DATA, MODELS, AND DECISIONS

MANAGEMENT OF TECHNOLOGY & OPERATIONS

SUPPLY CHAIN MANAGEMENT & GLOBAL SOURCING

FINANCIAL SYSTEMS & ANALYTICS

DATA, MODELS, AND DECISIONS

The Data, Models, and Decisions specialization deals with the use of data and quantitative models as a means for aiding the decision process in all of the functional areas of business. The use of data and mathematical models has become very important in business because of the volume of data available as a result of the internet and scanners of consumer purchases. With the explosion of information that is available it is important that students have an understanding of the use of data and mathematical models in order to be able to make better decisions, especially in the face of uncertainty.

A specialization in Data, Models, and Decisions enables the student to understand and use different mathematical and statistical models to apply to their own area of interest. As examples:

A specialization in Data, Models, and Decisions allows students to choose from a menu consisting of a wide variety of relevant courses in statistics, operations, information technology, and marketing, according to their area of interest and career path. The skills learned in these specializations would help them be more effective in their careers as Financial Analysts, Consultants, and Marketing Research experts.

REQUIREMENTS:

Select any three courses from the following list. Regression analysis is fundamental to analyses carried out in all functional areas of business, and it is strongly suggested that either B90.2301 or B90.3302 be selected as one of the three courses for this specialization.

B20.2350 Trading Strategies & Systems	B70.2150 Marketing Engineering
B20.3136 Search & the New Economy	B70.2327 Introduction to Marketing Research
B20.3336 Data Mining for Business Intelligence	B90.2301 Regression & Multivariate Data Analysis
B20.3350 Financial Information Systems	B90.2302 Forecasting of Time Series Data
B20.3351 Risk Management Systems	B90.2308 Applied Stochastic Processes for Financial Models
B30.3351 Econometrics I	B90.2309 Mathematics of Investment
B60.2310 Managing for Quality	B90.3301 Introduction to Probability Theory
B60.2325 Introduction to Operations Research	B90.3302 Statistical Inference & Regression Analysis
B60.2330 Retail Operations	B90.3306 Time Series Analysis
B60.2350 Decision Models	B90.3321 Introduction to Stochastic Processes

B20.2350 Trading Strategies & Systems	B90.2308 Applied Stochastic Processes for Financial Models
B20.3336 Data Mining for Business Intelligence	B90.2309 Mathematics of Investment
B20.3350 Financial Information Systems	B90.3301 Introduction to Probability Theory
B20.3351 Risk Management Systems	B90.3302 Statistical Inference & Regression Analysis
B90.2301 Regression & Multivariate Data Analysis	B90.3306 Time Series Analysis
B90.2302 Forecasting of Time Series Data	B90.3321 Introduction to Stochastic Processes

Consulting

B20.3136 Search & the New Economy	B60.2350 Decision Models
B20.3336 Data Mining for Business Intelligence	B90.2301 Regression & Multivariate Data Analysis
B20.3351 Risk Management Systems	B90.2302 Forecasting of Time Series Data
B60.2325 Introduction to Operations Research	nn

Marketing

B20.3336 Data Mining fpr Business Intelligence	B70.2327 Introduction to Marketing Research
B60.2310 Managing for Quality	B90.2301 Regression & Multivariate Data Analysis
B60.2330 Retail Operations	B90.2302 Forecasting of Time Series Data
B60.2350 Decision Models	B90.3301 Introduction to Probability Theory
B70.2150 Marketing Engineering	B90.3302 Statistical Inference & Regression Analysis

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MANAGEMENT OF TECHNOLOGY AND OPERATIONS

The management of Information Technology and Operations in an integrated manner and their strategic alignment with business models is essential to achieving business success. Operational excellence is the key driver to performance in a world that is increasingly driven by information.

Operations Management provides the tools to analyze, improve and position a firm's operations to achieve the best fit with the firm's competitive strategy, marketing priorities and financial constraints. It provides a link to strategy and its successful execution. It makes available metrics for managing businesses, such as, six sigma quality, order to delivery cycle, inventory turns, and capacity utilization.

