Business Analytics

This module information is representative of what is included in the module in a given year. Details of actual reading, lectures and coursework may vary year to year and will be available at the beginning of the semester. 

Module Co-ordinator

 Dr Gerry Edgar

Semester

Spring

Level

11

Credit value

10

Contact hours

 25

Assessment

100% coursework 

Objectives

This module combines two linked themes: statistics and modelling.  Statistics seeks to clarify and summarise numerical data and then make deductions from those data.  A command of a few statistical techniques provides great power to managers, enabling them to combine judgement with quantitative evidence to inform decisions.  For example, “following an expensive marketing campaign, this year’s sales have increased but is this just due to chance or a result of the campaign?”  Statistics provides a language for examining uncertainty and distinguishing acceptable business risks from a foolhardy gamble. 

Statistics provides powerful tools to analyse past data and diagnose business problems.  The next stage is to explore possible solutions, using models.  There are many different types of business model but they all have the same aim, to assess the likely outcome of different possible actions.  This module will develop vital core modelling skills, using the business simulation software Simul8 to examine problems such as how to focus investment in small car factory, reducing bottlenecks and increasing production. 

Both statistics and modelling extensively employ computers to remove the routine number crunching.  This module employs Excel and Simul8 in a range of applications in statistical analyses and simulation. 

Learning outcomes

By the end of the module students will:

  • Appreciate and be able to perform basic quantitative techniques used in business analysis and decision making;
  • Appreciate the role of modelling in business analysis;
  • Develop an awareness of the uncertainties in data and the methods of coping with these uncertainties;
  • Enable formulation of suitable quantitative problems, obtain a solution and interpret the solution.
  • Familiarise with the use of Excel and Simul8 in business analysis, including advanced features which enable a wide range of statistical analyses and modelling;
  • Develop problem formulation and interpretation capability in a group-work situations and individually;
  • Enhance report-writing skills.

 

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