MBA in Data Science & Analytics

MBA in Data Science & Analytics is a two-year, full-time master degree course designed for graduate students.

Business intelligence helps organizations succeed by providing more affordable and unique products and services than their competitors.

Data analytics is an important tool for improving corporate performance and developing effective strategies.

Every organization relies on data from various sources such as sales, marketing, operations, logistics, and customer feedback to make business decisions.

Computer technology plays an important role in storing and processing business data for analytics and business intelligence.

An MBA in Data Science & Business Analytics helps management professionals successfully lead an organization.

This course covers various topics such as:

Business Intelligence, Analytics & Data Science
Data, Statistical Modeling & Visualization
Data Warehousing

Business Intelligence, Analytics & Data Science

Business Intelligence is the process of finding valuable information in large volumes of data to make important decisions.

In the modern context, it is known as Analytics and Data Science.

Business Intelligence combines a wide variety of tools that gather data and present it in a meaningful way, such as computer applications, information systems, reports, dashboards, scorecards, and spreadsheets.

An organization generates multiple transcational data at discrete time intervals.

Modern Business Intelligence tools capture this transactional data in online analytical processing systems.

Examples of online analytical processing systems include:

Enterprise Resource Planning (ERP)
Customer Relationship Management (CRM)
Supply Chain Management (SCM)
Learning Management System (LMS)

Business Analytics

Business Analytics is done in three stages known as:

Descriptive
Predictive
Prescriptive

Based on the data and information analysis, managers can analyze present and past business growth.

They can predict future growth or downfall of the business and determine what steps can be taken to minimize the risks associated with the business.

Business Analytics is also known as Data Science.

Data science is the analysis of data generated during business processes.

Data can be classified as structured (numerical values, text, images, videos) and unstructured data obtained from sources such as sensors, web streams, etc.

Data, Statistical Modeling & Visualization

Data is valuable information that can be stored and processed to obtain knowledge helpful in decision-making for various business processes.

Generally, data consists of numerical values, text, videos, audio, and images.

With the advent of computers, businesses gather huge amounts of data from web clicks, social media, and IoT devices such as cameras and sensors.

Computers can store, protect, and process vast amounts of data used in business intelligence.

Data processing is the process of converting real-world data into well-refined forms for analytics.

Data accuracy can be determined by important factors such as:

Data Source Reliability
Data Content Accuracy
Data Accessibility
Data Security & Data Privacy
Data Richness (Comprehensiveness)
Data Consistency
Data Timeliness (Up to date)

Statistics:

Statistics is a collection of mathematical techniques used to characterize and interpret numerical data.

There are two types of statistical modeling:

Descriptive Statistics
Inferential Statistics

Descriptive Statistics describes the basic characteristics of numerical data using mathematical formulas such as average, ratio, median, range, variance, standard deviation, etc.

Inferential Statistics involves drawing various conclusions and making predictions from a sample of data.

For example: weather report prediction, annual rainfall prediction, etc.

Information obtained from statistical data is used to prepare reports for public or business decision-making.

Business reporting is used for communication to convey information to all stakeholders of the organization.

Reports can be text, audio, or video-based information for specific time periods, events, or various other subjects.

Visualization:

Visualization is the presentation of information through charts, graphs, maps, and information dashboards.

It is the visual representation of data, such as a map of a geographical location.

Modern computer applications used for data visualization include Tableau, Microsoft Power BI, etc.

Data Warehousing

A data warehouse is a repository of data generated by an organization and used to support business decisions.

Modern data warehouses are located in data centers.

Using advanced technology, computers can process terabytes of data.

Organizations mostly use personal computers for business operations.

Over time, islands of data are generated across all verticals, which must be stored and processed for predictive analytics.

Technology companies that offer data warehousing services include: