In this course you will learn how to create models for decision making. We will start with cluster analysis, a technique for data reduction that is very useful in market segmentation. You will then learn the basics of Monte Carlo simulation that will help you model the uncertainty that is prevalent in many business decisions. A key element of decision making is to identify the best course of action. Since businesses problems often have too many alternative solutions, you will learn how optimization can help you identify the best option. What is really exciting about this course is that you won’t need to know a computer language or advanced statistics to learn about these predictive and prescriptive analytic models. The Analytic Solver Platform and basic knowledge of Excel is all you’ll need. Learners participating in assignments will be able to get free access to the Analytic Solver Platform.
This course is part of the Advanced Business Analytics Specialization
Offered By
Advanced Business Analytics SpecializationUniversity of Colorado BoulderAbout this Course
Could your company benefit from training employees on in-demand skills?
Try Coursera for BusinessSkills you will gain
- Data Analysis
- Simulation
- Business Analytics
- Mathematical Optimization
Could your company benefit from training employees on in-demand skills?
Try Coursera for Business
Offered by
University of Colorado Boulder
CU-Boulder is a dynamic community of scholars and learners on one of the most spectacular college campuses in the country. As one of 34 U.S. public institutions in the prestigious Association of American Universities (AAU), we have a proud tradition of academic excellence, with five Nobel laureates and more than 50 members of prestigious academic academies.
Syllabus - What you will learn from this course
Data Exploration and Reduction — Cluster Analysis
Dealing with Uncertainty and Analyzing Risk
Identifying the Best Options — Optimization
At the end of this module students should be able to: 1. Develop a spreadsheet model for an optimization problem 2. Use Excel to solve optimization models 3. Interpret solutions and conduct what-if analysis
Decision Analytics
At the end of this module students should be able to: 1. Given a business situation, apply an appropriate technique to identify the best solution alternatives 2. Formulate and solve models for business problems that requires yes/no decisions and logical constraints 3. Create models that mix techniques and tools such as simulation and optimizationAnalyze and interpret results to make informed decisions
Reviews
- 5 stars71.11%
- 4 stars21.48%
- 3 stars5.27%
- 2 stars1.26%
- 1 star0.85%
TOP REVIEWS FROM BUSINESS ANALYTICS FOR DECISION MAKING
Learnt how to use the analytic business solver in Excel and apply it to business problems. Learnt other models too along with practical implementations to real world problems. Thank you!
This course provides a brilliant overview of Business Analytics problems. Bit more details about the underlying mathematical techniques used would be helpful.
Thanks to professor Manuel Laguana and also thanks to University Colorado Boulder for arranging this course that's are so helpful to business field in Business Analytics for Decision Making.
Very interesting subject with a good instructor. I'd like to be able to cover the content in more detail, but it was a good introduction to optimization theory.
About the Advanced Business Analytics Specialization
The Advanced Business Analytics Specialization brings together academic professionals and experienced practitioners to share real world data analytics skills you can use to grow your business, increase profits, and create maximum value for your shareholders. Learners gain practical skills in extracting and manipulating data using SQL code, executing statistical methods for descriptive, predictive, and prescriptive analysis, and effectively interpreting and presenting analytic results.
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