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Executive Education Course: Business Analytics Fundamentals for Leaders

Master the principles and practical applications of business analytics needed for today's leaders

Starts on
November 22nd, 2020

Babson Logo 200x100-1

Executive Education Course: Business Analytics Fundamentals for Leaders

Master the principles and practical applications of business analytics needed for today's leaders

Starts on
November 22nd, 2020

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About This Course:

  • University: Babson College

  • Price: $1,499

  • Length: 4 Weeks

  • Effort: 4-6 Hours Per Week

  • Language: English

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Pricing:
$1,499

Length:
4 Weeks

Effort:
4-6 Hours Per Week

Language:
English

Course Overview:

Data is critical to businesses, yet it is meaningless without analytics. Analyzing data has now become a necessity for organizations to be successful, and decision makers more and more have to recognize, interpret, and summarize key data. Understanding and articulating analytics is key for leaders in almost every industry and across various levels.

This foundational business analytics course will provide you with the hands-on skills and practical knowledge needed to be able to analyze, present findings, and make meaningful conclusions about data in a business setting. Refresh your data analysis skills and master how to effectively apply them, adding strategic value to your business.

A Different Approach:

  • A focus on applied learnings - You'll cover topics through the lens of real business cases
  • LIVE Q&A sessions with the Instructor
  • Discussion Boards to foster collaboration
  • Flexible Schedule - Go through each week's content at your own pace
  • Create plans on how to apply learnings to your current job and business

By the end of this course, you will be able to:

  • Describe basic data types, sampling methods, surveys, and data visualization
  • Use popular descriptive statistics and basic probability concepts
  • Create inferential statistics tools such as confidence intervals and hypothesis testing
  • Use basic Excel model building for revenue, cost, and profit
  • Apply fundamental analytics to common business decisions

Examples of Real-World Applications:

  • Identify sales tactics which produce the highest revenue
  • Measure response to finite elements of a marketing campaign
  • Optimize warehouse operations - picking, shipping and transportation
  • Optimize profitability across a product line, including variance analysis
  • Test validity for immediate feedback in Agile Development environments

 

Meet The Instructor

Course Curriculum

Week 1: Exploring Data Analysis

An introductory overview of the key concepts and techniques for analyzing data.

NOTE: Due to the Thanksgiving holiday, the workload will be lighter and some of these areas may be pushed to Week 2.

Topics Covered:

  • Statistical Definitions & Data Types: Understanding the type of data is essential to understanding what tools one can use to analyze it. You'll cover some basic sorting, frequency distributions and contingency tables. We will use pivot tables for the latter two topics.
  • Data Visualization:  You'll work to create the appropriate visual display with the appropriate labeling. A good visual display can help make your point clearly without a lot of confusing numbers and technical terms. It also does not have language barriers, so it can be effective with any kind of audience.
  • Descriptive Statistics:  We'll identify how data clusters, shapes, and can be distorted, covering some handy tools and guidelines that will serve you well when taking your first look at a data set.
  • Basic Probability:  Percentages and probabilities are used in everyday life and they are even more important in business.

Week 2: Sampling and Estimation

Continuing on the work with probability, focusing on two continuous probability distributions; the uniform and the normal.

Topics Covered:

  • Properties of the Uniform & Normal DistributionThe uniform has a rectangular shape and is useful when representing purely random events. Understanding some of the fundamentals of the normal (also known as a bell curve) distribution is also a key element in understanding how to analyze business data.
  • Survey & Sampling:  You'll cover the basics of surveying and go through an overview of the process of sampling.
  • Confidence Interval for Means and ProportionsYou’ll learn how two different confidence intervals can be used to estimate sales for a new business venture or our new product.
  • Business Application

Week 3: Hypothesis Testing 

You'll cover hypothesis testing, one of the more challenging topics in statistics.

Topics Covered:

  • Hypothesis Testing Basics:  What it is, how it's evolved, and how hypothesis tests can relate to various growing business markets.
  • Hypothesis Testing for Means & Proportions:  We'll go through the step-by-step process of creating and performing tests for means and proportions – think percentages – and we'll do this in Excel. This all leads up to the “p-value” - a common metric that is applied to all hypothesis tests.
  • Errors:  We'll cover some of the various errors that occur with hypothesis testing and the business implications that may result from those errors.

Week 4: Linear Models

We'll move away from the more statistical topics to talk about linear equations. We will still rely heavily on Excel to crunch the numbers and will build off of what we’ve learned thus far.

Topics Covered:

  • Finding the Equation of a Line
  • Revenue, Cost
  • Profit and Breakeven Models
  • Supply and Demand
  • Piecewise Models

Meet Your Instructors:

George+Recck

George Recck

Lecturer & Director of the Math Resource Center, Babson College

Mr. Recck has taught at Babson College since 1984. He currently serves as the Chair of the Business Analytics/Statistics Education special interest group for the American Statistical Association (ASA). Mr. Recck is also the founder of Total Information, Inc., a consulting firm specializing in providing information service to small businesses.

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Earn an Executive Education Certificate from Babson College

Executive leaders who successfully complete this course will receive an official certificate, co-branded from Babson and edX. This achievement can easily be shared and showcased through integrations across LinkedIn and social networks.

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Who's this Program For?

This is a foundational course in business analytics, designed to prepare those with strategic decision-making responsibilities to effectively analyze, articulate, and apply key analytics techniques in their work and use that knowledge to make decisions.

It is also uniquely suited for those in analytics roles looking to move into leadership positions where you need to use data-informed decision making.

Ideal for:

  • Data analysts in financial services, sales, marketing, operations, category management (including pricing optimization)
  • Logistics functions across manufacturing, retail, transportation, healthcare, agriculture and tech
  • Sales and Marketing managers who want to unlock more value from Salesforce, with immediate relevance for their teams
  • Leaders looking to unlock value from the data in their ERP systems – SAP, Oracle, MS Dynamics 365
  • Operations leaders well versed in TQM/Lean principles looking to grow their analytical skills to practically apply those techniques
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