Be introduced to basic quantitative techniques for business situations and decision making, this will help you understand and make the most of available data.

Credits

30

Module code

BU30019

Business Analytics uses data, statistical methods, and models to extract meaningful insights and support decision making in business.

It involves collecting, analysing, and interpreting data to identify patterns, trends, and relationships that can be used to optimize business strategies and operations.

The module will provide an introduction to Probability, Statistical Inference, and Management Science.

On completion of the module, students should be able to apply simple methods of analysis in this area, interpret the results of such applications and discuss their more general applicability.

What you will learn

In this module, you will:

• be introduced to probability: definitions, theory, distributions and examples
• understand random variables
• how to make decisions under uncertainty
• examine estimation and properties of estimators
• create testing and confidence intervals
• discover linear programming
• use project and inventory management principles

By the end of this module, you will be able to:

• understand a coherent core of statistical concepts and principles relevant to business decision making
• apply those concepts and principles to relevant business problems
• apply the verbal, graphical, and mathematical representations of the techniques covered
• apply standard models to business topics in a logical manner
• specify and quantify particular business relationships using appropriate methods
• employ key concepts to structure problems in a variety of decision-making contexts
• understand and interpret numerical and graphical data
• conceptualise business problems in a tractable form
• solve both abstract and practical problems using a variety of methods

Assignments / assessment

• Class test: 40%
• Final exam: 60%

Teaching methods / timetable

You will learn by taking a hands-on approach. This will involve taking part in tutorials and practical sessions.

Learning material is provided through videos, review notes, examples, and tutorial questions.

 Week Topics covered 1 Probability 2 Random Variables 3 Decision-Making under Uncertainty 4 Probability Distributions 5 Estimation 6 Hypothesis Testing (I) 7 Hypothesis Testing (II) 8 Linear Regression 9 Project Management 10 Inventory Management

Courses

This module is available on following courses: