Master of Information Technology and Analytics (MITA) Program

Course: Data Analysis and Decision Making 22:960:575:60 and 22:544:575:60

PREREQUISITES AND EXPECTED BACKGROUND

Basic undergraduate statistics, at the level of Introductory Statistics for Business (course 01:960:285), or
Statistics for Managers (course 22:135:572).

Experience related to using Excel and/or other decision modeling environments will be useful.

SUMMARY COURSE DESCRIPTION

Business Analytics (BA) refers to the concepts, technologies, and practices used to analyze and to manage
business data, information, and performance. Analytics helps the understanding and solution of
important issues arising in business organizations, and in a broad societal context. The insights gained by
applying BA assist the management and use of information, as well as the development of strategic,
tactical, and operational level decisions.

Within the context of BA, a data model describes how data are represented in a business environment.
Structured data modeling is essential, also in relation to the prevalence of management information
systems (MIS) in the real world. This course introduces the fundamental ideas of data analysis and decision
making: these will facilitate problem solving based on concepts and tools from statistics, simulation,
deterministic and probabilistic modeling, and optimization. Specifically, we will focus on the following
aspects: understanding the nature of decision making, using data and information efficiently, modeling
and evaluating uncertainty, simulating decision scenarios, and using a range of optimization model types.
Business applications of the topics covered will be presented and highlighted.

LEARNING OBJECTIVES

The goal of this course is to develop and to practice data analysis and decision making skills. Since it is
impossible to teach everything about data analysis and optimization techniques in a semester, the realistic
objective is to enable course attendees to become intelligent users of these techniques. The course will
give a broad perspective on how data models and optimization techniques are used in practice. Hence,
much of the material will be presented in the setting of practical (illustrative) business situations.

Course attendees will develop their skills based on lectures and discussions, assignments and exams.

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READING MATERIALS AND SOFTWARE

Textbook

Dimitris Bertsimas and Robert Freund, Data, Models, and Decisions: The Fundamentals of Management
Science (2nd Edition). Dynamic Ideas, Charlestown, MA, 2004. ISBN: 9780975914601.
https://www.dynamic-ideas.com/books/ecbcnthsfb6hnzfdezpw0aldtvl9yr.

This well-received textbook offers a combination of key business analytics concepts with practical insights
and real-world examples. The course will cover topics based on this book. Course related resources
(lectures and illustrative examples) will be provided during the course.

Software

A broad range of software systems can be put to good use in the context of data analysis, decision
modeling, and optimization. In this course, we will primarily use Excel. At your discretion, you can also use
other model development and computing systems such as AIMMS, AMPL, GAMS, Julia, LINGO, Maple,
Mathematica, MATLAB, MPL, Python, R, SAS, and others in your independent studies, including work on
assignments. However, it is clearly your personal decision and responsibility to learn how to use optionally
these alternative software products. Familiarity with these or similar tools can become useful in other
courses, and in your working career. Some of the software products listed above also have free
educational versions or discounts.

COURSE SCHEDULE

The course outline is presented below. Course topics will be based on chapters of the textbook, with
added notes. Please note that it may be necessary to deviate to some extent from this schedule if
unforeseen circumstances arise, and your instructor reserves the right to introduce reasonable changes.
The schedule will also depend on the course attendees’ background knowledge.

Class Topic Readings from Course Textbook

1, 2 Introduction to Decision Making and Optimization Chapter 1 + Notes by instructor

3, 4 Discrete Probability Distributions Chapter 2

4, 5 Continuous Probability Distributions Chapter 3

6, 7 Statistical Sampling: Key Concepts Chapter 4

7, 8 Confidence Intervals and Statistical Hypothesis Tests Chapter 4

9, 10 Stochastic Simulation Based Modeling Chapter 5

11, 12 Regression Models Chapter 6

13, 14 Review for Midterm Exam with Exercises All materials covered so far

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15 Midterm Exam All materials covered so far

16, 17 Decision Analysis Chapters 1-3 (Reprise)

18, 19 Linear Optimization Chapter 7

20, 21 Nonlinear Optimization Chapter 8

22, 23 Discrete Optimization Chapter 9

24, 25 Stochastic Optimization and Simulation Chapters 2, 3, 7-9 (Reprise)

26, 27 The Art of Decision Modeling: Summary and Highlights Chapter 10 + Materials covered

27, 28 Review for Final Exam with Exercises All materials covered

Final Exam: time and place TBA All course materials covered

COURSE DELIVERY AND TECHNOLOGY

The course can be taught using both in-person and online delivery modes as/if requested by Rutgers
University. The discussion of topics will be based on PowerPoint presentation slides and on hands-on
examples: these materials will be made available to all course attendees.

We will use the Canvas course management system, https://canvas.rutgers.edu.

Office hours will be held using the “Zoom” option of the Canvas site for the course.

