Business Analytics
- Credits: 6
- Ending: Examination
- Range: 20sP
- Semester: winter
- Year: 1
- Faculty of Business Economics with seat in Košice
Teachers
Included in study programs
Teaching results
The main educational goal of the course is to provide students with knowledge in the field of optimization models and other models or techniques of operational research applicable to business analyses, as well as solving other economic problems of inventory control, queuing theory, renewal theory, but also network theory and efficiency of production units, to acquaint students with the basic paradigms of game theory with a focus on antagonistic and non-antagonistic games, games of two players with zero and non-zero sum in pure and mixed strategies.
After completing the course, the student will be able to solve even more sophisticated analytical tasks and know how to effectively implement them in terms of business practice.
Knowledge:
The student will master the theoretical knowledge in the field of optimization methods and other methods of operational research that can be implemented in business analysis. Specifically, these are selected models of queuing theory, inventory theory, renewal and reliability of equipment, optimization tasks on graphs, models of data envelopment analysis or matrix games in pure or mixed strategies.
Skills:
The student will be able not only to solve problems in the field of optimization or operational research, but also to implement their results in practice. He will be able to model the state of inventory, solve problems of collective service, but also to model reliability and solve the problem of equipment renewal in the company. He will also be able to determine the efficiency of production units, model network flows, and also to make simple decisions in an antagonistic environment (game theory), or follow optimal, or at least pseudo-optimal strategies.
Competence:
After completing the course, the student is able to create models, optimize their parameters and interpret their outputs as a support for operational and strategic management. He will be able to analytically evaluate various states and phenomena arising in antagonistic (competing companies) and non-antagonistic (cooperating companies) conditions of business practice.
The knowledge acquired in this subject also represents the basis for future research and development activities, as well as successful completion of quantitative subjects at the third degree of study at the university.
Indicative content
Consultations:
Implementation of optimization models and techniques of operational research in business analysis.
Queuing theory models.
Queuing theory models and their use in practice (case study).
Inventory theory models.
Inventory theory models and their use in practice (case study).
Models of reliability and renewal of machines and equipment.
Reliability models and models of renewal of machines and equipment (case study).
Basic tasks of network analysis.
Network optimization, distribution networks (case study).
Data Envelopment Analysis (DEA).
Introduction to Game theory.
Non-zero-sum games.
Pure and mixed strategies (case study).
Self-study:
Business analyses and creation of models.
One and multiple servers’ models without queue.
One and multiple servers’ models with queue.
Deterministic inventory model without deficit. Production model. Discount model.
Deterministic inventory model with deficit with lost consumption. Deterministic inventory model with deficit with deferred consumption.
Optimization of renewal models depending on the costs associated with the maintenance of resources. Optimization of renewal models depending on the costs associated with planned and unplanned renewal.
Renewal models with simple and extended reproduction.
Ford-Fulkerson extension path algorithm.
Ford-Fulkerson residual network algorithm. Max flow / min cut theorem.
Data Envelopment Analysis (DEA) models.
Matrix method and AHP method.
Game theory two-person game types.
Game theory pure and mixed strategies game types.
Support literature
Elementary literature:
1. BREZINA, Ivan - PEKÁR, Juraj. Úvod do operačného výskumu I.. Bratislava : Vydavateľstvo Letra Edu, 2018. ISBN 978-80-89962-17-4.
2. BREZINA, Ivan - PEKÁR, Juraj. Úvod do operačného výskumu II.. 1. vydanie. Bratislava : Letra Edu, 2019. ISBN 978-80-89962-28-0.
3. CHOCHOLATÁ, M. – ČIČKOVÁ, Z. – FURKOVÁ, A. 2008. Operačná analýza (Zbierka príkladov). Bratislava : IURA Edition, 2008.
4. TAHA, H.A. 2017. Operations Research: An Introduction. 10th Edition. Pearson, 2017.
5. SAATY, T. L. – VARGAS, L. G. 2012. Models, Methods, Concepts & Applications of the Analytic Hierarchy Process. 2nd Edition. Springer US, 2012.
Supplementary literature:
6. CHOCHOLATÁ, Michaela. Lineárne programovanie pre manažérov. Recenzenti: Juraj Pekár, Martin Dlouhý. 1. vyd. Bratislava : Vydavateľstvo EKONÓM, 2013. 234 s. [14,02 AH]. ISBN 978-80-225-3562-5.
7. ČIČKOVÁ, Zuzana - FIGUROVÁ, Dana - GOGA, Marián - KUCHARČÍK, Rudolf - SEQUEIRA LOPEZ, Allan Jose - PEKÁR, Juraj - STREŠŇÁKOVÁ, Anna - ZAGIBA, Matej. Vybrané aplikácie teórie hier. 1. vydanie. Bratislava : Letra Edu, 2019. ISBN 978-80-89962-46-4.
8. BREZINA, Ivan - PEKÁR, Juraj. Operačná analýza v podnikovej praxi. 1. vyd. Bratislava : Vydavateľstvo EKONÓM, 2014. ISBN 978-80-225-4012-4.
9. COOPER,W.W. – SEIFORD, L. M. – ZHU, J. 2011.Handbok on Data Envelopment Analysis. 2nd Edition. Springer US, 2011.
Syllabus
Consultations: Implementation of optimization models and techniques of operational research in business analysis. Queuing theory models. Queuing theory models and their use in practice (case study). Inventory theory models. Inventory theory models and their use in practice (case study). Models of reliability and renewal of machines and equipment. Reliability models and models of renewal of machines and equipment (case study). Basic tasks of network analysis. Network optimization, distribution networks (case study). Data Envelopment Analysis (DEA). Introduction to Game theory. Non-zero-sum games. Pure and mixed strategies (case study). Self-study: Business analyses and creation of models. One and multiple servers’ models without queue. One and multiple servers’ models with queue. Deterministic inventory model without deficit. Production model. Discount model. Deterministic inventory model with deficit with lost consumption. Deterministic inventory model with deficit with deferred consumption. Optimization of renewal models depending on the costs associated with the maintenance of resources. Optimization of renewal models depending on the costs associated with planned and unplanned renewal. Renewal models with simple and extended reproduction. Ford-Fulkerson extension path algorithm. Ford-Fulkerson residual network algorithm. Max flow / min cut theorem. Data Envelopment Analysis (DEA) models. Matrix method and AHP method. Game theory two-person game types. Game theory pure and mixed strategies game types.
Requirements to complete the course
continuous written work
written exam
• written examination on PC - 40 %
• written examination of knowledge on a PC (exam) - examples - 30 %
• written examination of knowledge on PC (exam) - theory - 30 %
Student workload
• participation in consultations - 20 hours
• self-study - 32 hours
• preparation for continuous written work - 52 hours
• preparation for exam - 52 hours
Total: 156 hours
Language whose command is required to complete the course
Slovak
Date of approval: 28.02.2022
Date of the latest change: 13.07.2022