Making an impact at your organisation

23 March 2018 11:49

Each year our master students from Management Science embark on analytics projects in collaboration with industry partners. It is an excellent and economical opportunity to tackle difficult analytic questions within your organisation.

Get fresh eyes looking at your problem

Depending on the project we typically allocate one to two students for each project all of whom are equipped with the latest cutting-edge knowledge from the classroom. Under the supervision of an experienced academic, the student will systematically analyse your chosen problem and provide applicable solutions. Examples include benchmarking current forecasting practices but also the development and implementation of new methods: last year marketing analytics has been used effectively to understand and forecast promotions. Take a look at a list of recent topics.

What can be the impact?

A recent student project by Dmitrii Ishutin was concerned with energy forecasting at Business Energy Solution (BES). The knowledge about future energy demand from the consumer is a vital task for an energy provider to provide sufficient energy but also to prevent any expenses on over- or under-production. Dmitrii developed a statistical predictive model to produce a 5-week-ahead forecast. The challenge was to model the multiple seasonality present at high-frequency. The achieved 93% accuracy rate was higher than the set target of 90%, leading to significant cost savings at BES. The manager at BES was very pleased with the result stating that “Business Energy Solutions saw a real practical benefit in Dmitrii’s demand forecasting model as it could help to reduce day-to-day trading costs, which was a primary objective of the whole project”. Dimitrii recently published a report about his project at BES in the OR Society Impact Magazine which you can read here.

Source for recruiting

It is not uncommon that the Master project can lead to subsequent employment of the student. The projects offer a good opportunity to seek for new talents and observe their skills in action. Dmitrii for example now works at BES where he continued to refine the initial model achieving another 3% accuracy gain (read his story).

What do you need to do?

If you are interested in discussing the option of running a Forecasting or Marketing Analytics related project, please do get in touch with our Business Engagement Manager Georgie Watson . Further details about the project and time frame are available in our flyer.

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