The University of Southampton
Courses

MANG6346 Business Analytics and Risk

Module Overview

In today’s era of “big data”, business analytics has become a key part of management decision making. Modern managers must now routinely understand the use and value of both qualitative and quantitative data in order to manage risk more effectively. This module provides an overview of the key analytical tools and techniques to improve decision-making in an uncertain business environment.

Aims and Objectives

Module Aims

to give students an appreciation of the purpose and value of business analytics as a routine tool for managing risk, and to build confidence in the practical application of selected analytical modelling methods.

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

  • The impact of risk and uncertainty in a range of business scenarios;
  • The use of data, descriptive statistics and probability to inform business decisions;
  • The importance of data presentation and visualization;
  • A range of analytical modelling approaches to support business decisions.
Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

  • Analyse and evaluate business risk scenarios, based on relevant data and statistical techniques;
  • Evaluate and interpret common types of statistics;
  • Critically evaluate the appropriate application of different analytical approaches;
  • Use a range of forecasting approaches and evaluate forecast error;
  • Model business problems using discrete-event simulation and system dynamics.
Transferable and Generic Skills

Having successfully completed this module you will be able to:

  • Thinking critically and arguing effectively;
  • Interpreting and analysing quantitative data related to business issues, using appropriate financial and/or statistical skills and models to solve problems;
  • Information technology and computing using commercial software;
  • Use problem structuring methods to analyse complex problems.

Syllabus

• Introduction to business risk scenarios • Basic principles that underpin quantitative methods including notations and conventions • Basic spreadsheet modelling using Excel • Representation of data: descriptive statistics and presentation of data through charts and other visual methods • Risk and uncertainty: principles, rules and terminology of probability; basic probability distributions (discrete, Normal, uniform, triangular) • Forecasting: time series and causal approaches • Problem structuring approaches and systems thinking • Simulation: Monte Carlo, discrete-event and system dynamics

Learning and Teaching

Teaching and learning methods

• Lectures • Problem solving sessions • Case studies

TypeHours
Teaching30
Independent Study70
Total study time100

Resources & Reading list

Pidd, M. (2009). Tools for Thinking: Modelling in Management Science. 

Evans, J.R. (2014). Business Analytics: Methods, Models, and Decisions. 

Morris, C. (2003). Quantitative Approaches in Business Studies. 

Moore, D.S., McCabe, G.P. and Craig, B. (2014). Introduction to the Practice of Statistics. 

Assessment

Formative

In-class formative opportunities

Summative

MethodPercentage contribution
Examination  (2 hours) 50%
Report  (2000 words) 50%

Repeat Information

Repeat type: Internal & External

Costs

Costs associated with this module

Students are responsible for meeting the cost of essential textbooks, and of producing such essays, assignments, laboratory reports and dissertations as are required to fulfil the academic requirements for each programme of study.

In addition to this, students registered for this module typically also have to pay for:

Textbooks

Recommended texts for this module may be available in limited supply in the University Library and students may wish to purchase the mandatory/additional reading text as appropriate.

Please also ensure you read the section on additional costs in the University’s Fees, Charges and Expenses Regulations in the University Calendar available at www.calendar.soton.ac.uk.

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