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Business Analytics Concentration

Prof. Xiting Gong

Concentration Academic AdvisorDept. of Decision Sciences & Managerial Economics

CUHK Business SchoolFebruary 11, 2020

Overview

• Modern businesses need to make managerial decisions in the presence of vast amount of information generated through technology-based transactions in various business processes.

• These organizations use data management, statistical methods and quantitative modeling skills to analyze their internal and external business environments and gain strategic advantages over their competitors.

• Business Analytics (BA) concentration will equip students with knowledge and tools that can help them derive useful information from business data and utilize the information intelligently in making faster and more effective business decisions.

We live in the era of Big Data.

Big Data

• Data are everywhere- Mobile devices produce so much individual level data- 5 billion mobile phones are in use- 30 billion pieces of content shared on Facebook every month

• Saving and processing data became much cheaper than ever- With US$ 600, you can store all of the world’s music

• These “Big Data” can change the way organizations make decisions

Source: https://www.visualcapitalist.com/what-happens-in-an-internet-minute-in-2019/

Amazon.com provides customized assortment of items based on individual customers’ historical shopping data

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Example of 3rd Generation Revenue Management System for AirlinesSource: P. Belobaba.16.75J Airline Management. MIT OpenCourseWare

Airlines build sophisticated computerized systems to systematically integrate various data with models to make effective booking and pricing decisions

Why BA Concentration?

Invention of light bulbs

Technological breakthrough is not enough.

We also need business innovation!

Steve Jobs introduces iPhone

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App Store – creating an eco system

In the (near) future…

Things are getting smarter and smarter

• Smart phones, smart home, smart city, …

Source: https://medium.com/@ajeevitech18/10-features-that-the-city-of-the-near-future-will-have-c6b4ca47f426

Many Analytics Jobs

Source: https://www.linkedin.com/jobs/

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Many Analytics Jobs (cont’d)

Source: https://www.linkedin.com/jobs/

Learning Outcomes

• Equip students with fundamental techniques of data science so that they are able to:üapply the techniques to extract valuable information from dataüunderstand the value that data science can bring into organizationsüknow the steps how big data create values

• Students are expected to know:üWhat can be answered by dataüHow can data be analyzed to get the answers üHow important those answers are to organizations

Concentration Curriculum (applicable for students admitted in 2016-17 and thereafter)

A total of 15 units are required

üThree mandatory courses:• DSME2021 - Applied Econometrics for Business Decisions • DSME2040 - Business Analytics • DSME4020 - Decision Modeling and Analytics

üOne course selected from:• DSME4070 - Data Management and Big Data Analytics• DSME4240 - Supply Chain and Logistics Analytics • DSME4260 - Business Process Analytics

üOne course selected from:• DSME3030 - Business Forecasting • DSME4030 - Web Analytics • DSME4110 - Economic Analytics • DSME4220 - Data Mining for Business Intelligence• DSME4280 - Network and Security • MKTG4120 – Marketing Engineering

Q & A

Please do not hesitate to contact me at xtgong@cuhk.edu.hk

if you have any related question.