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ST2187 Business Analytics Applied Modelling and Prediction

This 30-credit, level 5 course on business analytics, applied modelling, and prediction requires 300 hours of study time over 15 weeks. Students will learn to apply various mathematical and statistical models to aid managerial decision-making and produce forecasts. The course aims to teach students how to analyze complex multivariate datasets to extract important insights and apply modelling principles while understanding limitations. Students must complete a case study and exam to assess their ability to apply modelling, understand data analysis, and demonstrate model applicability and limitations.

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Mihirinie Abhayawardhana
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556 views2 pages

ST2187 Business Analytics Applied Modelling and Prediction

This 30-credit, level 5 course on business analytics, applied modelling, and prediction requires 300 hours of study time over 15 weeks. Students will learn to apply various mathematical and statistical models to aid managerial decision-making and produce forecasts. The course aims to teach students how to analyze complex multivariate datasets to extract important insights and apply modelling principles while understanding limitations. Students must complete a case study and exam to assess their ability to apply modelling, understand data analysis, and demonstrate model applicability and limitations.

Uploaded by

Mihirinie Abhayawardhana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Course information 2022-23

ST2187 Business analytics, applied modelling and


prediction
General information
COURSE LEVEL: 5
CREDIT: 30
NOTIONAL STUDY TIME: 300 hours

Summary
People in business, economics and the social sciences are increasingly aware of the need to be able
to handle a range of mathematical and statistical models. It must be admitted that many good
managers are not very mathematically adept. However, they would be even more inquisitive, more
precise, more accurate in their statements, more selective in their use of data, more critical of advice
given to them etc. if they had a better grasp of quantitative subjects. Modelling is an important tool
which all good managers should appreciate. The course extends and reinforces existing knowledge
and introduces new areas of interest and applications of modelling in the ever-widening field of
management.

Conditions
Prerequisites: If taken as part of a BSc degree, the following courses must be passed before this
course may be attempted:
• ST104a Statistics 1
• AND EITHER MT105a Mathematics 1 OR MT1174 Calculus OR MT1186 Mathematical methods
Students also require access to Microsoft Excel and Tableau.

Aims and objectives


The objectives specifically include:

• the mechanics of building applied business models


• managerial decision making
• producing and critiquing forecasts.

Learning outcomes
At the end of the course and having completed the essential reading and activities students should
be able to:

• apply modelling at varying levels to aid decision-making

Please consult the current EMFSS Programme Regulations for further information on the availability of a course,
where it can be placed on your programme’s structure, and other important details.

ST2187 Business analytics, applied modelling and prediction Page 1 of 2


• understand basic principles of how to analyse complex multivariate datasets with the aim of
extracting the important message contained within the large amount of data which is often
available
• demonstrate the wide applicability of mathematical models while, at the same time, identifying
their limitations and possible misuse.

Essential reading
Albright, S. and W. Winston Business Analytics: Data Analysis and Decision Making, (South-Western,
2016) sixth edition [ISBN 9781305947542].

Assessment
This course is assessed by an individual case study piece of coursework (30%) and a two hour unseen
written examination (70%).
Syllabus
Topics to be covered each week:

1. Decision-making under uncertainty and modelling.


2. Univariate data visualisation and descriptive statistics.
3. Exploring relationships between variables.
4. Tableau orientation.
5. Probability and probability distributions.
6. Common probability distributions in business applications.
7. Decision-making under uncertainty using decision trees.
8. Sampling and sampling distributions.
9. Confidence interval estimation.
10. Hypothesis testing.
11. Regression analysis - estimating relationships.
12. Regression analysis - statistical inference.
13. Time series analysis and forecasting.
14. Optimisation models.
15. Monte Carlo simulation models.

Please consult the current EMFSS Programme Regulations for further information on the availability of a course,
where it can be placed on your programme’s structure, and other important details.

ST2187 Business analytics, applied modelling and prediction Page 2 of 2

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