Presentation slides and software examples: following each class, PDF versions of the presentation slides
will be posted, together with the examples discussed. These files will appear in topical modules on the
Canvas course page. Please allow up to a day to post the slides after the corresponding lecture
presentation: this way, possible student feedback can be incorporated.

Lecture recordings: we plan to record all classes so that all students can watch them also later. Links to
lecture recordings will be accessible on Canvas by selecting the “Zoom” option for the course, and then
the “Cloud recordings” tab.

Software: Microsoft Excel, with add-ins such as the Excel Solver, statistical tools, and other analytical tools
as needed.

Class announcements will be posted in the “Announcements” panel on the Canvas course site. Please
make sure to follow these announcements.

All assignments will be posted and collected electronically in Canvas. All materials submitted by students
are expected to be professionally formatted electronic documents (such as Word files) and computer files
(such as Excel files). Exams will be administered through Canvas, in a similar fashion.

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OFFICE HOURS AND COURSE RELATED QUESTIONS

Regular office hours will be held throughout the semester as shown on page 1 of the syllabus, except
during semester breaks. Office hours will be held by using Zoom, with the meeting links available in the
“Zoom” option of the Canvas site for the course. I will be glad to talk and to help all students on a “first
come, first serve” basis. All are welcome to attend these discussions. Office hours could be subject to
change, depending on student and instructor schedules, and perhaps on other unforeseeable factors.

Please do not use office hour time to try to catch up on missed classes. Furthermore, please do not simply
show me a draft or final version of your homework assignment and ask me to check whether your answers
are correct. Instead, please ask specific questions about points about which you are unsure, before
submitting your work.

You can also send me e-mails with course related questions, especially if you are unable to attend
scheduled office hours (with a valid reason). Please send all emails to my Rutgers email address, as
opposed to sending messages on Canvas.

I reserve the right to post answers to all course related questions received, if these questions and answers
are of interest also for other students.

GENERAL CONDUCT

Behaviors that negatively affect the atmosphere of the course (whether arising in the classroom, in email
communications, or during online discussions) are not acceptable. Please maintain civility, respect and
politeness in all communications with each other and with your instructor.

During our joint classroom work and in sessions, all cellphones should be stowed in silence mode.
Distracting side discussions should be avoided: please ask questions as needed, for the benefit of all
attendees.

ACADEMIC INTEGRITY

Integrity is the quality of having strong moral principles, and to live a life that is consistent with these
principles. Integrity involves doing the right thing, and it also involves not doing the wrong thing. In plain
language, in an academic environment integrity requires honest individual and independent work effort
from all course attendees, without any form of misbehavior. Notable examples of misbehavior are
cheating on assignments and exams, by copying other people’s work, or by using resources without
properly crediting these.

Integrity is a key component of academic and professional success. Every student is personally responsible
for understanding and practicing these principles. If the stated course and exam policies are violated by
someone, then these violations are considered against Rutgers University’s Academic Integrity Policy.

For further details, please consult https://myrbs.business.rutgers.edu/academic-integrity.

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ATTENDANCE, CLASS CANCELLATION AND EMERGENCY POLICIES

In-person courses: all registered students are expected to attend classes and to actively participate.
Regardless of in-person, online, or hybrid course delivery, all students are expected to follow the course
materials diligently and on time, in order to avoid falling behind with coursework. It is much better and
easier to work consistently and steadily, than trying to catch up.

Class cancellations are unlikely without a substantial reason. In the event of possible disruptive events
(university-wide health concerns and regulations, severe weather conditions) that affect normal
coursework, Rutgers University and your instructor will make every effort to communicate pertinent
information to all course attendees. If the university cancels classes for some reason, then we will conform
to such decisions.

Please check https://www.rutgers.edu/status for up-to-date operating information. You can sign up for
emergency text messages at https://personalinfo.rutgers.edu/pi/updateEns.htm.

ASSIGNMENTS AND EXAMS

Assignments

As planned, homework assignments will be posted by semester week Fridays (once biweekly), except for
the classes immediately preceding exams. The number of assignments will be five (5): this may be changed
(at my discretion if deemed necessary), and communicated in time to all attendees. Assignments will be
due one week after posting, except when a semester break intervenes: in such cases students will get an
extra week for submission. Homework assignments must be submitted using Canvas by 11:59 pm on the
due date, unless stated otherwise: do not send homeworks by email. Homework submitted late (for a
valid reason) may be accepted at my discretion, possibly subject to a lateness penalty. Late homeworks
will not be accepted after the solution is posted.

Collaboration and discussions in small student groups are permitted on homework assignments. Working
in small groups can often help learning. However, you should always hand in your own individual
assignment (without copying someone else’s work), and take full responsibility for its content.

Exams

One midterm exam will be administered during the regular class (session time) period. The final exam will
be administered at the location and within the time window determined and announced by the University.

