Business Analytics for Decision Making

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Business Analytics for Decision Making

Coursera (CC)
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Description

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  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: 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 th…

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Didn't find what you were looking for? See also: Decision Making, Web Analytics, Leadership, Persuasion & Influencing, and Retail (Management).

When you enroll for courses through Coursera you get to choose for a paid plan or for a free plan

  • Free plan: No certicification and/or audit only. You will have access to all course materials except graded items.
  • Paid plan: Commit to earning a Certificate—it's a trusted, shareable way to showcase your new skills.

About this course: 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.

Created by:  University of Colorado Boulder
  • Taught by:  Manuel Laguna, Professor

    Leeds School of Business
Basic Info Course 3 of 5 in the Advanced Business Analytics Specialization Commitment 4 weeks of study, 3-4 hours per week Language English How To Pass Pass all graded assignments to complete the course. User Ratings 4.6 stars Average User Rating 4.6See what learners said Coursework

Each course is like an interactive textbook, featuring pre-recorded videos, quizzes and projects.

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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


WEEK 1


Data Exploration and Reduction — Cluster Analysis



7 videos, 1 reading expand


  1. Video: Introduction to the Course
  2. Video: 0. What is Cluster Analysis
  3. Video: 1. Data Reduction and Unsupervised Learning
  4. Video: 2. Preparing Data and Measuring Dissimilarities
  5. Video: 3. Hierarchical and k-Means Clustering
  6. Video: 4. Cluster Analysis with Excel
  7. Video: 5. Cluster Analysis with XLMiner
  8. Reading: Register for Analytic Solver Platform for Education (ASPE)
  9. Discussion Prompt: Week 1 Discussion: Cluster Analysis in Nilsen Analytics Tools

Graded: Week 1 Quiz
Graded: Week 1 Application Assignment - Clustering

WEEK 2


Dealing with Uncertainty and Analyzing Risk



7 videos expand


  1. Video: 0. Risk Analysis and Monte Carlo Simulation
  2. Video: 1. Adding Uncertainty to a Spreadsheet Model
  3. Video: 2. Defining Output Variables and Analyzing the Results
  4. Video: 3. Using Historical Data to Model Uncertainty
  5. Video: 4. Models with Correlated Uncertain Variables
  6. Video: 5. Creating and Interpreting Charts
  7. Video: 6. Using Average Values versus Simulation
  8. Discussion Prompt: Week 2 Discussion: How Betterment Holdings Inc. Used Monte Carlo Simulation

Graded: Week 2 Quiz
Graded: Week 2 Application Assignment - Monte Carlo Simulation

WEEK 3


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


7 videos expand


  1. Video: 0. Optimization and Decision Making
  2. Video: 1. Formulating an Optimization Problem
  3. Video: 2. Developing a Spreadsheet Model
  4. Video: 3. Adding Optimization to a Spreadsheet Model
  5. Video: 4. What-if Analysis and the Sensitivity Report
  6. Video: 5. Evaluating Scenarios and Visualizing Results to Gain Practical Insights
  7. Video: 6. Digital Marketing Application of Optimization
  8. Discussion Prompt: Week 3 Discussion: How Amazon Uses Optimization for Its Supply Chain

Graded: Week 3 Quiz
Graded: Week 3 Application Assignment - Linear Optimization

WEEK 4


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


6 videos expand


  1. Video: 0. Advanced Models for Better Decisions
  2. Video: 1. Business Problems with Yes/No Decisions
  3. Video: 2. Formulation and Solution of Binary Optimization Problems
  4. Video: 3. Metaheuristic Optimization
  5. Video: 4. Chance Constraints and Value At Risk
  6. Video: 5. Simulation Optimization
  7. Discussion Prompt: Week 4 Discussion: How Uber Optimized Its Dispatch System

Graded: Week 4 Quiz
Graded: Week 4 Application Assignment - Simulation Optimization
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