Data Science for Business What You Need to Know about Data Mining and Data-Analytic Thinking

ISBN-10: 1449361323
ISBN-13: 9781449361327
Edition: 2013
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Description: Data Science for Business is intended for those who need to understand data science/data mining, and those who want to develop their skill at data-analytic thinking. This is not a book about algorithms. Instead it presents a set of fundamental  More...

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Book details

List price: $28.50
Copyright year: 2013
Publisher: O'Reilly Media, Incorporated
Publication date: 8/16/2013
Binding: Paperback
Pages: 408
Size: 7.25" wide x 9.50" long x 1.00" tall
Weight: 1.694
Language: English

Data Science for Business is intended for those who need to understand data science/data mining, and those who want to develop their skill at data-analytic thinking. This is not a book about algorithms. Instead it presents a set of fundamental principles for extracting useful knowledge from data. These fundamental principles are the foundation for many algorithms and techniques for data mining, but also underlie the processes and methods for approaching business problems data-analytically, evaluating particular data science solutions, and evaluating general data science plans.After reading the book, the reader should be able to:Envision data science opportunitiesDiscuss data science intelligently with data scientists and with other stakeholdersbetter understand proposals for data science projects and investmentsparticipate integrally in data science projects.

Foster Provost is Professor and NEC Faculty Fellow at the NYU Stern School of Business, where he teaches in the MBA, Business Analytics, and Data Science programs. Former Editor-in-Chief for the journal Machine Learning, Professor Provost has co-founded several successful companies focusing on data science for marketing.

Tom Fawcett was a member of punk band the Native Hipsters and now works as a consultant for a Soho clothing company

