Business Analytics Masters
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Masters Degree in Business Analytics
The Path to a Promising Career
Business Analytics: No Longer an Option for Success in 21st CenturyFocus is on developing new insights and understandings of business performance based on data and statistical methodsAnalyzes past performance to aid in better decision makingCompanies must embrace this because their competition is
[email protected] (865) 974-4116Answers Big (Holy Grail) Questions5% of my customers contribute 105% of my profits. Who are they and how do I create more of them?One third of my new sales people fail. How can I do a better job of recruiting the right people?Are we capturing all the relevant costs to our outsourcing decisions? How can I identify those choices that save a dime in cost, but sacrifice a quarter in revenue?How can I double the amount my customers spend on each visit to my store?
[email protected] (865) 974-4116The Tennessee Business Analytics ModelApply big picture thinking to ask the right questionUse analytics to answer the questionCommunicate the results in a clear and concise [email protected] (865) 974-4116Moneyball
[email protected] (865) 974-4116The Standard Question in Major League BaseballHow can we maximizeQuality of Players/ $ Dollar Spent
Conventionally answered using four measurementsRunningFieldingThrowingHitting
[email protected] (865) 974-4116The Oakland As Asked the Right QuestionHow do we MaximizeWins/ $ spent?
[email protected] (865) 974-4116The Oakland As Used Analytics to Answer the QuestionStatistical Analysis (guided by process knowledge) revealed that:Runs lead to winsGetting on base leads to runsWalks, on-base percentage and slugging percentage are better predictors of a players value than stolen bases, rbis, and batting average.
[email protected] (865) 974-4116They Communicated the Answer in a Format Everyone Easily UnderstoodQuestion - Why do we want that player?Answer - He gets on base.
Question - How can we replace Giambi, our best individual player?Answer - We cant . But we can create a winning TEAM.
[email protected] (865) 974-4116Target Data Analyst InternshipLisa HillSummer 2011Asking the Right QuestionHow does a customers target.com browsing pattern influence them to make an in-store Target purchase?If they browsed, would they then make an in-store purchase?If they made an in-store purchase, how much were they expected to spend?Is this something we can predict?
[email protected] (865) 974-4116The Data-Driven Process to Answer the QuestionBecause we are trying to predict customer behavior, must use statistical method called predictive analysis.Need to determine what browse factors influence store purchases and sales amounts.Merge 2 datasets:Guest online browse dataIn-store purchase data
[email protected] (865) 974-4116FindingsSuccessful model that predicts how groups of customers will behave based on their target.com browse behaviorsWhether or not they made a purchaseHow much we expect them to spend if they DO make a purchaseResults can be put into action in many waysOnline personalization, coupons, [email protected] (865) 974-4116Cummins Global Lean Initiative Group InternshipTony BealSummer 2011Asking the Right QuestionIs it possible to predict the accuracy of a line picker in the warehouse?Will the Hays Aptitude Test accurately predict how an associate will perform?
How can we go about determining this?
[email protected] (865) 974-4116The Data-Driven Process to Answer the QuestionNeeded to find correlation between test results and associate performance
Two Possible MethodsRun longitudinal test to determine how new hires perform at line picking positionsHave current line picking associates take tests and calculate correlation value
[email protected] (865) 974-4116FindingsNot 1 of the 4 sections of the test had any correlation with associate performanceSaved company $75 per new associate hireStarted new project to determine what factors have strongest influence on [email protected] (865) 974-4116
Companies that Hire Our [email protected] (865) 974-4116 2012 Graduate Salaries$61,000 - $95,000
[email protected] (865) 974-4116Why number of companies and salaries will significantly increase1. CEOs recognize business analytical talent is critical to success and are demanding this talent in their [email protected] (865) 974-4116Randy Boyd The Importance of Business [email protected] (865) 974-4116Why number of companies and salaries will significantly increaseCEOs are demanding this talent in their organizations
2. Supply and Demand
[email protected] (865) 974-4116Business AnalyticsBy 2018, the U.S. will face a shortage of 1,500,000 managers who can use data to shape business decisions
May, 2010 McKinsey and Co. Study reported in Wall Street Journal 8/4/11
msanalyt[email protected] (865) 974-4116UTs Business Analytics Masters is a Path to a Promising Career High and Increasing interest by top companiesVery attractive starting salariesRecognition by CEOs of importance to maintain competitive advantageProjected high demand and low supply
[email protected] (865) 974-4116Contact UsPlease reach out to us with any questions.Department of Statistics, Operations and Management ScienceEmail: [email protected]: 865-974-4116Web: soms.utk.edu/analytics
[email protected] (865) 974-4116