Business Analytics

Vicky

Grade3 Class B

2019.04

1
 Contents
Introduction

Part one Basic Information

1.1 Professional generalization

1.2 Main branch

Part two Professional choice

Part three Essential skills

1.1 Computing

1.2 Analytics

1.3 Operation

1.4 Business Administration

Part three Ability

{1}https://en.wikipedia.org/wiki/Business_analytics 2
Part Four Future development

Citation

Introduction

Today, the world's business model is guided by information and data analysis and big
data. Even in corporate decision-making, these plays a vital role. The transformation
of technology in the times and the needs of society have led to the emergence of MSc
Business Analytics. In the past three years, business analysis majors have begun to
emerge in North America, the United Kingdom, Hong Kong, Singapore, etc., and in
some countries, this course has not been opened. Everyone has a little understanding
of business analysis.

Simply put, Business Analytics (BA) analyzes market data, user behavior, and
preferences owned by organizations such as businesses, governments, and health
care, and derives useful information for institutional decisions and business activities.

Different companies have different BA roles, but in general BA's main job is to
design and maintain the company's business processes, and some companies'
Business A1nalytics’s also have project management functions. Large companies
typically use ERP (Enterprise Resource Planning) systems, so a large part of BA's
work is to design ERP system processes. The design and operation of the EPR system
is technically demanding, and BA is broadly an IT branch.

{1}https://en.wikipedia.org/wiki/Business_analytics 3
The Internet has spawned the arrival of the era of big data. In the era of big data, data
is needed to make decisions, so BA came into being. Large companies such as
Google, Facebook, Twitter, Tencent, Baidu, Alibaba, Sina and other companies have
set up special BA positions. In order to work more rigorously and professionally,
some universities have started to open BA majors. The emergence of BA is the trend
of the times. BA helps companies to rely on the basis of decision-making and reduce
the turnover rate of corporate decision-making.

What is the business analytics, what skills should be available, and what future
employment is all about in this article.

{1}https://en.wikipedia.org/wiki/Business_analytics 4
Part One Basic Information
1.1 Professional generalization
With the advent of the era of big data and the application of data in the
commercial field, the business of Business Analytics is getting more and more
popular.Business analytics (BA) refers to the skills, technologies, practices for
continuous iterative exploration and investigation of past business performance to gain
insight and drive business planning.Business analytics focuses on developing new
insights and understanding of business performance based on data and statistical
methods.Business analytics makes extensive use of statistical analysis, including
explanatory and predictive modeling, and fact-based management to
drive decision making. It is therefore closely related to management science.
Analytics may be used as input for human decisions or may drive fully
automated decisions. Business intelligence is querying, reporting, online
analytical processing(OLAP), and "alerts."  {1} 2 The difference between business
analytics and business analysis is in data analysis. Business analytics is more
responsive to the requirements of the big data era.The traditional business
analysis is based on qualitative analysis. Sometimes it uses data, but it is far less
professional than analytics. It mainly analyzes the company's entire operation
process and business development, and proposes some solutions. Program.This
profession is sometimes referred to as a small MBA, which means that all areas
of business are involved.The core of Business analytics is undoubtedly data
analysis, and it is a deep technology, model and algorithm. Through the in-depth
analysis and mining of data, we can study the company's past performance and
search for potential business information in the industry market.Graduates of
business analysis can work in different industries to collect, organize and
analyze, so the scope of employment is very wide.The employment direction of
graduates includes business analysts, market analysts, risk analysts, model
analysts and so on.

1.2 Main branch

People who want to learn business analytics need to involve a lot of
professions.The disciplines involved in business analytics are mainly divided
into four categories: Finance, Statistics,Marketing and Big Data. These skills are

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{1}https://en.wikipedia.org/wiki/Business_analytics
 inevitable when people want to success in business analytics. The knowledge of
the finance profession is based on the economic activities of monetary and
monetary funds. It studies the individual, institution, and government how to
acquire, spend, and manage funds and other financial assets.Financial
professionals can help business analysts first have economics theory to allow
analysts to give more professional analysis.The statistical profession is an

indispensable part of business analysis. It will build mathematical models by

using probability theory, collect data from the observed systems, perform
quantitative analysis, summarize, make inferences and predictions, and provide
basis and reference for relevant decisions.Marketing is also very important in
business analytic,because company need analyst to support a piece of
information that can help the company gonging to a wright way.Big data
analytics is a way for analysts to have a broader range of information to
understand exactly what is needed by the public and what can bring the greatest
benefit to the company.According to these majors,analysts can conduct an
economic benefit analysis of the program and further judge financially whether
it meets the corporate objectives. If it is, the product concept can enter the
product development stage. This includes reviewing whether the projected sales,
costs, and profits meet the company's projected goals; if so, the product concept
can be further developed into the product development phase. Information on the
retail sales of specific commodities, effective purchase income, and total retail
sales can be found in commercial or consumer statistics bulletins.{23}

