Business Analytics, what is it exactly? (1 Viewer)

[sab13562]

So I've seen a few commerce courses offering this major. What topics are taught in this major? Has anyone done it and if so, is it interesting? How is it career-wise?

 

[jimmysmith560]

As the name suggests, specialising in business analytics allows you to apply the process of using quantitative methods to derive meaning from data in order to make informed business decisions.

There are three main methods of business analysis:

• Descriptive: This involves interpreting historical data to identify trends and patterns
• Predictive: This involves using statistics to forecast future outcomes
• Prescriptive: This involves the application of testing and other techniques to determine which outcome will yield the best result in a given scenario

Concepts/topics such as quantitative business analysis, statistical modelling and predictive analysis constitute a major focus of this specialisation.

I hope this helps!

 

[sab13562]

As the name suggests, specialising in business analytics allows you to apply the process of using quantitative methods to derive meaning from data in order to make informed business decisions.

There are three main methods of business analysis:

• Descriptive: This involves interpreting historical data to identify trends and patterns
• Predictive: This involves using statistics to forecast future outcomes
• Prescriptive: This involves the application of testing and other techniques to determine which outcome will yield the best result in a given scenario

Concepts/topics such as quantitative business analysis, statistical modelling and predictive analysis constitute a major focus of this specialisation.

I hope this helps!

Thank you so much. This was actually very useful. Have you studied this field by any chance? If so, how was your experience?

 

[jimmysmith560]

Thank you so much. This was actually very useful. Have you studied this field by any chance? If so, how was your experience?

No worries and no, the business field I'm studying (human resource management) is more people-focused than data-focused. I have, however, been exposed to a decent extent to a work environment where knowledge and skills gained from learning business analytics are useful as I have worked at PwC, a Big Four accounting firm for some time. This is the type of company where projects involving business consulting and analytics are undertaken on a regular basis, and implies that studying business analytics would be useful, should your aim be to work in this domain and/or at a company like this. I would assume that this field would require a solid academic background in mathematics and economics, meaning if you're into any (or all) of mathematics, economics and business/commerce, this would probably be an option to consider in terms of your tertiary studies.

 

[sab13562]

No worries and no, the business field I'm studying (human resource management) is more people-focused than data-focused. I have, however, been exposed to a decent extent to a work environment where knowledge and skills gained from learning business analytics are useful as I have worked at PwC, a Big Four accounting firm for some time. This is the type of company where projects involving business consulting and analytics are undertaken on a regular basis, and implies that studying business analytics would be useful, should your aim be to work in this domain and/or at a company like this. I would assume that this field would require a solid academic background in mathematics and economics, meaning if you're into any (or all) of mathematics, economics and business/commerce, this would probably be an option to consider in terms of your tertiary studies.

Wow. That's very interesting. Thank you so much for your advice!

 

[jimmysmith560]

Wow. That's very interesting. Thank you so much for your advice!

No worries, all the best!

 

[sab13562]

No worries, all the best!

Thanks!

 

[wrong_turn]

Business Analytics was not offered when I was at uni. It sounds like a combination of econometrics and info sys.

I studied subjects in both and found them both useful in my career when I worked in performance analytics. Stats was in particular most useful but being able to interpret, apply and adapt the data was key.

 

[sab13562]

Business Analytics was not offered when I was at uni. It sounds like a combination of econometrics and info sys.

I studied subjects in both and found them both useful in my career when I worked in performance analytics. Stats was in particular most useful but being able to interpret, apply and adapt the data was key.

Awesome. Thank you!

 

[seremify007]

No worries and no, the business field I'm studying (human resource management) is more people-focused than data-focused. I have, however, been exposed to a decent extent to a work environment where knowledge and skills gained from learning business analytics are useful as I have worked at PwC, a Big Four accounting firm for some time. This is the type of company where projects involving business consulting and analytics are undertaken on a regular basis, and implies that studying business analytics would be useful, should your aim be to work in this domain and/or at a company like this. I would assume that this field would require a solid academic background in mathematics and economics, meaning if you're into any (or all) of mathematics, economics and business/commerce, this would probably be an option to consider in terms of your tertiary studies.

I'm impressed you're pretty open with where you work... thought most people tend to keep it anonymous