Businesses have to plan their activities in order to be able to assess their potential consequences in good time. The aim of this major is to enable you to apply the formal framework (business decision theory) of decision-making processes in specific situations. This calls for business intelligence technologies that enable students to apply suitable methods and models (data mining, planning and forecasting systems) to process large volumes of data (information sources and systems). They can then use these approaches to set up decision-support systems to address business problems.
1. Business decision-making
2. Planning and forecasting systems
They should be able to smooth time series in order to
... Identify trends
... Continue trends
... Perform seasonal adjustments
... Design forecast models, judge forecasting quality and describe meaningful forecast horizons
3. Data mining
Students will gain an insight into the sub-areas of data mining relevant to business practice and will thus be able to differentiate between the various approaches and apply suitable methods in business practice. They will be able to interpret and critically scrutinise the results of such analyses. The knowledge that they gain of many examples of use cases will then enable students to differentiate complex data mining problems from simple, purely descriptive analyses and to select adequate IT-supported analysis tools.
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