Ivey MSc Business Analytics - understanding of quantitative analysis tools and technical skills

Question 2: The Ivey MSc. Business Analytics relies heavily on incoming students comfort with and understanding of various quantitative analysis tools and technical skills. Please explain to the Admissions committee how you have worked with developed or demonstrated an understanding of similar tools and skills and how they will help you succeed in the program.

I'm equipped with the proper knowledge

The relationship between inflation and output (gross domestic product) in Nigeria between 1970 quarter 1 and 2014 quarter 4 was the focus of my project research work while I was I my final year in the university. In the course of analyzing my data which was a time series data obtained from the Central Bank of Nigeria statistical bulletins, I began by creating a model specification and stating my hypotheses that a negative relationship is expected between inflation rate and output growth. Utilizing Excel and E-views software, I evaluated the data using the Augmented Dickey Fuller (ADF) and Ng-Perron unit root tests while I estimated the data with the Ordinary least squares (OLS) method. The result of the analyzed data conformed to my stated hypotheses and I recommended the formulation of proper policies relating to savings, investments, interest rate, and employment rate among others as they are affected by inflation rate which in turn affects the growth of output. During the course of my research work, I came to the realization of how decision making in the business world and economy is heavily affected by statistics and data analysis.

Coming from a quantitative background like Economics and taking core courses like Statistics, Econometrics, Microeconomics, Macroeconomics among other courses has definitely equipped me with the knowledge and understanding of how decision making can be affected to a large extent by data analysis. I came to understand the process by which data can be acquired from various sources, hypotheses development and also how to analyze data. I understood how trends can be monitored, predicted and subsequently used for making decisions pertaining to both the short run and long run within organizations and the economy as a whole. Skills relating to trend analysis and prediction could definitely help me in the course of the Ivey Business Analytics program. Furthermore, I was able to gain brief knowledge on how SPSS can be used for analyzing data especially data acquired through the use of questionnaires. In conclusion, my knowledge in statistics, data acquisition, trend analysis and prediction could serve me well in the course of the Ivey Business Analytics program.

Funmi, your response to the prompt is too academic in approach and hence, does not have a real world application. The purpose of this prompt is to test your professional skills in a real world setting. It requires you to share knowledge and training gained while on the job because what you learned hypothetically in classes, though applicable in a controlled setting, is thrown out the window in terms of real world applications. While your essay indicates a knowledge of and comfortability with the software tools, it does not justify a growth of your technical skills. Your technical skills in this instance was all anticipated due to a controlled presentation. In the real world of Business Analytics, the circumstances change in the blink of an eye. The value of a company's stock can go up or down within a millisecond. How do you deal with such instances? Have you prepared yourself technically to handle the unexpected?

The only hope of making this essay competitive in the field of highly experienced applicants is if you have some sort of long term internship experience that exposed you to the intense work situations relating to the use of various quantitative analysis tools and technical skills. While the reviewer will read through your academic preparations and say, "Okay, this student has theoretical knowledge that shows his soft skills. I don't see any technical skill application that had him learning outside of a classroom setting and dealing with real world business problems in a technical manner. So his technical skills are weak. I'm not sure if I should consider him for a slot in this instance."

Even though the course allows people with 0 work experience to apply, the person with at least some solid work experience can easily edge him out because of the continued development of the soft and technical skills in actual applications. Common sense and experience lessons in these instances will easily help him adjust to and become a valued contributor to the learning process. It's a matter of having the right amount of work experience instead of academic theory. Theory can only take you so far in the workplace. Cunning and knowing how to bend the information to immediately suit your needs can only be learned on the job.