Part two Professional choice

In fact, big data should have been in various fields, such as physics, biology,
environmental ecology, military, finance, communications and other industries. It
is only because of the development of the Internet and information industry in
recent years. The use of data security, data analysis, data mining, etc. around the
commercial value of big data has gradually become the focus of profits that
industry professionals are vying for.

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{1}https://en.wikipedia.org/wiki/Business_analytics
 It is not difficult to find that business analytics is actually a cross-type major. It is
a cross-disciplinary subject between business and computer science. It is
important to judge whether you are suitable for BA or not. It depends mainly on
which direction you want to go to. If the school pays attention to computer
science, then When you read BA, you have a relatively good computer
background, and vice verso.

Compared with very theoretical statistics, business analysis is to use statistical

models to solve practical problems, and statistics is very theoretical. Traditional
statistics may be just a paper-and-pencil operation, but business analysis uses
computers, Excel, R, MATLAB, or Python to build models{3} that make people
more interested in learning.In general, business analysis has a very good
Position because it is a degree in STEM (Science Science, Technology

Technology, Engineering Math, STEM). It is not as boring and more diverse as

statistics.{4}

A little better math will continue to learn statistics. But for business analysis,
everyone can go to school, and people with liberal arts can also go to school. Of
course, it is best for people who like Learning By Doing because it involves a lot
of communication with customers, so people who are good at communication are
also suitable for this subject.{5}

Part three Essential skills

Beginning to learn business analytics does not require any skills, the class will be
exposed to the industry, basic statistical knowledge is enough. Participants in the
liberal arts department can focus on basic statistical software, similar to JMP, R
language, etc., while students in the sciences can access a deeper level of
programming software to build a data model.The first is the most basic statistical
knowledge, such as probability; the second is the basic programming or Excel
ability. But these classes actually talk about it, and you don't need to have extra

{1}https://en.wikipedia.org/wiki/Business_analytics
 experience before.{6}4

1.1 Computing

The calculations need to learn some basic language and data software, such as R
language, Tableau, Python, SQL{7}5. You need to be able to communicate with
the database: If you find out through the customer's description that there is a
problem or trend in the performance of this quarter, you should immediately take
the data for analysis.

Computer science and engineering is the systematic study of algorithmic

processes-their theory, analysis, design, efficiency, implementation, and
application that describe and transform information. The fundamental question
underlying all of computing is, What can be (efficiently) automated . This
discipline was born in the early 1940s with the joining together of algorithm
theory, mathematical logic, and the invention of the stored-program electronic
computer.The roots of computing extend deeply into mathematics and
engineering. Mathematics imparts;analysis to the field; engineering imparts
design. The discipline embraces its own theory, experimental method, and
engineering, in contrast with most physical sciences, which are separate from
the

engineering disciplines that apply their findings (e.g., chemistry and chemical
engineering principles). The science and engineering are inseparable because of
the fundamental inter.For several thousand years, calculation has been a
principal concern of mathematics. Many models of physical phenomena have
been used to derive equations whose solutions yield predictions of those
phenomena-for example, calculations of orbital trajectories, weather forecasts,
and fluid flows. Many general methods for solving such equations have been
devised-for example, algorithms for systems of linear equations, differential
equations, and integrating functions. For almost the same period, calculations
that aid in the design of mechanical systems have been a principal concern of
engineering. Examples include algorithms for evaluating stresses in static

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{1}https://en.wikipedia.org/wiki/Business_analytics
 objects, calculating momenta of moving objects, and measuring distances much
larger or smaller than our immediate perception.lay between the scientific and
engineering paradigms within the discipline.Logic is a branch of mathematics
concerned with criteria of validity of inference and formal principles of
reasoning. Since the days of Euclid, it has been a tool for rigorous mathematical
and scientific argument. In the 19th century a search began for a universal
system of logic that would be free of the incompletenesses observed in known
deductive systems. In a complete system, it would be possible to determine
mechanically whether any given statement is either true or false. In 1931, Godel
published his “incompleteness theorem,” showing that there is no such system.
In the late 193Os, Turing explored the idea of a universal computer that could
simulate any step-by-step procedure of any other computing machine. His
findings were similar to Godel's: some well-defined problems cannot be solved
by any mechanical procedure. Logic is important not only because of its deep
insight into the limits of automatic calculation, but also because of its insight
that strings of symbols, perhaps encoded as numbers, can be interpreted both as
data and as programs.{7}6

1.2 Analytics

Related to statistics, it may not require deep mathematical knowledge, but

students should understand what the Multiple Regression model means and
calculate some simple probabilities.

