BUSINESS ANALYTICS MITS6002

Business Analytics MITS6002 subject is offered by the Victorian Institute of Technology, Australia to students who are pursuing their master’s degree.
This subject trains you in Business Analytics and Communication skills at all intervals in particular areas- finance, marketing forensics, and strategy. This subject will also help you develop conceptual and methodological knowledge in-depth of analytical methods and techniques for Business Analytics.
Content of subject- Business Analytics MITS6002
Data Analysis and Decision Making
Data Software Tools
Summarising and Presenting Data
Data Visualisation
Relationships among variables
Probability & Probability Distributions
Statistical Process Control
Regression Analysis
Time Series Analysis and Forecasting
Simulation Modelling
Data Mining and Logistic Regression

Business Analytics
Business analytics is a combination of disciplines and technology by using data analysis, statistical models, and other quantitative methods to solve business challenges and problems. It entails an iterative, rigorous investigation of an organization’s data to drive decision-making, with a focus on statistical analysis.
Companies that are data-driven consider their data as a corporate asset and actively seek methods to use it to gain a competitive edge. Data quality, trained analysts who understand the technology and the business, and a commitment to leveraging data to uncover insights that influence business choices are all essential components of business analytics success.
Data Analysis
The process of collecting, modeling, and analyzing data in order to derive insights that help in business decision-making is known as data analysis. Depending on the business, there are a variety of methodologies and procedures for conducting analysis. Types of Data Analysis Methods are-
Descriptive Analysis
Explanatory Analysis
Diagnostic Analysis
Predictive Analysis
Prescriptive Analysis
Data Visualization
Data Visualisation is the processing of representing your data in visual form with the help of graphs, maps, charts, etc. to make data easier to understand. The best data visualization tools are- Microsoft Excel, Tableau, Microsoft Power BI, Zoho Analytics, Plotly, and many more.
Regression Analysis
Regression Analysis is a set of statistical procedures for estimating relationships between a dependent variable and one or more independent variables. It can be used to determine the strength of a relationship between variables and to predict how they will interact in the future.

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Question1- You are the project manager of a project that needs to use a computer server as part of the development and ongoing support of the product you are building. Management has already provided you with access to an existing server although it is an older model. You are trying to determine if a new server can be justified.
Using the existing server will save you money as it already exists and is operational. If this goes well, your project moves forward and leads to a revenue stream of $1,000,000. You have also analyzed that by using the server with its inherent performance problems has a chance of delaying your schedule by 25%. This would impact the revenue down to $750,000. If you purchased a new server, the outlay would be $70,000 and performance would be optimal. You estimate that your project’s schedule would not be impacted, and this would lead to an 85% chance of $1,000,000 of revenue.
Yet, there is a small chance that even with this server, revenue could only reach $800,000.
a. Determine the expected monetary value (EMV) for both purchasing the server and using the existing one.
b. Should you recommend the purchase of the new server to your management?
(10marks)
Question2- On a volunteer basis, a group of twelve children participated in a study. The study was particularly designed to measure the relationship (if any) in-between age (in years) and sleep time (in minutes). The main objective of the study was to obtain the sleep time accurately. The values of those variables are mentioned below:
BUSINESS ANALYTICS MITS6002
Find the correlation coefficient between age and sleep time and justify the result.
(10 marks)
Question3- Consider two linear regression models developed by two different persons. The following table demonstrates the predicted values by models and actual values. Based on RMSE error, identify the better model? (5marks)
BUSINESS ANALYTICS MITS6002
Question4- In the FIFA world cup, an average of 2.5 goals are scored in each game. Modeling this situation with a Poisson distribution, Calculate the probability that 2 or more goals are scored in a game? Elucidate in detail the probability. (5marks)
Question5-
BUSINESS ANALYTICS MITS6002
For one thousand parking bills in CBD, a text classifier predicts 45 to be fake and 955 to be authentic.
Out of 45 fake predictions, 30 are actually fake. Also, out of 955 authentic predictions, 950 are actually authentic.
a. Determine the recall and accuracy of the classifier.
b. Discuss the classifier’s performance in terms of recall and accuracy values. (5marks)