Business Analytics

Business Analytics

Business analytics is a quantitative approach to business, driven by the intelligent use of data and mathematical models.  Practitioners leverage methods from statistics and operations research to form insights and make decisions that improve business performance.

Business analytics is crucial to a broad range of industries.  Banks need to perform credit risk analysis and analyze streaming transactions in real time to quickly identify potential fraud. Utility companies need to analyze energy usage data to gain a better understanding of demand patterns. Retailers need to perform markdown optimizations, firm-wide liquidity management, and understand the social sentiment around their products and markets to develop more effective campaigns and promotions.  Business Analytics helps such organizations uncover insights from big data, build models that relate actions to consequences, and perform optimization and simulation analyses that lead to quality decisions and better outcomes in shorter times.

Business Analytics Careers

The job opportunities for graduates with data analytical skills have never been more numerous.  According to the U.S. Bureau of Labor Statistics, Business-analyst jobs are predicted to increase by 22 percent by 2020.  A recent study by McKinsey & Company shows that the United States could face a shortage of 140,000 to 190,000 professionals with deep analytical skills by 2018. The proposed business analytics concentration is designed to cater to this need by equipping our undergraduates with the skills needed to crunch huge data sets into meaningful information to further facilitate smart business decision-making.

Quantitative analyst  Many business functions, such as marketing, logistics, and operations management, are becoming more data intensive and mathematically sophisticated.  The Business Analytics curriculum will equip students with the quantitative tools to become capable business analysts.

Business manager  As the business environment becomes increasingly data-driven, the next generation of business managers will require not only leadership skills, but also analytical skills to succeed.  The manager with training in Business Analytics will approach decision making from an optimization perspective and will be an intelligent consumer of data analyses.

Analytics Bridge  The Business Analytics concentration emphasizes effective communication of technical information, particularly to non-technical audiences.  This training will prepare students to be the bridge between an organization’s upper management levels and its analytics team or to be the liaison to outside analytics consultants.

Business Analytics Required Courses

Number

Title

Units

Catalog Description

BUS2 194A

Statistical Analysis

3

Statistics is the art and science of making data-based decisions. This course develops fundamental knowledge and skills for applying statistics in business decision-making. Topics include hypothesis testing, simple and multiple regression, experimental design, time series analysis and non-parametric estimation.

BUS2 194B

Business Analytics

3

This course covers linear and nonlinear optimization applications such as Data Envelopment Analysis, revenue management and portfolio optimization; integer and binary variable applications such as capital budgeting, supply chain design and facility location problems; inventory control models with deterministic and probabilistic demands; waiting line models, and simulation of inventory and waiting line models.

 

Business Analytics Elective Courses (Students choose four)

Number

Title

Units

Catalog Description

BUS2 132B

Supply Chain Analytics

3

Logistics in the process of planning, implementing and controlling the efficient, effective flow and storage of goods, services and related information from the point of origin to the point of consumption for the purpose of conforming to customer requirements.

BUS2 137A

Soft Skills

3

An examination of the soft skills (self-management skills and people skills) employers feel recent college graduates are lacking. Some of these skills include, but aren't limited to, listening skills, likability, flexibility, giving/receiving criticism, work ethic, dining etiquette, cultural sensitivity, etc.

BUS2 138

Marketing Research

3

Fundamentals of empirical study in marketing, including hypotheses formulation, testing, and the basis of inference. Questionnaire and experimental design, attitude measurement, sampling and data collection, and analysis are emphasized along with applications to marketing decision-making.

BUS2 191

Decision Making Under Uncertainty

3

Decision analysis models and methods for optimizing decision policies: Bayes' Theorem, decision trees, influence diagrams, utility functions and certainty equivalence functions for risk-averse analyses, measures of the value of information, use of relevant spreadsheet computer tools.

BUS2 193

Data Mining

3

Data Mining is used to discover patterns and relationships in data. Emphasis is on large complex data sets such as those in very large databases or through web mining. Topics: data visualization, association rules, clustering, and various modern classification techniques.

BUS2 195A

Spreadsheet Modeling

3

Develop your analytical modeling skills and learn advanced features of Excel.  Focus is on using Excel to model real-world decision-making problems.  Covers Excel features including IF functions, lookup tables, date and text manipulation, sorting, filtering, graphing, and VBA.

BUS2 195B

Data Visualization

3

This course focuses on state-of-the-art data techniques for creating effective visualizations for structured and unstructured data. The course targets students who are interested in using visualizations to better understand information and communicate with other people.

BUS2 195C

Simulation Modeling and Analysis

3

Building and using simulation models in business systems using both Excel and high-level simulation software package. Topics include discrete-event simulation, Monte Carlo simulation, simulation input data collection and analysis, statistical analysis of simulation output.  Applications in real systems include manufacturing, supply chains, health care, and financial operations.

BUS2 195D

Analytic Strategy

3

This course provides hands-on experience in transforming large amounts of diverse data into business decisions. This is accomplished via an engaging, complex simulation in which participants develop data-driven tactical and strategic decisions.  Decisions are designed to optimize company performance as measured by a comprehensive dashboard of business metric outcomes

BUS4 92

Introduction to Business Programming

3

Analysis of business problems to design and implement the software component of an information system. Emphasis on structured design and programming. Introduction to visual programming languages.

BUS4 112

Database Management Systems

3

Intermediate database management systems and procedures, stressing the design and development of efficient business information systems. Emphasis on data modeling, data integrity, SQL and implementation of a database application.

 

ACADEMIC PLAN FOR FRESHMEN: BUSINESS ANALYTICS (PDF)