Professor Chen Youhua (Frank), College of Business, City University of Hong Kong gave a lecture on the afternoon of June 4, 2019 at the invitation of Academician Wang Shouyang. The lecture is entitled "Integrating Predictive Analytics (Machine Learning) and Prescriptive Analytics (Optimal Decision Making) – A Review. It was hosted by Academician Wand Shouyang.
Professor Chen started from the most classic newsvendor model in management science and divided the ideas of management science research into four categories: Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive. Analytics (optimization decision). Professor Chen summarized the methods of stochastic optimization, robust optimization, data-driven, machine learning and other methods for newsvendor problem research, and advocated the integration of traditional two-stage solution ideas (predictive demand re-optimization decisions) from data to decision. Professor Chen introduced the latest papers on top journals in the field of management science. He pointed out that clustering and decision trees in the field of machine learning can be used to solve the problem of difficult to describe and respond to random needs in newsvendor problems.
Professor Chen also enthusiastically answered the questions raised by teachers and students. The in-depth explanation of the combination of machine learning and prediction, optimization and application in the medical field has greatly expanded the research horizon of teachers and students.