Today’s data-rich environment and advances in big data analytics have enabled product idea generation from the crowd, innovative “data”-based products or services development and effective marketing of new product ideas on crowdfunding platforms. Now, “data” itself may form part of the “core material” of new products or services.
This course integrates the principles of product development with big data analytics by covering (1) new product idea generation using natural language processing such as sentiment analysis or topic modelling to analyse social media, product reviews or start-ups on crowdfunding platforms, (2) video ad content analysis for marketing new product ideas on crowdfunding platforms, (3) data product or service development such as book recommendation algorithms, content product (e.g. movie), IoT (Internet-of-Things), and a virtual personal assistant, (4) product attribute optimisation for products with many attributes using efficient survey design and variable selection regression and (5) new product demand forecasting.
Students will exercise hands-on data analytics using Python, and then tackle globally challenging real-world problems by developing new data products. No prior knowledge of Python is needed because this course will go through Python step-by-step.
Pre-requisite: (COMM5005 or COMM5011 or ECON5248) OR (in program 8543, 8338, 8621 or 5659).
If students can demonstrate equivalent statistics knowledge, but haven't met the listed pre-requisites, they can seek permission by submitting an online form.
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