Regression analysis is a method and theory for studying the specific dependence
of one variable (interpreted variable) on another variable (interpreted variable).
Starting from a set of sample data, determine the mathematical relationship
between variables to perform various statistical tests on the credibility of these
relationships, and find out which variables have significant influence and which

are not from the variables that affect a particular variable. Significant. Using the
relationship sought, predict or control the value of another particular variable
based on the value of one or several variables and give the accuracy of such
prediction or control.

The intention is to estimate and/or predict the (overall) mean of the former by
the latter's known or set values.

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{1}https://en.wikipedia.org/wiki/Business_analytics
 Here: the former variable is called the Response Variable or the Dependent
Variable, and the latter variable is called the Exploratory Variable or the
Independent Variable or the Regression Variable.

Due to the randomness of the relationship between variables, regression analysis

is concerned with examining the population mean of the interpreted variable
based on the known or given value of the explanatory variable, that is, when the
explanatory variable takes a certain value, the statistically relevant
interpretation is explained. The average of all possible corresponding values for
a variable.{8}7

Regression analysis allows us to compare the interactions between variables that

measure different scales, such as the relationship between price changes and the
number of promotions. These help market researchers, data analysts, and data
scientists to exclude and estimate a set of better variables for building predictive
models.There are a variety of regression techniques for prediction. These
techniques have three main metrics (the number of independent variables, the
type of dependent variable, and the shape of the regression line)

{1}https://en.wikipedia.org/wiki/Business_analytics
 (Linear Regression)

(Logistic Regression)

(Polynomial

{1}https://en.wikipedia.org/wiki/Business_analytics
 Regression){9}8

1.3Operation
Optimization is more about the operation, and students need to know some
business background. For example, there is a pipeline, how do we find the

bottleneck, how to optimize the efficiency according to the mathematical

principle (Optimize Efficiency). Students can learn a SQL and Visual Basic
macro language programming, and learn some analysis and optimization of the
service industry, using some simulation or mathematical models to analyze the
problem. Students' compulsory courses can be selected in these categories.
Business analysis can learn what classes are taught and then put together to meet
the credit requirements.

Optimization, a branch of applied mathematics, focuses on the following forms

of problems:

Given a function, look for an element that satisfies A, minimize it, or maximize it.

This type of formula is sometimes referred to as "mathematical planning" (for

example, linear programming). Many practical and theoretical issues can be
modeled as such a general framework.

Optimization is a widely used discipline that discusses the characteristics of the

best choices for decision problems, constructs computational methods that seek
optimal solutions, and studies the theoretical properties and actual
computational performance of these computational methods. Along with the
rapid development of computers and the advancement of optimized computing
methods, larger and larger optimization problems have been solved. Because the
optimization problem is widely seen in important fields such as economic
planning, engineering design, production management, transportation, and
national defense, it has been highly valued by government departments,

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{1}https://en.wikipedia.org/wiki/Business_analytics
 scientific research institutions, and industrial departments. {10}9

1.3 Business Administration

Business analytics applications can cover any area and use specific
understanding of product/business model/company processes for specific
analysis. In addition to understanding the field, you also need to have some
business knowledge, such as how to calculate the return on investment, how to
save costs and so on.

Most of this major is set up in business schools, and some are set up under the
School of Engineering or the School of Information.

Projects generally set up under the School of Engineering and the School of
Information have relatively high requirements for mathematical background and

computer background.

As an important branch of management, business management is a highly

applied discipline. It studies how to use modern management methods and
methods to conduct effective business management and business decision-
making based on the basic theories of management and economics. This major
covers a wide range of subjects. The courses covered include economics,
management,

and many other courses. Therefore, business management is a broad-based,

practical and strong discipline.{11}10

Part three Ability

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{1}https://en.wikipedia.org/wiki/Business_analytics
 Students who want to learn business analytics also need some of the skills
necessary for business analytics, and students with these abilities are more
suitable for business analytics. If you want to study business analysis, you also
need to develop your basic skills in business analysis in advance.

