IPB FEDS Lab & “COVID Solver”: Financial Big Data Assistance by IPB University

IPB University has launched the Financial and Economic Data Science Laboratory (The FEDS Lab) on May 11th, 2020. One of the innovations made through The FEDS Lab is what is called the COVID Solver. COVID Solver is developed as estimation and data fitting parameter modeling tool, in order to ease the pandemic-derived policy makers to integrate social behavior. The online launch was attended by the Minister of Research and Technology/National Research and Innovation Agency (Ristek/BRIN), Prof Bambang PS Brodjonegoro, PhD. Prof Dr Nunung Nuryartono—Dean of IPB Faculty of Economics and Management, conveyed that the FEDS Lab was a contribution made by economical researchers in IPB University to give what they could in accordance to their field of expertise. Prof Bambang expressed that the Ministry appreciates the efforts made by IPB University in establishing the FEDS Lab. He congratulated the university on the development of FEDS Lab and for the launch of its first modelling tool which was developed by one of the researchers. He mentioned that by looking at IPB University’s track record, he was not surprised that this approach of scientific data was made. He further explained that traditionally, IPB University has always possessed strength in statistics. IPB University has a strong qualitative background which, in combination to its statistical strength, unsurprisingly, results in an innovative model which develops scientific data.

During this time of COVID-19, an economical model which runs with the existence of COVID-19 itself is needed. The existence of COVID-19 has caused a global paralysis of economy. He further conveyed that we must enable ourselves to live with COVID-19, especially when drafting regulations, this model which is now being developed will surely be beneficial. He also explained that currently, the citizens of this world are being faced with two massive things at once, a COVID-19 pandemic and a global economical recession. Prof Dr Arif Satria, Rector of IPB University, explained that even during the COVID-19 pandemic, IPB University will keep on creating innovations from multiple scientific fields which are needed by the public. He also conveyed that the university has previously finished a modelling research regarding the impact of COVID-19 on both macro and micro economy, including the food sector. This time, the innovation presented is the COVID Solver which can be applied in a simple manner, through Microsoft Excel. The mind behind COVID Solver is Dr Iman Sugema, the Head of IPB University’s The FEDS Lab. Prof Arif expressed his judgment that The FEDS Lab has become important due to developmental science’s paradigm of being based on scientific data. Scientific data can be used for economy, social sciences, and many other fields. The existence of The FEDS Lab is hoped to further develop knowledge in the fields of finance, economy, and management which is based on scientific data, and can result in the creation of applications or software for data development. In the times of the pandemic, the presence of FEDS Lab is essential. The Rector further expressed his hopes for the COVID Solver to soon be used by society.

Published Date : 14-May-2020

Resource Person : Prof Dr Arif Satria

Keyword : The FEDS Lab, Rektor IPB, FEM IPB, data science, Menristek/Kepala BRIN