This course is intended to be a challenging and exciting capstone for the MS in Business Analytics curriculum.
This class has elements of ambiguity and uncertainty. In that way it will probably be a lot like most workplaces. The challenges of business do not come wrapped as case studies or textbooks or exams. This course is designed to help prepare you to recognize challenges faced by organizations and to create innovative, value-oriented solutions and to explain and sell those solutions to management. This is a core competency youmust have in the 21st century.
Business analytics is the process of using quantitative methods to derive meaning from data in order to make informed business decisions. It is a powerful tool in today’s marketplace. Across industries, organizations are generating vast amounts of data which, in turn, has heightened the need for professionals who know how to interpret and analyze that information and who are comfortable with the machine/human interface.
According to a recent study by MicroStrategy, companies worldwide are using data to:
- Boost process and cost efficiency (60 percent)
- Drive strategy and change (57 percent)
- Monitor and improve financial performance (52 percent)
There are three primary methods of business analysis:
- Descriptive: The interpretation of historical data to identify trends and patterns
- Predictive: The use of statistics to forecast future outcomes
- Prescriptive: The application of testing and other techniques to determine which outcome will yield the best result in a given scenario
Deciding which method to employ is dependent on the business situation at hand.
This capstone course project is designed to help you, through experiential learning, better understand how to use each and to illustrate how data insights can drive organizational performance through:
- More Informed Decision-Making
- Greater Revenue
- Improved Operational Efficiency
Through learning how to recognize trends, test hypotheses, and draw conclusions from population samples, you can build an analytical framework that can be applied in your everyday decision-making and help your organization thrive.
Faculty: Michael Sherrod