Business Analytics - BUS 227 at Laurel Ridge Community College
https://courses.vccs.edu./colleges/laurelridge/courses/BUS227-BusinessAnalytics
Effective: 2023-05-01
Course Description
Includes overview of quantitative methods in business decision-making, simple and multiple regression and correlation analysis, time series analysis and business forecasting, decision analysis, linear programming, transportation and assignment methods, and network models. May include computer applications. Students will be required to use computer applications.
Lecture 3 hours. Total 3 hours per week.
3 credits
The course outline below was developed as part of a statewide standardization process.
General Course Purpose
This course prepares students to take a statistical approach to business, using mathematical models to develop new commercial perspectives in working with data.
Course Prerequisites/Corequisites
Prerequisite: BUS 224 or MTH 245.
Course Objectives
- Critical Thinking
- Use information, ideas and arguments from relevant perspectives to make sense of complex issues and solve problems. Students will create, evaluate, interpret, and combine information to reach well-reasoned conclusions or solutions.
- Written Communication
- Develop, convey, and exchange ideas in writing, as appropriate to a given context and audience. Students will express themselves effectively in a variety of written forms
- Quantitative Literacy
- Perform accurate calculations, interpret quantitative information, apply and analyze relevant numerical data, and use results to support conclusions. Students will calculate, interpret and use numerical and quantitative information in a variety of settings.
Major Topics to be Included
- Optimization and Linear Programming
- Apply linear programming to both maximization and minimization scenarios and interpret the results in the context of a business decision.
- Regression/ANOVA and Correlation Analysis
- Perform linear regression, ANOVA and correlation analysis and interpret the results in the context of a business decision.
- Time Series Forecasting
- Analyze time series data and interpret the results in the context of a business decision.
- Network Modeling
- Use network modeling to solve for transshipment, transportation/assignment, shortest path and maximal flow, and interpret the results in the context of a business decision.
- Queuing Theory
- Apply queuing theory to establish the optimal level of service for a business.
- Decision Theory
- Apply Decision Theory principles, including EMV, EVPI and sensitivity analysis to business decisions.