Preface
Introduction: Data-Analytic Thinking
The Ubiquity of Data Opportunities
Example: Hurricane Frances
Example: Predicting Customer Churn
Data Science, Engineering, and Data-Driven Decision Making
Data Processing and "Big Data"
From Big Data 1.0 to Big Data 2.0
Data and Data Science Capability as a Strategic Asset
Data-Analytic Thinking
This Book
Data Mining and Data Science, Revisited
Chemistry Is Not About Test Tubes: Data Science Versus the Work of the Data Scientist
Summary
Business Problems and Data Science Solutions
Fundamental concepts: A set of canonical data mining tasks; The data mining process; Supervised versus unsupervised data mining.
From Business Problems to Data Mining Tasks
Supervised Versus Unsupervised Methods
Data Mining and Its Results
The Data Mining Process
Business Understanding
Data Understanding
Data Preparation
Modeling
Evaluation
Deployment
Implications for Managing the Data Science Team
Other Analytics Techniques and Technologies
Statistics
Database Querying
Data Warehousing
Regression Analysis
Machine Learning and Data Mining
Answering Business Questions with These Techniques
Summary
Introduction to Predictive Modeling: From Correlation to Supervised Segmentation.
Fundamental concepts: Identifying informative attributes; Segmenting data by progressive attribute selection.
Exemplary techniques: Finding correlations; Attribute/variable selection; Tree induction.
Models, Induction, and Prediction
Supervised Segmentation
Selecting Informative Attributes
Example: Attribute Selection with Information Gain
Supervised Segmentation with Tree-Structured Models
Visualizing Segmentations
Trees as Sets of Rules
Probability Estimation
Example: Addressing the Churn Problem with Tree Induction
Summary
Fitting a Model to Data
Fundamental concepts: Finding "optimal" model parameters based on data; Choosing the goal for data mining; Objective functions; Loss functions.
Exemplary techniques: Linear regression; Logistic regression; Support-vector machines.
Classification via Mathematical Functions
Linear Discriminant Functions
Optimizing an Objective Function
An Example of Mining a Linear Discriminant from Data
Linear Discriminant Functions for Scoring and Ranking Instances
Support Vector Machines, Briefly
Regression via Mathematical Functions
Class Probability Estimation and Logistic "Regression"
Logistic Regression: Some Technical Details
Example: Logistic Regression versus Tree Induction
Nonlinear Functions, Support Vector Machines, and Neural Networks
Summary
Overfitting and Its Avoidance
Fundamental concepts: Generalization; Fitting and overfitting; Complexity control. Exemplary techniques: Cross-validation; Attribute selection; Tree pruning; Regularization.
Generalization
Overfitting
Overfitting Examined
Holdout Data and Fitting Graphs
Overfitting in Tree Induction
Overfitting in Mathematical Functions
Example: Overfitting Linear Functions
Example: Why Is Overfitting Bad?
From Holdout Evaluation to Cross-Validation
The Churn Dataset Revisited
Learning Curves
Overfitting Avoidance and Complexity Control
Avoiding Overfitting with Tree Induction
A General Method for Avoiding Overfitting
Avoiding Overfitting for Parameter Optimization
Summary
Similarity, Neighbors, and Clusters
Fundamental concepts: Calculating similarity of objects described by data; Using similarity for prediction; Clustering as similarity-based segmentation.
Exemplary techniques: Searching for similar entities; Nearest neighbor methods; Clustering methods; Distance metrics for calculating similarity.
Similarity and Distance
Nearest-Neighbor Reasoning
Example: Whiskey Analytics
Nearest Neighbors for Predictive Modeling
How Many Neighbors and How Much Influence?
Geometric Interpretation, Overfitting, and Complexity Control
Issues with Nearest-Neighbor Methods
Some Important Technical Details Relating to Similarities and Neighbors
Heterogeneous Attributes
Other Distance Functions
Combining Functions: Calculating Scores from Neighbors
Clustering
Example: Whiskey Analytics Revisited
Hierarchical Clustering
Nearest Neighbors Revisited: Clustering Around Centroids
Example: Clustering Business News Stories
Understanding the Results of Clustering
Using Supervised Learning to Generate Cluster Descriptions
Stepping Back: Solving a Business Problem Versus Data Exploration
Summary
Decision Analytic Thinking I: What Is a Good Model?
Fundamental concepts: Careful consideration of what is desired from data science results; Expected value as a key evaluation framework; Consideration of appropriate comparative baselines.
Exemplary techniques: Various evaluation metrics; Estimating costs and benefits; Calculating expected profit; Creating baseline methods for comparison.
Evaluating Classifiers
Plain Accuracy and Its Problems
The Confusion Matrix
Problems with Unbalanced Classes
Problems with Unequal Costs and Benefits
Generalizing Beyond Classification
A Key Analytical Framework: Expected Value
Using Expected Value to Frame Classifier Use
Using Expected Value to Frame Classifier Evaluation
Evaluation, Baseline Performance, and Implications for Investments in Data
Summary
Visualizing Model Performance
Fundamental concepts: Visualization of model performance under various kinds of uncertainty; Further consideration of what is desired from data mining results.
Exemplary techniques: Profit curves; Cumulative response curves; Lift curves; ROC curves.
Ranking Instead of Classifying
Profit Curves
ROC Graphs and Curves
The Area Under the ROC Curve (AUC)
Cumulative Response and Lift Curves
Example: Performance Analytics for Churn Modeling
Summary
Evidence and Probabilities
Fundamental concepts: Explicit evidence combination with Bayes' Rule; Probabilistic reasoning via assumptions of conditional independence.
Exemplary techniques: Naive Bayes classification; Evidence lift.
Example: Targeting Online Consumers With Advertisements
Combining Evidence Probabilistically
Joint Probability and Independence
Bayes' Rule
Applying Bayes' Rule to Data Science
Conditional Independence and Naive Bayes
Advantages and Disadvantages of Naive Bayes
A Model of Evidence "Lift"
Example: Evidence Lifts from Facebook "Likes"
Evidence in Action: Targeting Consumers with Ads
Summary
Representing and Mining Text
Fundamental concepts: The importance of constructing mining-friendly data representations; Representation of text for data mining.
Exemplary techniques: Bag of words representation; TFIDF calculation; N-grams; Stemming; Named entity extraction; Topic models.
Why Text Is Important
Why Text Is Difficult
Representation
Bag of Words
Term Frequency
Measuring Sparseness: Inverse Document Frequency
Combining Them: TFIDF
Example: Jazz Musicians
The Relationship of IDF to Entropy
Beyond Bag of Words
N-gram Sequences
Named Entity Extraction
Topic Models
Example: Mining News Stories to Predict Stock Price Movement
The Task
The Data
Data Preprocessing
Results
Summary
Decision Analytic Thinking II: Toward Analytical Engineering
Fundamental concept: Solving business problems with data science starts with analytical engineering: designing an analytical solution, based on the data, tools, and techniques available.
Exemplary technique: Expected value as a framework for data science solution design.
Targeting the Best Prospects for a Charity Mailing
The Expected Value Framework: Decomposing the Business Problem and Recomposing the Solution Pieces
A Brief Digression on Selection Bias
Our Churn Example Revisited with Even More Sophistication
The Expected Value Framework: Structuring a More Complicated Business Problem
Assessing the Influence of the Incentive
From an Expected Value Decomposition to a Data Science Solution
Summary
Other Data Science Tasks and Techniques
Fundamental concepts: Our fundamental concepts as the basis of many common data science techniques; The importance of familiarity with the building blocks of data science.
Exemplary techniques: Association and co - occurrences; Behavior profiling; Link prediction; Data reduction; Latent information mining; Movie recommendation; Bias-variance decomposition of error; Ensembles of models; Causal reasoning from data.
Co-occurrences and Associations: Finding Items That Go Together
Measuring Surprise: Lift and Leverage
Example: Beer and Lottery Tickets
Associations Among Facebook Likes
Profiling: Finding Typical Behavior
Link Prediction and Social Recommendation
Data Reduction, Latent Information, and Movie Recommendation
Bias, Variance, and Ensemble Methods
Data-Driven Causal Explanation and a Viral Marketing Example
Summary
Data Science and Business Strategy
Fundamental concepts: Our principles as the basis of success for a data-driven business; Acquiring and sustaining competitive advantage via data science; The importance of careful curation of data science capability.
Thinking Data-Analytically, Redux
Achieving Competitive Advantage with Data Science
Sustaining Competitive Advantage with Data Science
Formidable Historical Advantage
Unique Intellectual Property
Unique Intangible Collateral Assets
Superior Data Scientists
Superior Data Science Management
Attracting and Nurturing Data Scientists and Their Teams
Examine Data Science Case Studies
Be Ready to Accept Creative Ideas from Any Source
Be Ready to Evaluate Proposals for Data Science Projects
Example Data Mining Proposal
Flaws in the Big Red Proposal
A Firm's Data Science Maturity
Conclusion
The Fundamental Concepts of Data Science
Applying Our Fundamental Concepts to a New Problem: Mining Mobile Device Data
Changing the Way We Think about Solutions to Business Problems
What Data Can't Do: Humans in the Loop, Revisited
Privacy, Ethics, and Mining Data About Individuals
Is There More to Data Science?
Final Example: From Crowd-Sourcing to Cloud-Sourcing
Final Words
Proposal Review Guide
Another Sample Proposal
Glossary
Bibliography
Index

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