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.