Business Analytics lecture summary and (applied) notes ()
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Hoorcollege samenvatting: Business Analytics 2021
Table of Contents
Hoorcollege 1: 8 november 2021........................................................................................2
Hoorcollege 2: 15 november 2021 (gast college: Oracle)....................................................5
Hoorcollege 3: 22 november 2021......................................................................................6
Hoorcollege 4: 29 november 2021....................................................................................11
Hoorcollege 5: 6 december 2021.......................................................................................18
Hoorcollege 6: 13 december 2021.....................................................................................25
Hoorcollege 7: 20 december 2021.....................................................................................30
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Hoorcollege samenvatting: Business Analytics 2021
Hoorcollege 1: 8 november 2021
Developments and trends
- Three developments verklaren de opkomst van het gebruik van analytics in
bedrijfswetenschappelijke toepassingen
o Technologische vooruitgang (makkelijker om grote hoeveelheden data te verzamelen)
o Methodologische vooruitgang (vooruitgang om data te analyseren en te visualiseren;
ontwikkeling van algoritmes)
o Meer rekenkracht en betere opslagmogelijkheden
Definition
- Business analytics: wetenschappelijk proces van het vertalen van data naar inzichten om tot
betere beslissingen te komen
“Scientific process of transforming data into insight for making better decisions”
- Objectief: “data-driven decision making”
Examples
- Amazon.com possesses huge databases with purchases, preferences, and recommendations
(hundreds of millions of records)
o It also contains information about potential buyers
o Hence, it proposes recommendations based on similarities between historical and “new”
information (so they use your data and other customers data to make new suggestions)
- Entrepreneurs who apply for a bank loan
o Information and characteristics known of previous potential borrowers and whether
these persons were creditworthy
o E.g., the probability of re-paying a bank loan can then also be determined for those who
apply for a bank loan
Predictive analytics
- Descriptive analytics (beschrijvend): verzameling technieken die beschrijft wat er in het verleden
is gebeurd
- For example:
o A report summarising relevant information from a large database
o Visualisation techniques (pie charts, box plots, graphs)
o (Excel) Dashboards (page with a lot of data)
Predictive analytics
- Predictive analytics (voorspellend): verzameling technieken die statistische modellen en
historische data gebruikt om de toekomst te voorspellen of de invloed van een bepaald
mechanisme op een ander mechanisme te bepalen
- Indicates a best course of action to take
- For example:
o Optimization models: Models that give the best decision subject to constraints of the
situation/ using old data in order to predict new outcome
o Use of historical sales data to predict future sales
o Use of purchasing behaviour of consumers to predict market shares
o What are the risk factors of cardiovascular diseases?
o Which characteristics determine whether a soccer team is able to win a match?
o Which factors increase the probability of extending a magazine subscription?
Prescriptive analytics
- Prescriptive analytics (voorscrhrijdend): indicates a best course of action to take (based on
analysis, what is the optimal thing to do? Best decision given the restrictions)
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Hoorcollege samenvatting: Business Analytics 2021
- For example:
o Optimization models: Models that give the best decision subject to constraints of the
situation
o What is the best pricing strategy? pricing strategy is important within prescriptive
analytics
o Leverage historical data to determine the timing and level of discounts that maximize a
company’s revenues
o At which location should a factory be opened to meet customer requirements at
minimum costs?
o What financial investments need to be made to achieve superior returns with as little
risk as possible?
- Predictive and prescriptive more advanced than descriptive
Big data
- Big data: any set of data that is too large or too complex to be handled by standard data-
processing techniques and typical desktop software
- The 4 V’s
o Volume: hoeveelheid en bestandsgrootte (data at rest)
o Velocity: snelheid waarmee data beschikbaar komt en geanalyseerd worden (data in
motion) dataset needs to be updated regularly to ensure full overview of data
o Variety: verschillende vormen van data zoals tekstdata, audiodata, videodata, GPS-data,
socialmediadata, zowel gestructureerd als ongestructureerd (data in many forms)
o Veracity: onzekerheid in de data, bijvoorbeeld met betrekking tot missende
waarnemingen, inconsistentie en betrouwbaarheid van de gegevens (data in doubt)
- Are there other dimensions that play a role? legal aspects, source of the data (where are they
retrieved from), value (data needs to be valuable, data needs to have a purpose)
Deelgebieden van business analytics
- Finance: voorspellen van prestaties, bepalen van optimale aandelenportefeuille
- Human resource (HR) analytics: how do we improve well-being among employees? How do we
optimize the work schedules?
- Health care analytics: how do we speed up the diagnosis process?
- Sport analytics:
o How do we optimize the performance of the team?
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