Business Analytics Fundamentals for Data Driven Decisions

Overview

Data science has generated profound impacts on our lives and businesses today. The application of data science in business (i.e., business analytics) has become a powerful and necessary tool for today’s organizations to compete in the marketplace. With the ubiquitous use of electronic and mobile devices, organizations and consumers generate vast amounts of data daily. How to analyze and interpret the data has become a challenge for organizations. Organizations that have implemented data analytics in their business operations can make informed decisions, to increase revenue, and improve operational efficiency.

In the long-run, data driven decisions lead to better outcomes than choices that are based on intuitions or gut feelings. Hence, more and more managers rely on actual data to make better and more informed choices by utilizing these foundational background and data modeling tools.

Syllabus

Courses under this program:
Course 1: Economics Fundamentals for Business Analytics

General topics covered are elasticity of demand and supply, pricing and production decisions of firms, concepts of marginal analysis and opportunity costs to consumer theory, and to the profit-maximizing behavior of firms. The course also reviews standard business organizational forms, stocks and bonds, and economic profit. Students will be introduced to necessary conditions for an economy to experience sustained, long-term growth, as well as the role of government in the economy.

Course 2: Statistics Fundamentals for Business Analytics

This course introduces the basic tools and methods of statistical analysis, which can be applied to a wide variety of situations and data encountered in the areas of business and economics. Topics discussed include descriptive statistics, probability, sampling distributions, estimation, and hypothesis testing. By the end of the semester students should be able to compute and interpret basic descriptive statistical measures, understand the basic concepts of probability, and apply techniques of statistical inference.

Course 3: Python Fundamentals for Business Analytics

This course covers the basics of the Python programming language, and is targeted to students who have no programming experience. The course begins by establishing a strong foundation in basic programming concepts. Through engaging lessons and practical exercises, students will master essential topics such as variables, relational and boolean operators, control statements, and input/output operations. Building on this solid groundwork, students will program with functions, lists, and tuples. In the final phase of the course, students will unlock the full potential of Python by harnessing the capabilities of the popular NumPy library.