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 specialized program delves into the intricacies of supply chain and operations, covering topics such as logistics management, inventory control, and process optimization. Learners can expect... more
This specialization was developed for engineering students to self-study engineering mathematics. We expect students to already be familiar with single variable calculus and computer programming.... more
View the Specialization trailer: corporate decisions need cost accounting information. When you know the costs of your products, you will make better pricing decisions and you can better choose... more
Are you interested in learning how digital transformation is driving the financial sector in Latin America and the Caribbean? This course will help you identify challenges and opportunities that... more
This course is an introduction to the Java programming language and the concepts of object-oriented design. It not only covers the fundamentals of programming in Java, but it also brings in the... more

CONTINUE SEARCH

FOLLOW COLLEGE PARENT CENTRAL