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    Syllabus Overview: Business Analytics

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    Chinmaya Kumar Palai
    The document provides an overview of a business analytics lecture. It includes: 1) An executive summary that outlines the strategic intent and focus areas of business analytics like supply chain, pricing, and personalization. 2) A course overview that describes the software used, optional textbooks, and expectations for the class. 3) An explanation of business analytics as using data to identify models that drive decisions and its application in operations, marketing, finance, and strategic planning. 4) The objectives of the course, which are to learn smart modeling, apply analytic tools to business problems, gain decision making insights, and understand the decision modeling process.

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    Syllabus Overview: Business Analytics

    Uploaded by

    Chinmaya Kumar Palai
    49 views15 pages
    The document provides an overview of a business analytics lecture. It includes: 1) An executive summary that outlines the strategic intent and focus areas of business analytics like supply chain, pricing, and personalization. 2) A course overview that describes the software used, optional textbooks, and expectations for the class. 3) An explanation of business analytics as using data to identify models that drive decisions and its application in operations, marketing, finance, and strategic planning. 4) The objectives of the course, which are to learn smart modeling, apply analytic tools to business problems, gain decision making insights, and understand the decision modeling process.

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    Lecture 2

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    The document provides an overview of a business analytics lecture. It includes: 1) An executive summary that outlines the strategic intent and focus areas of business analytics like supply chain, pricing, and personalization. 2) A course overview that describes the software used, optional textbooks, and expectations for the class. 3) An explanation of business analytics as using data to identify models that drive decisions and its application in operations, marketing, finance, and strategic planning. 4) The objectives of the course, which are to learn smart modeling, apply analytic tools to business problems, gain decision making insights, and understand the decision modeling process.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    49 views15 pages

    Syllabus Overview: Business Analytics

    Uploaded by

    Chinmaya Kumar Palai
    The document provides an overview of a business analytics lecture. It includes: 1) An executive summary that outlines the strategic intent and focus areas of business analytics like supply chain, pricing, and personalization. 2) A course overview that describes the software used, optional textbooks, and expectations for the class. 3) An explanation of business analytics as using data to identify models that drive decisions and its application in operations, marketing, finance, and strategic planning. 4) The objectives of the course, which are to learn smart modeling, apply analytic tools to business problems, gain decision making insights, and understand the decision modeling process.

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    Business Analytics Lecture 2 1

    Lecture 2

     Syllabus Overview

     Introduction to Business Analytics

     Objectives of Business Analytics


    Business Analytics Lecture 2 2

    Executive Summary

     Strategic Intent: Develop solutions to leading edge problems for Lab partners through
    research that brings together data, modeling and analysis to achieve industry leading
    improvements in business performance.
     Cross Industry: Oil/Gas, Retail, Financial Services, Government, Insurance, Airlines,
    Industrial Equipment, Software
     Global footprint: NA, EU, Asia, LA

    Inventory,
    Supply Chain Price Personalized Transportation & Online Resources Supply Chain Sales
    Resiliency Optimization Offering Procurement Allocation Digitization Forecasts
    Optimization
    Business Analytics Lecture 2 3

    Course Overview

    o Demo Software
     MS Excel with a Solver
    XLMiner: Add-in to Excel
    o Optional Textbook
    Data Mining for Business Intelligence: Concepts, Techniques,
    and Applications in Microsoft Office Excel with XLMiner.
    Shmueli, Patel, and Bruce. 2nd Edition; 2010
    Business Analytics: Methods, Models, and Decisions. Evans.
    2012.
    An Introduction to Statistical Learning: with Applications in R.
    James. 2013.
    o Occasional Supplemental Readings
    Business Analytics Lecture 2 4

    Expectations
     Come to class prepared

     Complete homework and review relative to the solution sheet

     Follow the syllabus


    Business Analytics Lecture 2 5

    Supply Chain Digitization

    Supply Chain Single, Unified Smart S&OP Smart Execution


    Segmentation View of Demand

    Digitization / Analytics / Automation


    Business Analytics Lecture 2 6

    Business Analytics

     Increased computing power and the explosion of


    data are changing the way organizations capture
    data, analyze information, and make decisions
     Business Analytics is a scientific method
    associated with using extensive data to identify
    models that drive decisions and actions
     Applied in Operations, Marketing, Finance, and
    Strategic Planning, among other functions
    Business Analytics Lecture 2 7

    Decision Modeling

    Decision Modeling = use of mathematical


    methods to improve or optimize decision
    making
    Business Analytics Lecture 2 8

    Decision Modeling Process

    Decision Model =
    Formulate problem Mathematical
    Real-World
    Description of Decision
    System
    Problem

    Implement Yes Computer


    decision Solution

    More analysis
    needed?
    No Interpret
    output
    Business Analytics Lecture 2 9

    Course Objectives

     Learn the concept of “Smart” Modeling and Decision Making

     Learn to apply analytic tools to business problems


     Build and solve “desktop” decision models using Excel tools.

     Gain insights into better decision making, common fallacies and


    pitfalls.
     identify opportunities for creating value using business
    analytics

     Understand the decision modeling process; where it can be


    applied; how to critically evaluate the technology and how to
    estimate the value created.
    Business Analytics Lecture 2 10

    Are you a good decision maker?

    The next couple of questions will help you examine the type of a
    decision maker you are.

    Please read each question in the handout and answer them as if


    you are a decision maker in each situation.

    Do not think too hard.

    Let’s go with our (spontaneous) gut!


    Business Analytics Lecture 2 11

    Are you a good decision maker?

    Write down your choices for 4 questions.

    Go with your first instinct and move on.

    No research, web browsing, asking, etc.


    Especially, no wiki!!!
    Business Intelligence and Analytics

    Prescriptive How do you make it happen?


    Optimization, Planning

    Predictive What will happen?


    Forecasts, Machine Learning, Simulation
    Value

    Diagnostic
    Why did it happen?
    Queries, Data Mining, Statistical Analysis

    Descriptive
    What Happened?
    Reports, Alerts, Mapping

    Difficulty
    12
    John Snow’s Diagnostic Analysis
    • In 1854 Cholera struck England once again.

    • At the time, water was supplied to London by two water companies.

    • One of these companies pulled its water out of the Thames River
    upstream while the second pulled its water from the river downstream
    from the city.

    • John Snow, in investigating the epidemic, began plotting the location of


    deaths related to Cholera.

    13
    John Snow’s Diagnostic Analysis

    Water
    Pump

    Officials followed Snow's advice to remove the handle of the Broad Street Pump
    that supplied the water to this neighborhood; the epidemic was contained. 14
    Business Intelligence and Analytics

    Prescriptive How do you make it happen?


    Optimization, Planning

    Predictive What will happen?


    Forecasts, Machine Learning, Simulation
    Value

    Diagnostic
    Why did it happen?
    Queries, Data Mining, Statistical Analysis

    Descriptive
    What Happened?
    Reports, Alerts, Mapping

    Difficulty
    15

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