Business Analytics for Decision Making
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Business Analytics for Decision Making
This course is part of Advanced Business Analytics Specialization
Instructor: Manuel Laguna
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1,901 reviews
What you'll learn
Describe the significance of optimization in identifying optimal solutions for complex business problems
Implement optimization techniques to identify the best possible course of action among multiple alternatives
Judge the appropriateness of optimization techniques in finding optimal solutions for practical business challenges
Skills you'll gain
- Business Analytics
- Decision Support Systems
- Strategic Decision-Making
- Risk Analysis
- Analytics
- Data-Driven Decision-Making
- Unsupervised Learning
- Risk Modeling
- Excel Formulas
- Model Optimization
- Simulation and Simulation Software
- Market Analysis
- Data Analysis Software
- Decision Making
- Data Analysis
- Predictive Analytics
- Operations Research
- Business Risk Management
- Decision Intelligence
- Process Optimization
Details to know
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There are 4 modules in 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.
What's included
7 videos2 readings2 assignments1 discussion prompt
7 videos•Total 53 minutes
- Introduction to the Course•3 minutes
- 0. What is Cluster Analysis•8 minutes
- 1. Data Reduction and Unsupervised Learning•8 minutes
- 2. Preparing Data and Measuring Dissimilarities•9 minutes
- 3. Hierarchical and k-Means Clustering•7 minutes
- 4. Cluster Analysis with Excel•8 minutes
- 5. Cluster Analysis with XLMiner•10 minutes
2 readings•Total 11 minutes
- Course Updates and Accessibility Support•1 minute
- Register for Analytic Solver Platform for Education (ASPE)•10 minutes
2 assignments•Total 60 minutes
- Week 1 Quiz•30 minutes
- Week 1 Application Assignment - Clustering•30 minutes
1 discussion prompt•Total 20 minutes
- Week 1 Discussion: Cluster Analysis in Nilsen Analytics Tools•20 minutes
What's included
7 videos2 assignments1 discussion prompt
7 videos•Total 52 minutes
- 0. Risk Analysis and Monte Carlo Simulation•8 minutes
- 1. Adding Uncertainty to a Spreadsheet Model•9 minutes
- 2. Defining Output Variables and Analyzing the Results•8 minutes
- 3. Using Historical Data to Model Uncertainty•8 minutes
- 4. Models with Correlated Uncertain Variables•6 minutes
- 5. Creating and Interpreting Charts•8 minutes
- 6. Using Average Values versus Simulation•5 minutes
2 assignments•Total 60 minutes
- Week 2 Quiz•30 minutes
- Week 2 Application Assignment - Monte Carlo Simulation•30 minutes
1 discussion prompt•Total 10 minutes
- Week 2 Discussion: How Betterment Holdings Inc. Used Monte Carlo Simulation•10 minutes
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
What's included
7 videos2 assignments1 discussion prompt
7 videos•Total 54 minutes
- 0. Optimization and Decision Making•6 minutes
- 1. Formulating an Optimization Problem•8 minutes
- 2. Developing a Spreadsheet Model•8 minutes
- 3. Adding Optimization to a Spreadsheet Model•6 minutes
- 4. What-if Analysis and the Sensitivity Report•9 minutes
- 5. Evaluating Scenarios and Visualizing Results to Gain Practical Insights•9 minutes
- 6. Digital Marketing Application of Optimization•8 minutes
2 assignments•Total 75 minutes
- Week 3 Quiz•30 minutes
- Week 3 Application Assignment - Linear Optimization•45 minutes
1 discussion prompt•Total 10 minutes
- Week 3 Discussion: How Amazon Uses Optimization for Its Supply Chain•10 minutes
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
What's included
6 videos2 assignments1 discussion prompt
6 videos•Total 39 minutes
- 0. Advanced Models for Better Decisions•4 minutes
- 1. Business Problems with Yes/No Decisions•6 minutes
- 2. Formulation and Solution of Binary Optimization Problems•8 minutes
- 3. Metaheuristic Optimization•8 minutes
- 4. Chance Constraints and Value At Risk•7 minutes
- 5. Simulation Optimization•6 minutes
2 assignments•Total 75 minutes
- Week 4 Quiz•30 minutes
- Week 4 Application Assignment - Simulation Optimization•45 minutes
1 discussion prompt•Total 10 minutes
- Week 4 Discussion: How Uber Optimized Its Dispatch System•10 minutes
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Reviewed on Sep 8, 2020
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!
Reviewed on May 30, 2020
This course is really helpful if you want to apply statistics learnt in college to real word examples. Making data models using excel was really a learning experience.
Reviewed on May 27, 2020
I would like to recommend this course to the business analyst aspirants. It is really intriguing and helps to develop analytical skills. The examples and assignments are perfect to train a beginner.
Frequently asked questions
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When you enroll in the course, you get access to all of the courses in the Specialization, and you earn a certificate when you complete the work. Your electronic Certificate will be added to your Accomplishments page - from there, you can print your Certificate or add it to your LinkedIn profile.
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