UMN - Advanced Models for Decision Making
- Offered byCoursera
Advanced Models for Decision Making at Coursera Overview
Duration | 14 hours |
Start from | Start Now |
Total fee | Free |
Mode of learning | Online |
Difficulty level | Beginner |
Official Website | Explore Free Course  |
Credential | Certificate |
Advanced Models for Decision Making at Coursera Highlights
- Shareable Certificate Earn a Certificate upon completion
- 100% online Start instantly and learn at your own schedule.
- Course 3 of 4 in the Analytics for Decision Making Specialization
- Flexible deadlines Reset deadlines in accordance to your schedule.
- Beginner Level Familiarity with Excel spreadsheets
- Approx. 14 hours to complete
- English Subtitles: English
Advanced Models for Decision Making at Coursera Course details
- Business analysts need to be able to prescribe optimal solution to problems. But analytics courses are often focused on training students in data analysis and visualization, not so much in helping them figure out how to take the available data and pair that with the right mathematical model to formulate a solution. This course is designed to connect data and models to real world decision-making scenarios in manufacturing, supply chain, finance, human resource management, etc. In particular, we understand how linear optimization - a prescriptive analytics method - can be used to formulate decision problems and provide data-based optimal solutions. Throughout this course we will work on applied problems in different industries, such as:
- (a) Finance Decisions: How should an investment manager create an optimal portfolio that maximizes net returns while not taking too much risks across various investments?
- (b) Production Decisions: Given projected demand, supply of raw materials, and transportation costs, what would be the optimal volume of products to manufacture at different plant locations?
- (c) HR Decisions: How many workers need to be hired or terminated over a planning horizon to minimize cost while meeting operational needs of a company?
- (c) Manufacturing: What would be the profit maximizing product mix that should be produced, given the raw material availability and customer demand?
- We will learn how to formulate these problems as mathematical models and solve them using Excel spreadsheet.
Advanced Models for Decision Making at Coursera Curriculum
Module 1: LPs for Financial Decisions
"Analytics for Decision Making" Specialization Overview
Meet Your Instructor: Soumya Sen
"Advanced Optimization for Decision Making" Course Overview
Module 1 Overview: LPs for Financial Decisions
An Investment Decision Problem
Formulating an Investment Optimization Problem
Entering the Investment Optimization Problem in Excel
Finding the Optimal Investment Strategy
Understanding the Impact of Parameter Changes
A Multi-Period Cash Flow Decision Problem
Formulating a Cash Flow Optimization Problem Part 1
Formulating a Cash Flow Optimization Problem Part 2
Entering the Cash Flow Optimization Problem in Excel
Finding the Optimal Cash Flow
Applications of Linear Optimization
Module 1 Practice Exercise: Banking Investments Decision
Module 1 Graded Exercise: Banking Loan Decision
Module 2: LP for Supply Chain Decisions
Module 2 Overview: LP for Supply Chain Decisions
A Transportation Decision Problem
Formulating a Transportation Problem Part 1
Formulating a Transportation Problem Part 2
Entering the Transportation Problem in Excel
Solving the Transportation Problem
Model for Production and Inventory Decision Problem
Formulating an Inventory Planning Problem Part 1
Formulating an Inventory Planning Part 2
Entering the Inventory Planning in Excel
Module 2 Practice Exercise: Army Transportation Decision
Module 2 Graded Exercise: A Car Manufacturing Decision
Module 3: LP for Staffing Decisions
Module 3 Overview: LP for Staffing Decisions
The Model Setup for Staffing Decision Problem
Formulating a Staffing Decision Problem Part 1
Formulating a Staffing Decision Problem Part 2
Entering the Problem in Excel
Solving the Staffing Decision Problem in Excel
Solving the Inventory Planning Problem
The Model Setup for Office Assignment Decisions
Formulating the Office Assignment Decision Problem
Entering the Office Assignment Problem in Excel
Solving the Office Assignment Decision Problem
Why Prescriptive Analytics and Decision optimization are Crucial (IBM)
Module 3 Practice Exercise: An Amusement Park Staffing Decision
Module 3 Graded Exercise: An Airline Pilot Staffing Decision
Module 4: LP for Production Decisions
Module 4 Overview: LP for Production Decisions
The Model Setup for a Product Mix Problem
Formulating a Product Mix Optimization Problem
Setting up the Product Mix problem in Excel
Solving the Product Mix Optimization Problem
The Model Setup for a Blending Optimization Problem
Formulating a Blending Optimization Problem
Setting Up the Blending Decision Problem in Excel
Solving the Blending Optimization Problem
Congratulations on Finishing the "Advanced Models for Decision Making" Course
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Module 4 Practice Exercise: A Pharmaceutical Company's Decision
Module 4 Graded Exercise: Electronics Product Mix Decisions
Advanced Models for Decision Making at Coursera Admission Process
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