Monthly Subscription Starting at AED 99 + VAT
- Level Foundation
- المدة 14 ساعات hours
- الطبع بواسطة University of Minnesota
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Offered by
عن
In this data-driven world, companies are often interested in knowing what is the "best" course of action, given the data. For example, manufacturers need to decide how many units of a product to produce given the estimated demand and raw material availability? Should they make all the products in-house or buy some from a third-party to meet the demand? Prescriptive Analytics is the branch of analytics that can provide answers to these questions. It is used for prescribing data-based decisions. The most important method in the prescriptive analytics toolbox is optimization. This course will introduce students to the basic principles of linear optimization for decision-making. Using practical examples, this course teaches how to convert a problem scenario into a mathematical model that can be solved to get the best business outcome. We will learn to identify decision variables, objective function, and constraints of a problem, and use them to formulate and solve an optimization problem using Excel solver and spreadsheet.الوحدات
Course Introduction
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3
Videos
3
Videos
- "Analytics for Decision Making" Specialization Overview
- "Optimization for Decision Making" Course Overview
- Meet Your Instructor: Soumya Sen
Module 1 Lesson 1: Optimization in Decision-Making Contexts
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4
Videos
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1
Readings
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1
Discussion
1
Discussions
- What are some problems you could reformulate into optimization problems?
4
Videos
- Module 1 Overview: An Introduction to Linear Programming
- Modeling Approaches to Decision Making
- Applications of Optimization – Part 1
- Applications of Optimization – Part 2
1
Readings
- Read this article on Optimization in Prescriptive Analytics
Module 1 Lesson 2: Optimization Formulation
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2
Videos
2
Videos
- How to Setup a Linear Optimization Problem
- Oak Barrel Brewery: An Example Linear Program Problem
Module 1 Lesson 3: A Linear Programming Exercise
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2
Videos
2
Videos
- Luxury Sofas Problem: A Practice Exercise
- Solution to the Luxury Sofas Practice Problem
Module 1 Wrap Up
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2
Assignment
2
Assignment
- Module 1 Practice Exercise
- Module 1 Graded Exercise
Module 2 Lesson 1: Graphical Methods for Optimization Solution
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5
Videos
5
Videos
- Module 2 Overview
- Solving Linear Optimization Problems - Part 1a
- Solving Linear Optimization Problems - Part 1b
- Solving Linear Optimization Problems - Part 2
- Solving Linear Optimization Problems - Part 3
Module 2 Lesson 2: Sample Problem - Solving a Production Optimization Problem
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3
Videos
3
Videos
- Example Problem: How Many Items of Two Products Should a Manufacturer Produce? (Part 1)
- Example Problem: How to Plot the Feasible Region of the Problem (Part 2)
- Example Problem: Finding the Optimal Solution for the Problem (Part 3)
Module 2 Wrap Up
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2
Assignment
2
Assignment
- Module 2 Practice Exercise: A Retail Butcher Shop
- Module 2 Graded Exercise: Giapetto's Woodcarving Company
Lesson 1: Alternative Specifications and Shadow Prices
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4
Videos
4
Videos
- Module 3 Overview: Alternative Specifications and Shadow Prices
- Impact of Changes to Model Parameters - Part 1
- Impact of Changes to Model Parameters - Part 2
- What to Do When There are Multiple Optimal Solutions
Lesson 2: Special Conditions in LP Models
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3
Videos
3
Videos
- Redundant Constraints
- Unbounded Solutions
- Infeasible Solution
Module 3 Wrap Up
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2
Assignment
2
Assignment
- Module 3 Practice Exercise: An Automobile Manufacturer
- Module 3 Graded Exercise: Dorian Auto Manufacturer
Lesson 1: Solving Optimization in Excel
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4
Videos
4
Videos
- Module 4 Overview: Modeling & Solving Linear Problems in Excel
- Introduction to Spreadsheet Solvers
- Steps in Implementing an LP Model in Excel
- Organizing LP model data in Excel
Lesson 2: Example Solutions with Excel Solver
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3
Videos
3
Videos
- Optimal Solution with Excel Solver - Example 1
- Optimal Solution with Excel Solver - Example 2
- Optimal Solution with Excel Solver - Example 2 Solution
Lesson 3: A Computer Gaming Company's "Make Versus Buy" Decision Problem Case Example
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4
Videos
4
Videos
- Case Exercise: "Make vs. Buy" Decision (A Computer Gaming Company)
- Make vs. Buy Decision: LP Formulation
- Make vs. Buy Decision: Excel Solution Part 1 (Set Up the Problem)
- Make vs. Buy Decision: Excel Solution Part 2 (Using Excel Solver)
Module 4 Wrap Up
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1
Videos
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2
Assignment
2
Assignment
- Module 4 Practice Exercise: Calmetal, a Manufacturing Firm Example
- Module 4 Graded Exercise: A Medical Device Example
1
Videos
- Congratulations on Finishing the "Optimization for Decision Making" Course
OPTIONAL Lesson: Master of Science in Business Analytics (MSBA) Program
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1
Videos
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2
Readings
1
Videos
- Carlson School of Management: Master of Science Program in Business Analytics (MSBA)
2
Readings
- Carlson School of Management: MSBA Program Website
- Management Information Systems (MIS) Research Center
Auto Summary
Unlock the power of data-driven decision-making with "Optimization for Decision Making." This foundational course in Data Science & AI, led by Coursera, dives into the essentials of linear optimization for prescriptive analytics. Ideal for beginners, it teaches how to model and solve real-world business problems using Excel solver and spreadsheets. With a focus on practical examples, learners will master identifying decision variables, objective functions, and constraints. The course spans 840 minutes and is available under the Starter subscription. Perfect for aspiring data scientists and business analysts aiming to enhance their decision-making skills.
Soumya Sen