Decision Science in Action

I had heard during my  childhood period that science has no boundaries now I am experiencing it. One of my friend from IITK finished his BE and M Tech in Mechanical and now pursuing PhD from Biology department in one of the best University of USA. Another friend completed his graduation in Electronics and now pursuing PhD in pharmacology. By this blog I would like to share some information on studies and research in Interdisciplinary field being carried out in India especially in IITs. IITs offers many PhD and M Tech programs in  interdisciplinary field. What is interdisciplinary Program. - Interdisciplinary Program can be defined in two ways 1. Any program which is offered jointly by two or more engineering/science departments. It means faculties from different field collaborate and undertake research jointly with common objective. For example in IOER program at IIT Bombay faculties from Electrical, Mechanical,Mathematics and Business School jointly undertake ...

It is desirable for a retailer to have information of the life cycle stage of  a customer. This helps greatly to a retailer in offer optimizations. Targeting right customer with rights offers is greatest challenge for a retailer. They run hundreds of promotions and optimizing it saves huge cost and helps in retaining customers.  In the era of super markets, large retailers issue loyalty cards and maintain customer purchase data. But most of the demographic data is not available with them as customers normally do not fill these fields and leave them blank. Although customer demographic data are not available using purchase data certain life stages of customer can be predicted using rule base techniques or predictive modeling. Life stages bring changes in purchasing pattern. 1.  A single male will mostly buy his needs and daily eatables.  Eating habits gets changed if he is married etc.  A man can occasionally buy woman's product but it will be regular if ...

Data science   is an interdisciplinary field to extract   knowledge   or insights from   data in structured or unstructured form leading to substantive decision making. This being interdisciplinary area employs knowledge and theory from multiple fields such as statistics, mathematics, computer science and programming. Data science finds applications in diverse fields from healthcare management to politics, cyber security to genetic engineering and marketing to operations etc. Data science is playing pivotal role in academic and applied research in different domains. Leading banks and retailers of the world have been using data driven analytics for marketing promotions and risk assessments since the time when it was called analytics. In last decade data, have been used in multiple fields of business and science leading to emergence of Data Science as stream. It would not be exaggeration to state that data science is a promising career option for bright f...