Optimization for Decision Making
About this Course
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.Created by: University of Minnesota

Related Online Courses
This is a self-paced lab that takes place in the Google Cloud console. This lab demonstrates some of the security concerns of a default GKE cluster configuration and the corresponding hardening... more
In this specialization you will learn how to create societal impact through Social Entrepreneurship. Social Entrepreneurship describes the discovery and sustainable exploitation of opportunities to... more
Embark on an engaging journey to master the art of AI-driven video storytelling with Lumen5. In this immersive project, you will delve into the innovative world of Lumen5, learning how to harness... more
Embark on a comprehensive Node.js development journey with this course. Starting with the fundamentals, you will establish a solid foundation by mastering Node.js installation and utilizing Visual... more
With the increasing adoption of remote and hybrid work, effective communication in a corporate setting has become more critical than ever. This Corporate Communication specialization is designed to... more