Learning outcomes
1. Define and evaluate key concepts of business analytics.
2. Critically apply business analytics skills for decision making.
3. Critically analyse and interpret the outputs of data mining models and forecasting results for end-users.
4. Solve managerial problems and make systematic decisions by applying business data analysis techniques.
5. Have ability to apply business analytics to various international business contexts by selecting appropriate techniques.
Task One-Business analytics concepts[20 marks]
a. Describe what you have learned about the Clustering Analysis. Give proper example for that [8 marks]
b. Critically discuss and analyse five published papers which have used Clustering method with proper explanation. The technique, its application and the results need to be interpreted properly [12 marks]
Task Two- Marketing Analytics [40 marks]
By analyzing previous historical data for a sofa sale company, it can be seen that the sale volume has been changed according to its price in different periods. The values have been reported in the following table. This company is going to launch a new product and the price needs to be decided based on the market analysis. Determine the appropriate price for the new developed sofa with the aim of maximizing the company’s profit. The demand of new product has a direct relationship to its price.
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