Magdeburg, Germany

Operations Research and Business Analytics

Master's
Language: EnglishStudies in English
Subject area: mathematics and statistics
Qualification: Master
Kind of studies: full-time studies
University website: www.ovgu.de
Analytics
Analytics is the discovery, interpretation, and communication of meaningful patterns in data. Especially valuable in areas rich with recorded information, analytics relies on the simultaneous application of statistics, computer programming and operations research to quantify performance.
Business
Business is the activity of making one's living or making money by producing or buying and selling goods or services. Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is a company, a corporation, partnership, or have any such formal organization, but it can range from a street peddler to General Motors." The term is also often used colloquially (but not by lawyers or public officials) to refer to a company, but this article will not deal with that sense of the word.
Business Analytics
Business analytics (BA) refers to the skills, technologies, practices for continuous iterative exploration and investigation of past business performance to gain insight and drive business planning. Business analytics focuses on developing new insights and understanding of business performance based on data and statistical methods. In contrast, business intelligence traditionally focuses on using a consistent set of metrics to both measure past performance and guide business planning, which is also based on data and statistical methods.
Operations Research
Operations research, or operational research in British usage, is a discipline that deals with the application of advanced analytical methods to help make better decisions. Further, the term 'operational analysis' is used in the British (and some British Commonwealth) military as an intrinsic part of capability development, management and assurance. In particular, operational analysis forms part of the Combined Operational Effectiveness and Investment Appraisals (COEIA), which support British defense capability acquisition decision-making.
Research
Research comprises "creative and systematic work undertaken to increase the stock of knowledge, including knowledge of humans, culture and society, and the use of this stock of knowledge to devise new applications." It is used to establish or confirm facts, reaffirm the results of previous work, solve new or existing problems, support theorems, or develop new theories. A research project may also be an expansion on past work in the field. Research projects can be used to develop further knowledge on a topic, or in the example of a school research project, they can be used to further a student's research prowess to prepare them for future jobs or reports. To test the validity of instruments, procedures, or experiments, research may replicate elements of prior projects or the project as a whole. The primary purposes of basic research (as opposed to applied research) are documentation, discovery, interpretation, or the research and development (R&D) of methods and systems for the advancement of human knowledge. Approaches to research depend on epistemologies, which vary considerably both within and between humanities and sciences. There are several forms of research: scientific, humanities, artistic, economic, social, business, marketing, practitioner research, life, technological, etc.
Operations Research
[The decisionmaking role of the firm has progressed from the neoclassical standpoint of profit maximization to sales maximization, utility maximization, and satisficing. From the Operation Research point of view] ...the ideal picture is that someone, presumable the firm that hires the operations researcher, hands him, on a silver platter, an objective function. By talking to the engineers, or by looking into a few scientific laws, he determines the policy alternatives available and also the model
Kenneth Arrow (1984) cited in: Demetri Kantarelis (2008) "Book Review: Title: Theories Of The Firm 2nd Edition". In: The American economist. Vol 52, Nr 1. p. 117.
Business
What I must understand is why someone will continue to get out of bed in the morning once they have all the money they could want. Do they love the business, or do they love the money?
Warren Buffett, 'The Warren Buffett You Don't Know', Business Week article, 5 July 1999.
Operations Research
Operations research is a scientific approach to problem-solving for executive management.
H.M. Wagner (1969, p. 31); cited in: Donald R. Deutsch (1979) Modeling and measurement techniques for evaluation of design. p. 129.
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