UMN - Optimization for Decision Making
- Offered byCoursera
Optimization 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 |
Optimization for Decision Making at Coursera Highlights
- Shareable Certificate Earn a Certificate upon completion
- 100% online Start instantly and learn at your own schedule.
- Course 2 of 4 in the Analytics for Decision Making Specialization
- Flexible deadlines Reset deadlines in accordance to your schedule.
- Beginner Level Familiarity with Excel
- Approx. 14 hours to complete
- English Subtitles: English
Optimization for Decision Making at Coursera Course details
- 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.
Optimization for Decision Making at Coursera Curriculum
Module 1: Introduction to Linear Programming
"Analytics for Decision Making" Specialization Overview
"Optimization for Decision Making" Course Overview
Meet Your Instructor: Soumya Sen
Module 1 Overview: An Introduction to Linear Programming
Modeling Approaches to Decision Making
Applications of Optimization ? Part 1
Applications of Optimization ? Part 2
How to Setup a Linear Optimization Problem
Oak Barrel Brewery: An Example Linear Program Problem
Luxury Sofas Problem: A Practice Exercise
Solution to the Luxury Sofas Practice Problem
Read this article on Optimization in Prescriptive Analytics
Module 1 Practice Exercise
Module 1 Graded Exercise
Module 2: Solving Linear Programs
Module 2 Overview
Solving Linear Optimization Problems - Part 1a
Solving Linear Optimization Problems - Part 1b
Solving Linear Optimization Problems - Part 2
Solving Linear Optimization Problems - Part 3
Example Problem: How Many Items of Two Products Should a Manufacturer Produce? (Part 1)
Example Problem: How to Plot the Feasible Region of the Problem (Part 2)
Example Problem: Finding the Optimal Solution for the Problem (Part 3)
Module 2 Practice Exercise: A Retail Butcher Shop
Module 2 Graded Exercise: Giapetto's Woodcarving Company
Module 3: Alternative Specifications & Special Cases in Linear Optimization
Module 3 Overview: Alternative Specifications and Shadow Prices
Impact of Changes to Model Parameters - Part 1
Impact of Changes to Model Parameters - Part 2
What to Do When There are Multiple Optimal Solutions
Redundant Constraints
Unbounded Solutions
Infeasible Solution
Module 3 Practice Exercise: An Automobile Manufacturer
Module 3 Graded Exercise: Dorian Auto Manufacturer
Module 4: Modeling & Solving Linear Problems in Excel
Module 4 Overview: Modeling & Solving Linear Problems in Excel
Introduction to Spreadsheet Solvers
Steps in Implementing an LP Model in Excel
Organizing LP model data in Excel
Optimal Solution with Excel Solver - Example 1
Optimal Solution with Excel Solver - Example 2
Optimal Solution with Excel Solver - Example 2 Solution
Case Exercise: "Make vs. Buy" Decision (A Computer Gaming Company)
Make vs. Buy Decision: LP Formulation
Make vs. Buy Decision: Excel Solution Part 1 (Set Up the Problem)
Make vs. Buy Decision: Excel Solution Part 2 (Using Excel Solver)
Congratulations on Finishing the "Optimization for Decision Making" Course
Carlson School of Management: Master of Science Program in Business Analytics (MSBA)
Carlson School of Management: MSBA Program Website
Management Information Systems (MIS) Research Center
Module 4 Practice Exercise: Calmetal, a Manufacturing Firm Example
Module 4 Graded Exercise: A Medical Device Example
Optimization for Decision Making at Coursera Admission Process
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