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Olin Business School

Modern Data Science: the Big Picture

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Learn first-hand how data science can help discover connections between variables and make predictions of future outcomes. We will explore how data science can be an effective managerial guide by blending prior knowledge about business processes and parameters with the information in the data using the tools of Bayesian statistics. Participants will practice using R, the most widely used computational tool in data science in both structured and unstructured data situations, and learn the importance of critically evaluating results. Special emphasis is placed on exploring and comparing alternative explanations of the data in a non-sequential way to avoid subtle statistical errors which can invalidate data science conclusions.


  • How data science helps in discovering connections and making predictions
  • How effective data science blends prior knowledge with the information in data
  • How alternative explanations of the data are compared in a statistically correct way


  • Better understand how data science is used to learn about business processes
  • Facilitate and organize projects and discussions with the data scientists within and outside the firm
  • Make better business decisions based on thorough data analysis


Area of Expertise: Statistics/Econometrics, Statistics/Econometrics Research Interests: Bayesian statistics and econometrics, Markov chain Monte Carlo methods Professor Chib''s research is in the area of Bayesian statistics and Markov chain Monte Carlo computational methods. He has pu...