We now live in the age of data. Through the use of computers, cell phones and other smart devices, we generate enormous amounts of data that companies can use to better understand their customers, track their products, more effectively utilize resources and increase productivity and the bottom line. In this module, you will learn how some of the world’s leading companies have leveraged business analytics to turn data into insights for better decision making and create a data-driven culture that leads to superior strategic, tactical and operational decisions.
Prescriptive analytics differs from descriptive and predictive analytics in that prescriptive models yield a course of action to follow. That is, the output from a prescriptive model is a plan for management to follow. Applications in business including production planning, location analysis, supply chain design, transportation, marketing/product design and financial portfolio analysis will be discussed. This module will include hands-on experience using open-source software (Open Solver) in Microsoft Excel, R for Optimization, and AMPL – algebraic modeling system.