispelled the common perception that statistics is difficult and enabled participants to recognize the critical role of data and models in contemporary business and personal development.
