News ORTEC

25 oktober 2017 | Zoetermeer (NL)

CPB joins The Analytics Academy

Time for celebration! The Analytics Academy delivered a state-of-the art theoretical Machine Learning education program to the CPB Netherlands Bureau for Economic Policy Analysis (CPB). The CPB (link) is concerned with scientific research aimed at contributing to the economic decision-making process.

CPB using TAA Machine Learning programCPB’s wish is to expand their knowledge and skills from their current expertise which is focused on forecasting and different kinds of empirical research. The aim is to expand the toolbox with models from the domain of Machine Learning and to create awareness of new open data.

The course is delivered by 2 experienced professors, Noud van Giersbergen (Assistant Professor on Quantitative Economics, University of Amsterdam) and Peter Boswijk (Professor of Financial Econometrics, University of Amsterdam).

They practice the newest Machine Learning models like: Decision Trees, Random Forests, Clustering and Neural Networks and different variable selection tools such as Lasso and backward selection. The CPB has chosen a course where practice and theory are alternating. The course is a theoretical deep-dive into the statistical and mathematical background of the models to really understand and apply them in a valid way to economic policy analysis.

“The combination of sound theoretical explanation and a realistic and relevant application facilitates the learning of these new methods” (Nicole Bosch, Scientific Researcher responsible for Machine Learning education @ CPB)

The new-found skills are directly applied in an internal now-casting challenge for all participants of the training initiated by Nicole Bosch and Joris de Wind from the CPB. The first results are very promising but we are still in the middle of it. Keen on receiving an update and a deep dive into this case? Make sure you follow Manager of The Analytics Academy, Robert Monné on LinkedIn.

The Analytics Academy (link) is a partnership between the University of Amsterdam and ORTEC - a world leader in optimization software and analytics consultancy. With this partnership, we combine the academic rigor, and practical experience required for a high-class training. To support organizational digitization, The Analytics Academy offers education ranging from theoretical machine learning deep dives (like the CPB course), hands-on data science courses and executive boot camps.

“To take today’s big data into account, new statistical learning techniques have been developed over the last decade, which only recently have been adopted in econometric curricula. Part of this course was especially designed to discuss the latest interaction between machine learning and econometric causal inference. The CPB has shown to successfully apply these recent techniques in their now-casting challenge.”