Information technologies continually redefine possible business models and operations across industries, creating new markets, channels and spaces of interaction. They are an integral part of developing new products, designing new organizations, managing customer relationships, and in achieving operational excellence.

A specialization in Management of Technology and Operations enables you to think about technology-enabled business models, and the alignment of IT and Operations with corporate strategy. Decisions about investments in IT and the design of operations have far reaching consequences for development of products and services, managing customers, and achieving operational excellence. Courses in this specialization will provide you with the following capabilities:

1. Linking the success and valuation of organizations with the effective design and management of its IT assets, data and 
   Operations.
2. Aligning Operations Strategy and IT with business models and understanding how to make investment decisions regarding IT and Operations.
3. Crafting Operations and IT strategies to exploit emerging opportunities enabled by digital convergence and the increasingly electronic nature of all aspects of business.
   

This specialization is especially suitable for careers in Financial Services, Management of Information Technology and Operations. The specialization is also suitable for careers in consulting, especially in areas of Operations and IT strategy. Finally, considering the extent to which the Internet is fueling new opportunities, the specialization is very useful for those interested in entrepreneurship.

REQUIREMENTS:

Select any three courses from the following list:

B20.2314 Managing the Digital Firm	B20.3362 Emerging Technologies & Business Innovation
B20.2318 Information Technology & Corporate Strategy	B60.2306 Supply Chain Management
B20.3136 Search & the New Economy	B60.2310 Quality Management
B20.3138 Digital Markets & E-Commerce	B60.2313 Operations in Entertainment: Las Vegas
B20.3147 IT Strategy	B60.2315 Operations in Financial Services
B20.3155 Global Outsourcing Strategy	B60.2320 IT in Supply Chains
B20.3156 On-Line Privacy	B60.2330 Retail Operations
B20.3157 Computer & Network Security	B60.2350 Decision Models
B20.3322 Design & Development of Web-Based Systems	B60.2360 Operations in Real Estate Development
B20.3336 Data Mining for Business Intelligence	B60.2365 Operational Risk
B20.3338 E-Commerce: Management in Digital Markets	B60.3335 Operations for Global Entrepreneurs
B20.3356 Business Process Design & Implementation	B60.3355 Operations Strategy
B20.3358 Data Governance	B60.3357 Service Operations & Strategy

CAREER PATH RECOMMENDATIONS:

Information Technology

B20.2318 Information Technology & Corporate Strategy	B20.3322 Design & Development of Web-Based Systems
B20.3136 Search & the New Economy	B20.3336 Data Mining for Business Intelligence
B20.3155 Global Outsourcing Strategy	B20.3338 E-Commerce: Management in Digital Markets
B20.3156 On-Line Privacy	B20.3356 Business Process Design & Implementation
B20.3157 Computer & Network Security	B60.2306 Supply Chain Management
B20.3158 Data Governance	B60.2320 IT in Supply Chains

Finance

B20.2318 Information Technology & Corporate Strategy	B60.2360 Operations in Real Estate Development
B60.2315 Operations in Financial Services	B60.3355 Operations Strategy
B60.2350 Decision Models	B60.3357 Service Operations & Strategy

Consulting

B20.2318 Information Technology & Corporate Strategy	B20.3356 Business Process Design & Implementation
B20.3136 Search & the New Economy	B60.2306 Supply Chain Management
B20.3155 Global Outsourcing Strategy	B60.2350 Decision Models
B20.3158 Data Governance	B60.3335 Operations for Global Entrepreneurs
B20.3322 Design & Development of Web-Based Systems	B60.3355 Operations Strategy
B20.3336 Data Mining for Business Intelligence	B60.3357 Service Operations & Strategy

Entrepreneurship

B20.2314 Managing the Digital Firm	B60.2306 Supply Chain Management
B20.3136 Search & the New Economy	B60.2360 Operations in Real Estate Development
B20.3155 Global Outsourcing Strategy	B60.3335 Operations for Global Entrepreneurs
B20.3358 E-Commerce: Management in Digital Markets	B60.3355 Operations Strategy
B20.3362 Emerging Technologies & Business Innovation	B60.3357 Service Operations & Strategy