First, students need to be business-minded, and students in the market need to

know the latest news about the market. In general, you need to read more about
Business Insider, Wall Street Journal, and Forbes to get the latest market
information. If students don't feel it, don't choose this major.Students need to
have knowledge, accumulation, critical thinking, and practice.

With regard to knowledge, students need to have basic financial accounting

knowledge, economics common sense, industry knowledge and business analysis
models and frameworks.

With knowledge, students should accumulate business sense and judgment,

including daily financial news, reviews, and important business events.

After the students have the foundation of the first and second parts, students can
try to use the critical (not equal to criticize and judge) thinking logic to see the
financial business events and other people's comments happening around. This
stage is the cultivation and rise of business consciousness. The fastest stage.It is
important to note that any comments and opinions are based on assumptions or
presuppositions. So avoid taking other people's comments as facts without
thinking. It is necessary to form a thinking system and habits that form their own
opinions based on the opinions of others.

Practice is the fastest and best way. For example, you can use your own money to
buy stocks, and strictly follow your own path from day 1 (even if you listen to
news or the like). For example, you can do a small business yourself, hold a
business event competition in the school, or have a condition, open a store, create

a business and the like. This is the most advanced way to get business sense, and
of course the fastest.

Part four Future Development

{1}https://en.wikipedia.org/wiki/Business_analytics
 Business Analytics Graduates Companies in different industries can use formal
mathematical models to help them solve complex organizational

challenges. Employment opportunities can be found in business, government,

for-profit organizations and non-profit organizations, services or manufacturing.

Graduates in Business Analytics may find any number of jobs based on

electives and career paths selected in the course. Business analyst professional
positions and career opportunities include: management analysts/consultants,
data scientists, big data analytics experts, research analysts, manager services or
manufacturing operations, data analysts, project managers, supply chain
managers, market research analysis According to McKinsey's report, there will
be a shortage of 140,000 to 190,000 data scientists and a shortage of 1.5 million
managers who can take advantage of data-driven insights. These figures illustrate
a clear fact. Just as data skills become critical in today's marketplace, big data
talent, business analytics talent is becoming a scarce resource.

By 2018, the United States alone could face a shortage of 140,000 to 190,000
people with deep analytical skills as well as 1.5 million managers and analysts
with the know-how to use the analysis of big data to make effective decisions.
(McKinsey Global Institute)Currently, Business Analytics is defined as a STEM
major, which is also a great advantage for international students looking for a
job in the United States. STEM is a US government that encourages students to
major in science, technology, engineering, and mathematics in order to attract
talents, and continuously invests in science, technology, engineering, and
mathematics education to cultivate students' science and technology literacy,
thereby enhancing their global competitiveness. . International students who
want to find a job after graduation must apply for OPT (Optional Practical
Training). With OPT, they can legally practice and work in the United States.
The standard OPT is only one year. If the graduates are unable to get an H1B
work visa within one year, they must leave the United States. However, STEM
graduates can apply for an additional 24-month OPT extension (a document
issued by the US Department of Homeland Security regarding the “Final Policy
for STEM Professional OPT Extension” was officially effective on May 10,
2016!), equivalent to They will have a total of 36 months of OPT time to find a
job and apply for an H1B work visa.

{1}https://en.wikipedia.org/wiki/Business_analytics
 The data shows that 91% of Business Analytics graduates in Business
Analytics are employed in the following areas:

MSBA graduates currently work for the following enterprises:

· Groupon – Data Scientist

· Deloitte – Consultant

· GWU – Director, Scholarly Technology

· Navy Federal Credit Union – Business Operations Analyst

· Discovery Communications – Sr. Manager, Data & Analytics

· Inter-American Development Bank – Business Analytics Consultant

· Moody’s Analytics – Economist

· Centeio Associates Inc. – Forensic Data Analyst

· Orlando Magic – Analytics & Insight Analyst

· FedEx Ground – Operations Research Analyst

· Host Hotels – Business Analyst

· CSRA Inc. – Associate Data Mining Specialist

· SAS – Sr. Analytics Solutions Architect

· TIAA-Cref – Data Scientist/Manager, workforce analytics

· Evolent Health – Sr. Analyst

· Ellucian – HRIS Analyst

· Wal-Mart E-Commerce – Item Setup Specialist

· PwC – Advanced Risk and Compliance Analytics Solutions Associate

· Camber Corporation – Business Analyst, Postal Solutions

{1}https://en.wikipedia.org/wiki/Business_analytics
 · IBM – Senior Consultant

· Federal Reserve Board – Sr. Consumer Financial Analyst

· Booz Allen Hamilton – Sr. Consultant {12}11

Business analyst

Harvard's "Encyclopedia of Enterprise Management" defines "management

consulting" as follows: "Achieve a true diagnosis of the current business, and
then establish a basic policy for the current business and a policy for the future
business structure in response to changes in the business environment. Plan and
implement according to the guidelines."

