ANALYTICS—APPLICATIONS AND CASE STUDIES

A Hands-on Short Course for Aspiring Industry Professionals

If a business can provide a better mobile phone without changing price, value has gone up. Here we are looking at the lowest possible cost achievable while excelling in providing features and reliability that the competition can’t match. Decisions here start with what market wants and competition is providing, technology to use in SW and HW, dimensions, weight, charge storage, user interface, etc. etc. each adding to cost. Then there is design, parts sourcing, production, testing, packaging, promotion and distribution—before it reaches the customer. Recently, much has been done to make such decisions more effective, a lot by casting these into objectives that protect the stakeholders’ interest. The goal is now singular—to grow your profits create and offer value. Employees must know this.

Capture of information and its processing, distilling and conversion into critical data—parameters, performance and costs—must now be at a loftier level to yield this value. Every business enterprise, for instance, would like to get a thorough understanding of the selection, deployment and utilization of the resources and talent it engages. These inputs are paid for, so their squander must be kept at minimum—all inputs converted efficiently into output. Auspiciously, a science has emerged to enable a firm’s realizing this transformation. Methods that began with time and motion studies in automobile and telephone factories 100 years back now use facts, intelligence and logic.

Except in artwork and some crafts, enterprises try to quantitatively optimize all input, speed up processes and deliver quality that convinces the customer to return for more. Processes involve purchase, production and supply, in each of which quantitative modelling and decisions based on data and facts now rule many factories. The task begins with market studies and runs through product/service design, and building and operating shops and supply chains. At each such step the prospect exists to squeeze the inputs for more of the required output. Indeed, the knowhow has been there, but firms and factories have just begun to draw benefit of “Analytics”—a collection of statistical, applied mathematical methods (called operations research) and machine learning. Analytics consolidates these capabilities; it spans problem formulation, diagnostics, statistics, mathematical modelling, optimization, data manipulation, databases and AI.

Trained, competent professionals in Analytics are now enjoying unprecedented demand in industry globally. Indeed Analytics has quickly become a major driving force in a professional’s employability, promotions and higher salary, India being no exception. Thus its potential to impact success in a business has created a call for an entirely new array of frontrunners. These erudite individuals serve as knowledge leaders who deliver projects and tasks competently by harnessing the latest knowledge manipulation advancements in modeling, statistics, operations research, computing and AI.

Thus these professionals are clearly very different from their predecessors, for they work with direct reliance on analytical tools, principles, and techniques to build and exploit the organization’s strengths, resources and uniqueness. Hence, completing this very special skill building program at eTechGuys will enable each participant to demonstrate to their employer that they have successfully learned and internalized powerful approaches that exploit data and knowledge. In this 6-day program to be conducted by IIT Kharagpur faculty we engage statistics, operations research, IT and machine intelligence to enable delivery of higher profits, reduced costs, benchmark business performance and growth. China’s successfully landing its Rover on the far side of Moon is a shining example of what Analytics is delivering today.

COURSE OBJECTIVES

This courses teaches the effective grasp and deployment of Analytics. As noted, converting input to output occurs where customers are serviced or goods are produced. Economy and efficiency are thus the predominant sought after goals in operations. Day to day ongoing in a company typically has short term focus. Analytics allows making of high quality decisions at the operational level a routine. But analytics often yield high value at strategic level also. Dubbed ANALYTICS—APPLICATIONS AND CASE STUDIES, this short course presents tools and illustrations of a cross section of applications of analytics at corporate, tactical and factory levels.

To be delivered in Salt Lake, Kolkata by eTechGuys this course will impart fundamental knowledge of methods, techniques and tools involved in applications of various approaches in Analytics. Applications of Analytics now span market research, manufacturing and services management, product design, risk management, project management and machine learning. Analytics targets to model and radically impact the quality of managerial decisions and business intelligence. The insights that each participant of this course will gain will include

1.The application of business analytics for improving the quality of decisions within an organization 2.Appreciating the use of such tools for a wide spectrum of managerial problems 3.Selecting and implementing the most appropriate tools for real life business decisions PROGRAM HIGHLIGHTS 4.Curriculum delivered by a blend of top rated educators and industry experts 5.Hands-on Lab sessions on statistics, optimization, Monte Carlo simulation and Excel Solver 6.Teaching pedagogy will engage a mix of lectures, case studies and online resources.

WHO MAY BENEFIT

The program has been designed for those who are new to business analysis and who work with business analysts and corporate planners, including application developers, systems analysts, production engineers and business managers. For analysts who need to develop the skills and competencies and desire an in-depth grasp of key techniques and tools (see Contents), this Program will take the attendee to the next level.

COURSE CONTENT

Day 1 Introduction to Business Analytics, Data Summarization and Exploratory Data Analysis; Overview of Analytics by Excel®.
Day 2 Statistical Analysis, Probability Distributions, Testing of Hypotheses, Regression and Analysis of Variance to detect causality in engineering and business
Day 3 Optimization techniques, Use of Excel Solver®, Genetic algorithms, Inventory Management, Scheduling
Day 4 Predictive Modeling by Multiple Linear Regression, Logistic Regression and Model Evaluation Techniques, Neural Networks and Machine Learning
Day 5 Risk analysis and its mitigation, Monte Carlo methods
Day 6 Project Planning using Eli Goldratt’s Critical Chains; Evaluation

FACULTY

Distinguished academics of IIT Kharagpur will conduct the course. Industry experts and instructors from leading business schools will also contribute by presenting real-life cases.

ELIGIBILITY

Working Professionals with minimum 55% marks (or equivalent grade) in Graduation with minimum 2 years of work experience / Post Graduation are eligible to apply. Preference will be given to the applicants with Graduation / Post Graduation in Mathematics / Statistics / Operations Research and experience in the broader domain of Analytics. Screening and selection will be done by eTechGuys

VENUE FOR CLASSES

Classes will be held at eTechGuys’ Salt Lake, Sector 1 Campus in Kolkata. To help participants fully realize the objectives of the course, all lecture notes/slides in PDF format will be made available during the program. Participants are encouraged to bring their laptops to the program.