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Advanced Models for Decision Making
  • Level Foundation
  • Duration 14 hours
  • Course by University of Minnesota
  • Offered by

About

Business analysts need to be able to prescribe optimal solution to problems. But analytics courses are often focused on training students in data analysis and visualization, not so much in helping them figure out how to take the available data and pair that with the right mathematical model to formulate a solution. This course is designed to connect data and models to real world decision-making scenarios in manufacturing, supply chain, finance, human resource management, etc. In particular, we understand how linear optimization - a prescriptive analytics method - can be used to formulate decision problems and provide data-based optimal solutions. Throughout this course we will work on applied problems in different industries, such as: (a) Finance Decisions: How should an investment manager create an optimal portfolio that maximizes net returns while not taking too much risks across various investments? (b) Production Decisions: Given projected demand, supply of raw materials, and transportation costs, what would be the optimal volume of products to manufacture at different plant locations? (c) HR Decisions: How many workers need to be hired or terminated over a planning horizon to minimize cost while meeting operational needs of a company? (c) Manufacturing: What would be the profit maximizing product mix that should be produced, given the raw material availability and customer demand? We will learn how to formulate these problems as mathematical models and solve them using Excel spreadsheet.

Modules

"Advanced Models for Decision Making" Course Introduction

    • 3 Videos
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3 Videos

  • "Analytics for Decision Making" Specialization Overview
  • Meet Your Instructor: Soumya Sen
  • "Advanced Optimization for Decision Making" Course Overview

Module 1 Lesson 1: An Investment Problem

    • 6 Videos
    • 1 Readings
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6 Videos

  • Module 1 Overview: LPs for Financial Decisions
  • An Investment Decision Problem
  • Formulating an Investment Optimization Problem
  • Entering the Investment Optimization Problem in Excel
  • Finding the Optimal Investment Strategy
  • Understanding the Impact of Parameter Changes

1 Readings

  • Applications of Linear Optimization

Module 1 Lesson 2: A Multi-Period Financial Problem

    • 5 Videos
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5 Videos

  • A Multi-Period Cash Flow Decision Problem
  • Formulating a Cash Flow Optimization Problem Part 1
  • Formulating a Cash Flow Optimization Problem Part 2
  • Entering the Cash Flow Optimization Problem in Excel
  • Finding the Optimal Cash Flow

Module 1 Exercises

    • 2 Assignment
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2 Assignment

  • Module 1 Practice Exercise: Banking Investments Decision
  • Module 1 Graded Exercise: Banking Loan Decision

Module 2 Lesson 1: A Transportation Problem

    • 6 Videos
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6 Videos

  • Module 2 Overview: LP for Supply Chain Decisions
  • A Transportation Decision Problem
  • Formulating a Transportation Problem Part 1
  • Formulating a Transportation Problem Part 2
  • Entering the Transportation Problem in Excel
  • Solving the Transportation Problem

Module 2 Lesson 2: A Production & Inventory Planning Problem

    • 4 Videos
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4 Videos

  • Model for Production and Inventory Decision Problem
  • Formulating an Inventory Planning Problem Part 1
  • Formulating an Inventory Planning Part 2
  • Entering the Inventory Planning in Excel

Module 2 Exercises

    • 2 Assignment
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2 Assignment

  • Module 2 Practice Exercise: Army Transportation Decision
  • Module 2 Graded Exercise: A Car Manufacturing Decision

Module 3 Lesson 1: A Staffing Scheduling Problem

    • 7 Videos
    • 1 Readings
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7 Videos

  • Module 3 Overview: LP for Staffing Decisions
  • The Model Setup for Staffing Decision Problem
  • Formulating a Staffing Decision Problem Part 1
  • Formulating a Staffing Decision Problem Part 2
  • Entering the Problem in Excel
  • Solving the Staffing Decision Problem in Excel
  • Solving the Inventory Planning Problem

1 Readings

  • Why Prescriptive Analytics and Decision optimization are Crucial (IBM)

Module 3 Lesson 2: Office Assignment Decision Problem

    • 4 Videos
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4 Videos

  • The Model Setup for Office Assignment Decisions
  • Formulating the Office Assignment Decision Problem
  • Entering the Office Assignment Problem in Excel
  • Solving the Office Assignment Decision Problem

Module 3 Exercises

    • 2 Assignment
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2 Assignment

  • Module 3 Practice Exercise: An Amusement Park Staffing Decision
  • Module 3 Graded Exercise: An Airline Pilot Staffing Decision

Module 4 Lesson 1: A Product Mix Problem

    • 5 Videos
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5 Videos

  • Module 4 Overview: LP for Production Decisions
  • The Model Setup for a Product Mix Problem
  • Formulating a Product Mix Optimization Problem
  • Setting up the Product Mix problem in Excel
  • Solving the Product Mix Optimization Problem

Module 4 Lesson 2: A Blending Problem

    • 4 Videos
    • 1 Discussion
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1 Discussions

  • Using Linear Optimization to Improve the Workplace

4 Videos

  • The Model Setup for a Blending Optimization Problem
  • Formulating a Blending Optimization Problem
  • Setting Up the Blending Decision Problem in Excel
  • Solving the Blending Optimization Problem

Module 4 Exercises

    • 1 Videos
    • 1 Readings
    • 2 Assignment
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2 Assignment

  • Module 4 Practice Exercise: A Pharmaceutical Company's Decision
  • Module 4 Graded Exercise: Electronics Product Mix Decisions

1 Videos

  • Congratulations on Finishing the "Advanced Models for Decision Making" Course

1 Readings

  • Analytics Trends 2021 and Beyond

OPTIONAL Lesson: Master of Science in Business Analytics (MSBA) Program

    • 1 Videos
    • 2 Readings
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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

"Advanced Models for Decision Making" focuses on using linear optimization to solve real-world problems across various industries, including finance, manufacturing, supply chain, and HR. This data science and AI course, instructed by experts on Coursera, spans 840 minutes and is ideal for business analysts seeking to enhance their decision-making skills. Available through Starter and Professional subscriptions, it provides practical insights and hands-on experience with Excel spreadsheet solutions.

Soumya Sen
Instructor

Soumya Sen