[Luojia Lecture] Chen Guoqing: Big Data Driven Management and Decision Research

On the morning of April 12, 2018, EMC Chair Professor Chen Guoqing of the School of Economics and Management of Tsinghua University gave a lecture at the 228thLuojia Lecture, and the topic is “Big Data Driven Management and Decision-Making—Research Paradigm Transformation and Frontier Issues”.

Prof. Chen Guoqing elaborated on the new characteristics and new opportunities brought about by the research and development of economics and management disciplines in the context of big data.

Prof. Chen Guoqing said that there are huge amounts of information at all levels of our society today. These different forms of data are like pixels that reflect the panorama of our society. By using these data, we find that the relationship is like digital imaging. The industry usually uses 4 Vs (ie, Volume, Variety, Value, Velocity) to summarize the characteristics of big data. The key point is that Big Data exceeds our existing understanding of traditional data.

He believed that in the context of big data, the study of economics and management disciplines must closely follow the characteristics of existing commercial activities, we should not only focus on correlation, but also analyze cause and effect.

Prof. Chen Guoqing stressed that research on economics and management needs innovation in both method and theory. Business research can be divided into "making" and "using" of data and technology. "Making" refers to the continuous development of data systems and algorithms, mainly involving computer science, information systems and other disciplines. "Using" refers to the use of existing big data to generate new business applications. The economics and management disciplines mainly belong to big data business applications. Big data-driven management research is the use of big data tools and techniques to build new theories that traditional methods and data cannot achieve.

In the end, Professor Chen Guoqing looked forward to the reform of management in the era of big data. Management has always been considered to be both a science and an art. The technology of big data makes the rational part of management research that is logically and theoretically rigorous encompassed more by technology, and makes the perceptual part of management research that involves human emotions and creativity gradually be able to be quantified through technology.

Speaker Profile:

Chen Guoqing, EMC Chair Professor of the School of Economics and Management, Tsinghua University, Director of the Academic Committee. In 2005, he was selected as the Changjiang Distinguished Professor by the Ministry of Education. He was awarded the "IFSA Fellow" by the International Fuzziness System Association and “Management Excellence Award” by Fudan Management Scholarship Foundation. (School of Economics and Management Zheng Shiyong)

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