I plan to have the midterm exam approximately during week 8 of the semester. The class between the
end of a module and the midterm exam will be a mixture of review and (optionally, as time permits)
material from the beginning of the next module. The midterm exam will cover all materials preceding the
exam. The final exam is cumulative, i.e., in principle it covers the entire course material.

Final exam scheduling conflicts will be managed in strict adherence to university regulations. All students
who have a final exam conflict must e-mail me a screenshot of their entire final exam schedule for the
semester by the last day of classes, else all have to take the exam at the regularly scheduled time.

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Open resources will be allowed during online exams, if such exams are approved by the university. During
in-person exams, I will allow the usage of course materials specified as/when needed. Communication
with any person other than your instructor is not permitted during exams, whether taken online or in-
person.

GRADING POLICY

While I will rely on the assistance of graders to evaluate homework assignments, I plan to grade the exams
myself (with grading assistance, if needed due to time constraints). This will help to assess fairly the
individual effort and overall course-related knowledge of each student.

All assignments and exams will receive a score between 0 and 100. Your course grade will be based on
the overall aggregate score, which combines the scores received on all class work with the following
weights:

50% average homework score (based on all equally weighed assignments),

The maximal aggregate score is 100. The following correspondence between aggregate scores and letter
grades will be used:

A ≥ 90, B+ ≥ 85, B ≥ 80, C+ ≥ 75, C ≥ 70, D ≥ 60, F < 60.

In order to receive a passing grade, it is specifically required that you must pass the final exam with an
exam score of at least 60. It is also rightly expected that your midterm and final exam performance closely
matches the performance on homework assignments, else the validity of assignment-based performance
becomes questionable. Low exam scores and apparent discrepancies between exam and assignment
scores could negatively influence grades, at your instructor’s discretion.

Rutgers University and I reserve the right to make changes to the above stated grade calculation method
and grading policies, if deemed necessary.

All assignment and midterm exam scores will be communicated via the course site. Homework and exam
grades will be posted on the “Grades” panel in Canvas. Feedback on homework performance will be
available on Canvas. We will review the results of the midterm exam in class, one week after the midterm.
For the final exam, solutions will be posted after all grading is completed. Exam solutions will be presented
concisely, and should not be circulated.

Your final grade will be communicated using the grade submission system maintained by Rutgers
University. The final grade is not subject to negotiation. Please do not expect grade adjustments based on
personal reasons (such as scholarships with GPA requirements, etc.), also for fairness considering all
course attendees.

There is no extra credit option to change grades after they have been posted, except at my discretion
(e.g., in case of provable grading errors, or by request received from the university). If you believe that a
grading error has been made, then submit your written argument within one week of the date when
grades were posted, clarifying precisely the error made. If an error has been made indeed, then I will

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certainly correct it, and adjust your grade if needed. However, please be aware that if there are errors in
your work which were not noticed earlier, then regrading could also lead to lowering your grade as well
as to raising it.

STUDENT SUPPORT SERVICES

Accommodations for a disability: If you need accommodation for a certain disability, then please obtain a
Letter of Accommodation from the Office of Disability Services (ODS) at Rutgers University. This Office
provides student-centered and student-inclusive programming in compliance with the Americans with
Disabilities Act of 1990, the Americans with Disabilities Act Amendments of 2008, Section 504 of the
Rehabilitation Act of 1973, Section 508 of the Rehabilitation Act of 1998, and the New Jersey Law Against
Discrimination. Students with special needs have to make proper arrangements with ODS before the
course begins. In addition, all exams for students with special needs must be arranged with ODS in due
time. Visit https://ods.rutgers.edu for more information.

Temporary condition or injury that is adversely affecting your ability to fully participate in course work:
please submit a request via https://temporaryconditions.rutgers.edu.

Mental health services: please contact Rutgers University – New Brunswick Counseling and Psychological
Services, http://rhscaps.rutgers.edu/.

Physical health services: please contact Rutgers University – New Brunswick Health Services,
http://health.rutgers.edu/.

Gender or sex-based discrimination or harassment, including sexual assault or harassment, relationship

Rutgers University-New Brunswick concern and incident reports:

Unwanted pregnancy: the Office of Title IX and ADA Compliance is available to assist with any concerns
or potential accommodations related to unwanted pregnancy. For further information, please visit
https://uec.rutgers.edu/programs/title-ix/coordinators/.

If you are a military veteran or you are on active military duty, then you can obtain support through the
Office of Veteran and Military Programs and Services, http://veterans.rutgers.edu/.

Rutgers University Student Legal Services: http://rusls.rutgers.edu/.

If you are experiencing difficulties in courses, due to using English as a second language, then contact
Rutgers – New Brunswick Program in American Language Studies, esl [email protected].

Additional academic assistance: please contact Rutgers University – New Brunswick Learning Center,
https://rlc.rutgers.edu/.

Religious accommodations: please call Rutgers University – New Brunswick Dean of Students at (848) 932-
2300 or email [email protected].