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SUPPLY CHAIN MANAGEMENT & GLOBAL SOURCING

Several factors have made crafting a supply chain and sourcing strategy the central focus for firms. These include the rapid changes in consumer demand for products and services, the globalization of the economy and the availability of advanced planning and communication tools for coordinating the activities of supply chain participants. Outsourcing and offshoring of services such as IT, finance and accounting, human resources, medical transcription, and even R&D are expected to continue to grow exponentially in the next decade.

The function of supply chain management is to optimally design and manage the flows of funds, material and information to implement a firm’s business strategy. Supply chain decisions have a direct impact on the revenue side because they affect both market penetration as well as customer service. On the cost side, logistics account for 20-25% of a typical firm's total cost. Global sourcing affects both sides of the equation. It lowers costs through access to inexpensive resources and increases revenue by increasing responsiveness through the creation of supply options. In addition, global sourcing brings to the forefront the issues of supply chain management not only in manufacturing, but also in services.

The purpose of a specialization in Supply Chain Management and Global Sourcing is primarily to give students the ability to develop supply chain and sourcing strategies. Second, the student becomes acquainted with the global trends in this area as well as the innovative strategies and solutions crafted by leading players. Finally, students obtain skills and tools for designing and managing supply chain operations, for coordinating activities of buyers and sellers, evaluating the scope for outsourcing, crafting performance metrics for service systems, IT system design and implementation, supplier relationship management, etc.

This specialization is of direct interest to students that wish to pursue a career in any type of management consulting, managing information systems, product management, and supply chain management. In addition, students that wish to pursue a career in human resources management, sales and marketing, investment banking, and other financial services will find a substantial number of courses within this specialization of interest.

REQUIREMENTS:

Select any three courses from the following list:

B20.2120 Customer Relationship Management Systems	B60.2320 IT in Supply Chains
B20.3136 Search & the New Economy	B60.2330 Retail Operations
B20.3138 Digital Marketing & E-Commerce	B60.2350 Decision Models
B20.3155 Global Outsourcing Strategy (1.5 credits)	B60.2365 Operational Risk
B20.3156 Online Privacy	B60.3335 Operations for Global Entrepreneurs
B20.3336 Data Mining & Business Intelligence	B60.3355 Operations Strategy
B20.3338 E-Commerce: Managing in Digital Markets	B60.3357 Service Operations & Strategy
B20.3355 Global Outsourcing Strategy (3 credits)	B65.2340 Multinational Business Management
B20.3356 Business Process Design & Implementation	B70.2345 Building & Managing Customer Relations
B20.3362 Emerging Technologies & Business Innovation	B70.2353 Pricing Strategies
B40.3162 Financial E-Commerce	B70.2385 International Marketing
B60.2306 Supply Chain Management	B90.2301 Regression & Multivariate Data Analysis

It is highly recommended that a student with little background in the subject should select one course related to sourcing, one to supply chain operations or strategy, and one to distribution or customer relationship management or marketing. These correspond to the source, make & move, and sell aspects of supply chain management.

CAREER PATH RECOMMENDATIONS:

B20.2120 Customer Relationship Management Systems	B60.2330 Retail Operations
B20.3138 Digital Marketing & E-Commerce	B60.2350 Decision Models
B20.3155 Global Outsourcing Strategy (1.5 credits)	B60.2365 Operational Risk
B20.3355 Global Outsourcing Strategy (3 credits)	B60.3335 Operations for Global Entrepreneurs
B60.2306 Supply Chain Management	B60.3355 Operations Strategy
B60.2320 IT in Supply Chains

Consulting

B20.3136 Search & the New Economy	B60.2310 Managing for Quality
B20.3147 IT Strategies	B60.2350 Decision Models
B20.3155 Global Outsourcing Strategy	B60.2365 Operational Risk
B20.3355 Global Outsourcing Strategy	B60.3335 Operations for Global Entrepreneurs
B60.2306 Supply Chain Management	B90.2301 Regression & Multivariate Data Analysis
B60.2307 Operations Consulting

