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 |
Syllabus
WEEK 1
Data Exploration and Reduction — Cluster Analysis
7 videos, 1 reading
- Video: Introduction to the Course
- Video: 0. What is Cluster Analysis
- Video: 1. Data Reduction and Unsupervised Learning
- Video: 2. Preparing Data and Measuring Dissimilarities
- Video: 3. Hierarchical and k-Means Clustering
- Video: 4. Cluster Analysis with Excel
- Video: 5. Cluster Analysis with XLMiner
- Reading: Register for Analytic Solver Platform for Education (ASPE)
- 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
- Video: 0. Risk Analysis and Monte Carlo Simulation
- Video: 1. Adding Uncertainty to a Spreadsheet Model
- Video: 2. Defining Output Variables and Analyzing the Results
- Video: 3. Using Historical Data to Model Uncertainty
- Video: 4. Models with Correlated Uncertain Variables
- Video: 5. Creating and Interpreting Charts
- Video: 6. Using Average Values versus Simulation
- 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
- Video: 0. Optimization and Decision Making
- Video: 1. Formulating an Optimization Problem
- Video: 2. Developing a Spreadsheet Model
- Video: 3. Adding Optimization to a Spreadsheet Model
- Video: 4. What-if Analysis and the Sensitivity Report
- Video: 5. Evaluating Scenarios and Visualizing Results to Gain Practical Insights
- Video: 6. Digital Marketing Application of Optimization
- 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
- Video: 0. Advanced Models for Better Decisions
- Video: 1. Business Problems with Yes/No Decisions
- Video: 2. Formulation and Solution of Binary Optimization Problems
- Video: 3. Metaheuristic Optimization
- Video: 4. Chance Constraints and Value At Risk
- Video: 5. Simulation Optimization
- 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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University of Colorado Boulder
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Pricing
| Audit | Purchase Course | |
|---|---|---|
| Access to course materials | Available | Available |
| Access to graded materials | Not available | Available |
| Receive a final grade | Not available | Available |
| Earn a shareable Course Certificate | Not available | Available |
Ratings and Reviews
I liked the way professor organized the course. Concept and example were clearly illustrated.
Really beneficial!
The instructor is great. However, I would like to know the solutions for the exam. I sometimes pass the exam but struggle with certain questions but had no clue how to resolve it.
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MA
A good course, with introduction to advance techniques for business decisions.