In this field of "personal heroism", the role of business analysts seems to be

much more mundane than the core figures and senior consultants in the
consulting team. However, compared with many other business people within the
consulting organization, business analysts often have strong abstraction skills,
are proficient in using analytical tools, and are good at using data to speak. Their
duties are based on data and data. Specific business needs, generate
corresponding reports from them, and provide support for customer decision-
making. On the other hand, this is a role directly between the client and the
company, who explore, analyze, communicate and validate customer needs
across projects to assist professional consultants. From this level, if the
consulting experts play the role of the attending doctor or surgeon, then the
business analyst often talks directly with the client and assumes the duties of a
doctor or a More and more government agencies, enterprises and institutions will
choose professionals with data analyst qualifications to make scientific and
reasonable analysis of their projects for correct decision-making; more and more
venture capital institutions put data analysts The data analysis report issued is an
important basis for judging whether the project is feasible and worthy of
investment; more and more colleges and educational institutions regard the data
analyst course as an important part of the high-level management and decision-
making training program; More and more people with lofty ideals use data
analyst training content as a necessary knowledge system in their career
development. The domestic data analysis industry has just emerged, and the
demand for talents in such industries is relatively large, and the future prospects
are relatively broad.nurse.
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{1}https://en.wikipedia.org/wiki/Business_analytics
 Data Analyst

More and more government agencies, enterprises and institutions will choose
professionals with data analyst qualifications to make scientific and reasonable
analysis of their projects for correct decision-making; more and more venture
capital institutions put data analysts The data analysis report issued is an
important basis for judging whether the project is feasible and worthy of
investment; more and more colleges and educational institutions regard the data
analyst course as an important part of the high-level management and decision-
making training program; More and more people with lofty ideals use data
analyst training content as a necessary knowledge system in their career
development. The domestic data analysis industry has just emerged, and the
demand for talents in such industries is relatively large, and the future prospects
are relatively broad.

Market research analyst

Market research analysts essentially refer to survey analysts. Market survey

analysts are in the narrow sense of the market. Survey analysts are consulting
professionals with strong research capabilities and comprehensive business
analysis capabilities. And quantitative survey methods, collect relevant
information, conduct data processing and analysis, and form reports for customer
decision-making.

Data scientist

Data scientists are engineers or experts who can use scientific methods to use
data mining tools to digitally reproduce and recognize complex and large
numbers of numbers, symbols, texts, web sites, audio or video, and to find new
insights. For statisticians or analysts). An excellent data scientist needs to have
the following qualities: understanding data acquisition, understanding
mathematical algorithms, understanding mathematical software, understanding
data analysis, understanding predictive analysis, understanding market
applications, and understanding decision analysis.

{1}https://en.wikipedia.org/wiki/Business_analytics
 Management consultant

A management consultant is a profession. The value of this industry is

reflected in the fierce competition of enterprises. The value of a management
consultant is its ability to conduct independent analysis and judgment based on
professionalism. Of course, in a specific business, it is often a management
consulting team rather than an individual.

Generally speaking, enterprises are difficult to bear the risk of decision-

making failure in a highly competitive environment. Therefore, a professional
external independent perspective is needed to test the management decisions of
enterprises. This is also the basis of demand in the management consulting
industry.

{1}https://en.wikipedia.org/wiki/Business_analytics
 Citation

{1}https://zh.wikipedia.org/wiki/

{2}https://baike.so.com/doc/6636318-6850127.html.

{3、4、5、6}https://www.zhihu.com/question/31682268/answer/353730151

{7}https://blog.csdn.net/keminlau/article/details/3464440
{8}https://baike.so.com/doc/5331899-5567201.html

{9}http://ml.dataguru.cn/article-11778-1.html

{10}https://baike.so.com/doc/5868873-6081730.html

{11}https://baike.so.com/doc/6729246-6943538.html

{12}(https://www.zhishiq.com/article/6198-
shangyefenxibazhuanyejieshaozhiyefazhanjishenqingguihua.html)

{1}https://en.wikipedia.org/wiki/Business_analytics