Module BUSI4AV15: Decision Science and Analytics in Energy Business Management

Department: Management and Marketing

BUSI4AV15: Decision Science and Analytics in Energy Business Management

Prerequisites

• None.

Corequisites

• None.

Excluded Combination of Modules

• None.

Aims

• To provide an overview of common decision-making techniques in energy management sectors.
• To provide an appreciation of predictive and prescriptive business-analytics techniques and implement these models using appropriate software.
• To show how business analytics can help companies to make better decisions in the energy management context.
• To provide knowledge of, and ability to apply, storytelling with data to promote data-driven decision-making with the energy businesses.

Content

• Fundamental data analytics tools such as descriptive analysis.
• Predictive techniques such as linear regression, machine learning.
• Prescriptive techniques such as linear optimisation, queueing theory.
• Decision making tools such as utility theory, game theory, decision tree.
• Project management methods such as PERT, Critical Path method.
• Computational technology such as simulations.

Learning Outcomes

• By the end of the module students should be able to:
• Demonstrate the ability to use operations research and decision theory principles to tackle complex problems in energy business management.
• Apply prescriptive analytics to make data-driven decisions in both certain and uncertain business contexts.
• Assess the value of information and make informed bets on future trends and reactions in the energy sector.
• Integrate Net-Zero objectives into traditional business analytics and decision science frameworks.
• Evaluate the impact of business decisions on the environment and recommend solutions that align with global Net-Zero ambitions.

• By the end of the module students should be able to:
• Conduct basic analysis with data provided in energy business.
• Model the common optimization and decision-making problem related to Net-Zero target.
• Implement predictive and prescriptive business-analytics models using appropriate software packages.
• Interpret the results of business analytics models and their relevance for companies.
• Choose appropriate business-analytics techniques for some key management problems.

• Effective written communication skills
• Oral presentation
• Planning, organising and time-management skills
• Problem solving and analytical skills
• Sourcing appropriate data and evaluating evidence
• Interpreting and using data
• Selecting appropriate modes of communication
• Making effective use of communication and information technology
• Storytelling with data
• Coding skills (preferred but not necessary)
• Group work

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• This module will be delivered jointly by the Business School.
• Learning outcomes are met through lectures and computer workshops, supported by online resources. Online resources provide preparatory material for the lectures and computer workshops - typically consisting of directed reading and video content.
• The formative assessment consists of classroom-based exercises involving individual and group analyses and presentations on specific business situations/problems relevant to the learning outcomes of the module.
• The summative assessments are an individual video presentation and an individual business analytics project. Both assessments are designed to test the ability to formulate a problem, apply appropriate business-analytics techniques to analyse it, and critically interpret the results obtained.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

The formative assessment consists of classroom-based exercises involving individual and group analyses and presentations on specific business situations / problems relevant to the learning outcomes of the module. Oral and written feedback will be given on a group and / or individual basis, as appropriate.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University