Welcome to BUS 619: Business Statistics and Analytics

Course Description

Organizations have a wealth of data that can help their employees effectively manage the company. Analyzing this data has become crucial for making informed business decisions and running operations smoothly. The abundance of data within organizations includes accounting, financial, sales, marketing, human resources, and information systems data. Surveys are often conducted to gather customer information, and there’s also external data available from private and public sources, easily accessible online. This course is designed to teach the essential methods of data analysis, providing you with the tools to utilize data for addressing business challenges. The emphasis is on practical applications and understanding data rather than diving into complex theories and methods. Starting with the basics of exploratory descriptive statistics (like data visualization, descriptive measures, and analytics), the course then delves into data models and statistical inference within a business context. Real-world business problems, such as predicting future revenue and its relationship with economic variables, will be explored. Moreover, this course places a strong emphasis on leveraging artificial intelligence (AI) for learning and applying statistics. Throughout the course you will explore how AI can enhance statistical analysis, providing more accurate predictions and deeper insights. Practical applications of AI in the context of business analytics will be covered, showcasing how these advanced techniques can be effectively used to solve complex problems and inform strategic decision-making. Examples and exercises will integrate AI concepts, ensuring that you gain practical skills in harnessing the power of both statistics and artificial intelligence for data-driven business solutions.

Objectives of BUS 619:

1. Provides an appreciation of the way in which data can be used to assist in solving business problems,
2. Improves recognition of quantitative aspects within a problem to better know when statistical or data analysis assistance is needed,
3. Provides skills using Excel to be able to perform data analysis,
4. Teaches how to communicate statistical results in a clear concise manner and
5. Encourages the use of resources on the internet to enhance the use of open-source data for business decision-making
6. Provides basic concepts of data visualization.

You will find BUS 619 both useful for your coursework and on the job. However, we cannot cover all possible data analytics concepts you might have need of in a three-credit course. The primary objective of BUS 619 is to build your competence and confidence in addressing common data analysis problems in business. It provides you with a solid foundation for more advanced data analytics and statistics courses you may pursue later or study on your own.

Pedagogy

As is true in your work, you may need to research and self-learn how to apply statistical methods that may not have been presented in class. You may be surprised to know that quite a lot of statistics relies on judgment and so-called rules-of-thumb (RoT). Statistical judgment is a skill that can only be built with practice, patience, and a healthy amount of critical evaluation. You cannot memorize your way to data analysis competency. You must develop and cultivate it through experience and gaining insight through hands-on problem-solving.

To accomplish this, we take an instructor-led workshop approach where you will do most of your study and preparation work at home at your own pace, leaving class time for working on applications, hands-on case studies, group discussions, and follow-along “training” with the instructor. We will focus on practical applications of data analysis and not so much on theory. You will find this approach more effective and valuable in developing your data analysis skills than simply listening to lectures.

BUS 619 consists of a sequence of modules, each typically taking a week to complete. Most modules have the following structure:

• One or more learning outcomes, describing the major goals for the module.
• One or more readings and other online resources, providing background material necessary for class experiences and for reference.
• One or more experiential learning activities, providing a structured set of challenges enabling you to acquire mastery of material.
• One or more assessments, measuring your success in achieving the learning outcomes. These are typically done online on your own time.

This course follows an “inverted” classroom approach where you view lectures and follow along with demos at home at your own pace. Assignments and exercises are done in class where I will provide personal assistance and guidance. In class we will have discussions, questions and answers, and work on problem set exercises to help you acquire mastery of the detailed and subtle concepts in this course.

Expected Learning Outcomes

The skills you acquire in BUS 619 provide professional advantages:

• Provides necessary statistical methods used in other MBA courses e.g. BUS 631
• Build your confidence in addressing statistical problems and effectively use data for decision making
• Learn to “think differently” about how data can be used to assist in solving business problems,
• Improve your recognition of statistical aspects within a problem and to better know when assistance is needed,
• Acquire skills using EXCEL to be able to perform sophisticated data analyses for business problems,
• Learn to communicate statistical results in a clear concise manner.

Textbook Information

No textbook purchase is required! The primary textbook material we will use is the OpenStax Introductory Business Statistics.

This textbook is designed to meet the scope and sequence requirements of the one-semester statistics course for business, economics, and related majors. We will use this textbook for obtain reference and background on core statistical concepts and skills in a practical business context. However, the textbook does not cover all the topics in the course and some of the topics in textbook we will not cover. The textbook will be supplemented with external readings and screencasts and online supporting material such as PPT lecture slides, notes, handouts and annotated excel files.

There are several options for using this textbook – web, mobile, e-book, PDF, e-Pub. You are welcome to use any version for the pre-class reading assignments. However, the web version has interactive examples ans review questions for each section that are very helpful in ensuring that you have sufficiently digested the material.

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Check back occasionally to see if anything has changed. Do not count on being notified of changes.This site is for dissminating course information and materials. The course may vary in the assignments and order the materials are used.