Overview of the MS in Business Analytics program
There is already a shortage of data scientists and business analysts due to the Big Data boom. Businesses and other organizations increasingly recognize the potential value of the huge amounts of data produced and archived each day, indeed every minute and second, if such data is analyzed correctly and creatively. The skills necessary to analyze and act upon insights from data are dispersed among managers, economic analysts, computer scientists, engineers and statisticians. Business analytics, especially involving Big Data, can help organizations make smarter and more effective decisions, such as finding ways to increase sales or to cut costs. Indeed, Big Data especially will be a source of future business growth and has a major trend in business that will play out over many years. Thus, Big Data increases the need for well-prepared professionals in Business Analytics
This new interdisciplinary program is unprecedented in Europe. Unlike similar programs, CEU's MS Business Analytics offers a full spectrum of skills and knowledge necessary for business analysts to create value from big data and other sources of quantitative information while emphasizing the management and economic aspects of how data creates value.
Vast Number of Diverse Career Opportunities
Graduates of the program will be familiar with all aspects of Business Analytics, with an emphasis on Big Data and will be especially well versed in applications assisting business decision making. Understanding the pressing questions posed by managers, the methodological challenges of statistics, as well as the power and limitation of technologies, our graduates will be sought for key positions within organizations and may even become entrepreneurs in the booming analytics startup arena. Our graduates will be able to connect with the highly specialized experts of software developers, quantitative analysts, and present their analysis in clear and effective ways other management colleagues. Students may fill positions like Chief Data Officers, who are responsible for how organizations analyze, acquire, manage, innovate with and govern data.
Interdisciplinary Foundation of the MS Business Analytics Program
The program offers students skills and knowledge in four disciplines: Economics, Management, Statistics and Technology. The four disciplines are equally important in Business Analytics and receive about equal weight in the curriculum.
Transactional data is collected about various stakeholders of the firm: customers, suppliers, competitors, and investors. Each of them responds to economic and social incentives when interacting with the firm. Our graduates understand these incentives in the coherent framework of economics, and are able to analyze both decision situations and situations of conflict.
Our graduates know how to manage a data-driven business by leveraging technology to create knowledge from big data and other sources of quantitative information. They also understand how the availability of business data transforms traditional management practices by establishing a bridge between possibilities generated by Business Analytics and the business requirements.
For data to add business value, our graduates use statistical analysis to find patterns and evaluate past and future business interventions. They learn the tools of predictive analysis and models of causal analysis. They can tell not only signal from noise, but can also use statistics to conduct cost-benefit analysis.
Modern Business Analytics requires the smart utilization of advanced technologies. This technology includes hardware, software and their ongoing integration so they can be applied to a range of business decisions. Technologies help manage and examine data, thereby creating a rigorous and informed Business Analytics capability in an enterprise. Our graduates are familiar with key tools, frameworks, platforms and technologies in and are especially knowledgeable about technology trends related to Big Data.