M.Sc. in Business Analytics: Optimisation of Business Processes

Curriculum

Use the power of data science, big data, statistics and machine learning to maximise your impact.

The Master’s in Business Analytics is a two-year programme, divided into four semesters.

In your first semester, you’ll take a number of core compulsory courses. During the second and third semester, you’ll focus on your own specialisation. Finally, in the fourth semester, you’ll spend six months doing an internship at a business or research institute, giving you first-hand experience of the working world.

During the programme, you’ll learn all about mathematical modelling and how to apply it in practice (including at financial institutions), how to make predictions using machine learning and statistics, how to analyse data and recognise data patterns and structures, and how to build a complete decision support system as part of a group project.

You’ll also learn valuable professional skills, including scientific writing and presentation skills, as well as communication and teamwork as part of an interdisciplinary team. Finally, you’ll combine your business analytics knowledge with your professional skills in practice during your traineeship.

1st Year

First and second semester

In your first semester, you’ll take four compulsory courses – whichever track you choose.

In Applied Stochastic Modelling, you’ll gain insight into mathematical modelling and the way it’s used in practice – exploring a number of stochastic solution methods.

In the Statistical Models course, you’ll apply several common statistical models in valid settings – including analysis of variance, generalised linear models, non-linear models and time series models.

In Advanced Machine Learning, you’ll learn about the most effective machine learning techniques, and practice implementing them yourself.

You’ll also carry out a group project, Optimisation of Business Processes, which focuses on the construction and/or design of a decision support system that’s designed and built in a scientifically sound way, and can be used in practice.

Plus, you’ll prepare for your Master’s project by taking the Research Seminar Business Analytics course.

During the second semester you’ll get the chance to specialise in one area of expertise:

1. Optimisation of Business Processes
2. Computational Intelligence
3. Financial Risk Management
4. Research

Optimisation of Business Processes

Summary

How to price airline tickets optimally? How to reduce the waiting time in a hospital? The Optimisation of Business Processes track is all about utilising data and algorithms to optimise business decisions. It combines the fields of operations research, data science and operations management into a track focused on improving businesses and organisations.

If you choose this track, you’ll take compulsory courses in the optimisation of business processes – including mathematical optimisation – and machine learning and its applications, such as dynamic programming and reinforcement learning.

You’ll also choose three electives from a selection.

Computational Intelligence

Summary

Which patients are likely to develop serious coronavirus symptoms? What’s the probability of a consumer clicking on an advert on a website? Where is crime most likely to occur?

The answers to these questions can be found using algorithms from data mining and machine learning. They turn large amounts of data into useful information, using tools like artificial intelligence, big data, deep learning, evolutionary computing, data mining, data science and so on. This is one of the hottest scientific topics of this century – and it’s showing no signs of slowing down.

If you choose this track, you’ll take compulsory courses in the optimisation of business processes – including mathematical optimisation – and machine learning and its applications, such as dynamic programming and reinforcement learning.

You’ll also choose three electives from a selection.

Financial Risk Management

Summary

How should share options be priced? Which home owners are most likely to default on their mortgage payments? If any sector uses numbers, it’s finance. The availability of large amounts of data opens up numerous possibilities to apply quantitative techniques. And this track will give you the tools to crunch the numbers.

You’ll learn to price derivatives, such as share options, and strategies for risk management. And you’ll learn how to determine which customers are most at risk of defaulting on their monthly payments. You’ll gain both practical skills and theoretical knowledge, making you a valuable asset for any financial institution or fintech.

If you choose this track, you’ll take compulsory courses that combine mathematics with financial applications, including stochastic processes for finance, applied analysis using financial mathematics, and investments.

You’ll also choose three electives from a selection.

Research Track

Summary

Are you interested in following a scientific academic career? And do you have top grades from your Bachelor’s degree?

More than any of the other specialisations, the Research track focuses on the theory of mathematical optimisation and computational intelligence. It’s great preparation for a career in scientific research.

If you choose this track, you’ll take a compulsory course in dynamic programming and reinforcement learning. You’ll also write a research paper.

You’ll also choose three electives from a selection:

• Continuous Optimisation / Scheduling
• Advanced Linear Programming
• Stochastic Processes for Finance
• Mathematical Optimisation
• Queueing Theory
• Advanced Topics in Stochastic Optimisation
• Markov Chains

2nd Year

Third and fourth semester

During the third semester, you’ll continue to specialise in your chosen area of expertise.

In your fourth and final semester, you’ll carry out your Master’s project, which is based on a six-month internship at a company or research institute. Examples of past internships include revenue management at KLM (how to price airline tickets to maximise revenue?), patient logistics at the Academic Medical Centre (how to schedule the optimal use of CT scanning equipment?), and meeting location planning for Logica CMG (how to find the most suitable meeting location in the Netherlands?).

Optimisation of Business Processes

Summary

How to price airline tickets optimally? How to reduce the waiting time in a hospital? The Optimisation of Business Processes track is all about utilising data and algorithms to optimise business decisions. It combines the fields of operations research, data science and operations management into a track focused on improving businesses and organisations.

If you choose this track, you’ll take compulsory courses in the optimisation of business processes – including mathematical optimisation – and machine learning and its applications, such as dynamic programming and reinforcement learning.

Computational Intelligence

Summary

Which patients are likely to develop serious coronavirus symptoms? What’s the probability of a consumer clicking on an advert on a website? Where is crime most likely to occur?

The answers to these questions can be found using algorithms from data mining and machine learning. They turn large amounts of data into useful information, using tools like artificial intelligence, big data, deep learning, evolutionary computing, data mining, data science and so on. This is one of the hottest scientific topics of this century – and it’s showing no signs of slowing down.

If you choose this track, you’ll take compulsory courses in the optimisation of business processes – including mathematical optimisation – and machine learning and its applications, such as dynamic programming and reinforcement learning.

You’ll also choose three electives from a selection.

Financial Risk Management

ves, such as share options, and strategies for risk management. And you’ll learn how to determine which customers are most at risk of defaulting on their monthly payments. You’ll gain both practical skills and theoretical knowledge, making you a valuable asset for any financial institution or fintech.

If you choose this track, you’ll take compulsory courses that combine mathematics with financial applications, including stochastic processes for finance, applied analysis using financial mathematics, and investments.

You’ll also choose three electives from a selection.

Research Track

Summary

Are you interested in following a scientific academic career? And do you have top grades from your Bachelor’s degree?

More than any of the other specialisations, the Research track focuses on the theory of mathematical optimisation and computational intelligence. It’s great preparation for a career in scientific research.

If you choose this track, you’ll take a compulsory course in dynamic programming and reinforcement learning. You’ll also write a research paper.

You’ll also choose three electives from a selection:

• Continuous Optimisation / Scheduling
• Advanced Linear Programming
• Stochastic Processes for Finance
• Mathematical Optimisation
• Queueing Theory
• Advanced Topics in Stochastic Optimisation
• Markov Chains