The Business Analytics joint concentration between the OID and STAT departments is designed to build deep competency in the skills needed to implement and oversee data-driven business decisions, including (i) collecting, managing and describing datasets, (ii) forming inferences and predictions from data, and (iii) making optimal and robust decisions. Business analytics makes extensive use of statistical analysis and the applications of business analytics span all functional areas.
Business analytics has emerged in recent years as a powerful and required capability for firms in competitive markets. The quantity, quality and diversity of available data have never been greater, which has created new and significant opportunities for organizations to use data to improve their decisions with respect to both internal resources as well as external interactions with suppliers and customers.
What type of student is this concentration a good fit for?
The concentration develops an in-depth understanding of data-driven analysis of business processes. Success in the concentration requires an appreciation of the importance of linking managerial decisions with quantitative thinking. Courses in the concentration presume familiarity with business fundamentals and a working knowledge of algebra, calculus, and introductory statistics and probability.
Is there a particular course or experience that can help determine if this concentration is a good fit?
OIDD 105: Developing Tools for Data Access and Analysis and OIDD 321: Management Science provide a good overview of the tools of data analysis and prescriptive analytics. STAT 422: Predictive Analytics and STAT 470:Data Analytics and Statistical Computing provide half- and full-semester coverage of tools used in modern analytics.
Core classes such as STAT 102: Introduction to Business Statistics include basic examples of business analytics techniques that are further developed in the concentration. Students with a lingering curiosity for the development and extensions of these methods will find answers in the Business Analytics concentration.
Are there other concentrations or upper-level courses in other departments that would pair well with this concentration?
The concentration in Statistics provides theoretically oriented coverage of statistical methods as used in Business Analytics and is a natural pairing for students with richer mathematical backgrounds.
What skills or knowledge will students gain from this concentration?
The concentration develops key skills needed to implement and oversee data-driven business decisions, including (i) collecting, managing and describing datasets, (ii) forming inferences and predictions from data, and (iii) making optimal and robust decisions.
What careers or industries is this concentration a good fit for?
Graduates in Business Analytics are well-suited for the growing set of careers broadly grouped under the header of “data science” with responsibilities for managing and analyzing data. In addition, the concentration provides an excellent complement to students who choose to focus on a functional area of business (e.g., accounting, finance, marketing, operations).