Business Analytics: Making Your Data Count

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Presentation transcript:

Business Analytics: Making Your Data Count Eric Huggins Associate Professor of Management Fort Lewis College

Me BS in Applied Mathematic: Harvey Mudd College, 1991 PhD in Industrial and Operations Engineering: University of Michigan, 2002 Associate Professor of Management at Fort Lewis College (12 years) Teach: Business Statistics, Operations Research, Project Management, Local Business, Business Analytics Research: Supply Chain Management, Quantitative Analysis in Sports 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

The SoBA at FLC The School of Business Administration at Fort Lewis College at a glance: 700+ undergraduate business majors. Offer all traditional business degrees. New degree going through the curriculum process: Business Analytics. Graduate program? 20+ faculty members. Dedicated to teaching. New MIS faculty member: Paul Clay 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

What is Business Analytics? Business Analytics is the scientific process of transforming data into insight for making better decisions. (INFORMS) 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

A Rose by Any Other Name… Business Intelligence Big Data Data Analytics Data-Driven Decision-Making Operations Research/Management Science/Industrial Engineering/Decision Sciences 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Three Things to Consider about Business Analytics (x3) Data OR/MS Statistics 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Second Thing to Consider: Analytics Descriptive Analytics encompasses the set of techniques that describe what has happened in the past. Predictive Analytics consists of techniques that use models constructed from past data to predict the future or ascertain the impact of one variable on another. Prescriptive Analytics indicate the best course of action to take. Definitions taken from Essentials of Business Analytics by Camm, Cochran, Fry and Ohlmann 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Third Thing: Techniques Decisions Analysis Optimization Simulation 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Business Analytics Class Taught for the first time last Spring, scheduled again for this upcoming Spring. 24 students from varying backgrounds with varying interest levels. Key: Student interest level soars when working with real data. 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Analytics for Local Companies The students analyzed data from several local companies, including: 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Sample Result: Ska 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Sample Result: FLC 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Business Analytics Major Q: Can it be done at a smaller school like the SoBA at FLC? A: Yes, and it will look something like this: SoBA Core Required Courses: Data Mining Business Analytics Three Electives 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins

Thank You! Business Analytics: Making Your Data Count. Eric Huggins 11/12/2018 Business Analytics: Making Your Data Count. Eric Huggins