Product Management

B20.3155 Global Outsourcing Strategy	B60.2320 IT in Supply Chains
B20.3322 Design & Development of Web-Based Systems	B60.2330 Retail Operations
B20.3336 Data Mining for Business Intelligence	B60.2350 Decision Models
B20.3355 Global Outsourcing Strategy	B60.2365 Operational Risk
B60.2306 Supply Chain Management	B60.3355 Operations Strategy

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FINANCIAL SYSTEMS AND ANALYTICS

As financial markets become more electronic and more liquid, a higher degree of knowledge about systems and analytics is required in order to compete. Modern financial markets function as a network of systems and information flows. Understanding how these work is becoming increasingly important for careers in virtually all areas of Finance including investment banking, sales and trading, asset management, and administration. The financial industry is a major employer in New York City and of significant interest to Stern students. This specialization covers areas useful for careers in trading, hedge funds, risk management, and IT and operations.

Courses in this specialization are of two types. The first are breadth courses that describe how various financial markets work and the kinds of systems, processes and people required for managing financial businesses. The second are depth courses that provide tools and decision making skills geared towards trading, risk management, or the management of IT and operations in a financial services company. Specifically, they provide skills that include building investment strategies, analyzing them, understanding how to compare different types of strategies or portfolio managers, how to calculate risk and know when to use various risk models, and so on.

The purpose of a specialization in Financial Systems and Analytics is primarily to give students the ability to function effectively in the financial services industry by providing skills they need on the job from day one. Second, and more broadly, the purpose is to complement specializations in Finance by providing an understanding of how financial markets are continually disintermediated by information technologies, and the consequences of this phenomenon. The specialization should be particularly useful to those seeking careers in any industry where information technologies and data play a key role in managing risk. Examples include trading, risk management, sales, analysts, management of IT and operations, payment systems, etc. The specialization should also be useful to those interested in careers in the growing hedge fund industry and in consulting.

REQUIREMENTS:

Select any three courses from the following list:

B10.3304 Modeling Financial Statements	B60.2350 Decision Models
B10.4310 Analytical Models in Accounting	B60.2360 Operations in Real Estate Development
B20.2350 Trading Strategies & Systems	B90.2301 Regression & Multivariate Analysis
B20.3336 Data Mining for Business Intelligence	B90.2302 Forecasting of Time Series Data
B20.3350 Financial Information Systems	B90.2308 Applied Stochastic Processes for Financial Models
B20.3351 Risk Management Systems	B90.2309 Mathematics of Investment
B40.3312 Risk Management in Financial Institutions	B90.3301 Introduction to the Theory of Probability
B40.3349 Equity Market Trading & Structure	B90.3302 Statistical Inference & Regression Analysis
B55.2310 Managing Financial Businesses	B90.3306 Time Series Analysis
B60.2315 Operations in Financial Services	B90.3321 Stochastic Processes I

CAREER PATH RECOMMENDATIONS:

Hedge Funds, Sales & Trading, Risk Management

B20.2350 Trading Strategies & Systems	B90.2301 Regression & Multivariate Analysis
B20.3350 Financial Information Systems	B90.2302 Forecasting of Time Series Data
B20.3351 Risk Management Systems	B90.2308 Applied Stochastic Processes for Financial Models
B55.2310 Managing Financial Businesses	B90.2309 Mathematics of Investment
B60.2350 Decision Models	B90.3306 Time Series Analysis

Strategy & Administration

B20.3350 Financial Information Systems	B55.2310 Managing Financial Businesses
B20.3351 Risk Management Systems	B60.2360 Operations in Real Estate Development

B20.2350 Trading Strategies & Systems	B60.2360 Operations in Real Estate Development
B20.3350 Financial Information Systems	B60.3360 Operations in Financial Services
B20.3351 Risk Management Systems

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