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Senthil Veeraraghavan,
Sergei Savin,
and
Noah Gans
This course is designed to impact the way you think about transforming data into better decisions. Recent extraordinary improvements in data-collecting technologies have changed the way firms make informed and effective business decisions. The course on operations analytics, taught by three of Wharton’s leading experts, focuses on how the data can be used to profitably match supply with demand in various business settings. In this course, you will learn how to model future demand uncertainties, how to predict the outcomes of competing policy choices and how to choose the best course of action in the face of risk. The course will introduce frameworks and ideas that provide insights into a spectrum of real-world business challenges, will teach you methods and software available for tackling these challenges quantitatively as well as the issues involved in gathering the relevant data.
Read more
This course is designed to impact the way you think about transforming data into better decisions. Recent extraordinary improvements in data-collecting technologies have changed the way firms make informed and effective business decisions. The course on operations analytics, taught by three of Wharton’s leading experts, focuses on how the data can be used to profitably match supply with demand in various business settings. In this course, you will learn how to model future demand uncertainties, how to predict the outcomes of competing policy choices and how to choose the best course of action in the face of risk. The course will introduce frameworks and ideas that provide insights into a spectrum of real-world business challenges, will teach you methods and software available for tackling these challenges quantitatively as well as the issues involved in gathering the relevant data.
Read more
This course is designed to impact the way you think about transforming data into better decisions. Recent extraordinary improvements in data-collecting technologies have changed the way firms make informed and effective business decisions. The course on operations analytics, taught by three of Wharton’s leading experts, focuses on how the data can be used to profitably match supply with demand in various business settings. In this course, you will learn how to model future demand uncertainties, how to predict the outcomes of competing policy choices and how to choose the best course of action in the face of risk. The course will introduce frameworks and ideas that provide insights into a spectrum of real-world business challenges, will teach you methods and software available for tackling these challenges quantitatively as well as the issues involved in gathering the relevant data.
This course is appropriate for beginners and business professionals with no prior analytics experience.
Register for this course and see more details by visiting:
OpenCourser.com/course/2i4atq/operations
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What's inside
Syllabus
Introduction, Descriptive and Predictive Analytics
In this module you’ll be introduced to the Newsvendor problem, a fundamental operations problem of matching supply with demand in uncertain settings. You'll also cover the foundations of descriptive analytics for operations, learning how to use historical demand data to build forecasts for future demand. Over the week, you’ll be introduced to underlying analytic concepts, such as random variables, descriptive statistics, common forecasting tools, and measures for judging the quality of your forecasts.
Read more
Syllabus
Introduction, Descriptive and Predictive Analytics
In this module you’ll be introduced to the Newsvendor problem, a fundamental operations problem of matching supply with demand in uncertain settings. You'll also cover the foundations of descriptive analytics for operations, learning how to use historical demand data to build forecasts for future demand. Over the week, you’ll be introduced to underlying analytic concepts, such as random variables, descriptive statistics, common forecasting tools, and measures for judging the quality of your forecasts.
Read more
Prescriptive Analytics, Low Uncertainty
In this module, you'll learn how to identify the best decisions in settings with low uncertainty by building optimization models and applying them to specific business challenges. During the week, you’ll use algebraic formulations to concisely express optimization problems, look at how algebraic models should be converted into a spreadsheet format, and learn how to use spreadsheet Solvers as tools for identifying the best course of action.
Predictive Analytics, Risk
How can you evaluate and compare decisions when their impact is uncertain? In this module you will learn how to build and interpret simulation models that can help you to evaluate complex business decisions in uncertain settings. During the week, you will be introduced to some common measures of risk and reward, you’ll use simulation to estimate these quantities, and you’ll learn how to interpret and visualize your simulation results.
Prescriptive Analytics, High Uncertainty
This module introduces decision trees, a useful tool for evaluating decisions made under uncertainty. Using a concrete example, you'll learn how optimization, simulation, and decision trees can be used together to solve more complex business problems with high degrees of uncertainty. You'll also discover how the Newsvendor problem introduced in Week 1 can be solved with the simulation and optimization framework introduced in Weeks 2 and 3.
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Covers a multi-disciplinary approach to business analytics that students in business will find highly relevant
Taught by instructors who lead Wharton, one of the top business schools in the world
Develops skills and concepts that build the foundation for more advanced analytic courses
Requires students to purchase software that they may already have access to, but this is not explicitly stated
Involves extensive use of Excel, which may be limiting for students looking to do large-scale analysis
Assumes students have some prior knowledge of analytics, which may be a barrier for complete beginners
Does not cover the latest version of Excel, which may not align perfectly with industry demands
Save this course
Save Operations Analytics to your list so you can find it easily later:
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Reviews summary
Well-received operations analytics course
Learners say Operations Analytics is a well-received course that can improve skills in Excel. The lectures are clear and the examples are relevant. The quizzes are on the easy side, however.
This course uses relevant examples.
"Examples used were relevant to the world."
This course presents lectures in a clear manner.
"Best course out of the specialization in terms of clear presentation..."
This course has easy quizzes.
"Quizzes were a bit too easy considering the content of the lectures."
Activities
Be better prepared
before
your course. Deepen your understanding
during
and
after
it. Supplement your coursework and achieve mastery of the topics covered
in Operations Analytics with these
activities:
Organize course notes and materials
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Staying organized will help you stay on top of the material throughout the course and prepare for exams.
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Note-Taking
Show steps
-
Review your notes after each lecture or class session.
-
Create a system for organizing your notes and materials.
-
Periodically review your organized materials to reinforce your learning.
Review High School Algebra II concepts
Show steps
Start by refreshing your High School Algebra II knowledge to firmly grasp the concepts needed to succeed in this course.
Show steps
-
Review the concept of polynomials, rational functions.
-
Practice solving polynomial and rational equations.
-
Take a practice quiz or test to assess your understanding.
Attend a workshop on forecasting techniques
Show steps
Attending a workshop can provide you with hands-on experience and exposure to industry best practices in forecasting.
Browse courses on
Forecasting Techniques
Show steps
-
Research and identify relevant workshops in your area.
-
Register for a workshop that aligns with your interests and learning goals.
-
Attend the workshop and actively participate in the exercises and discussions.
Five other activities
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Join a study group with other students
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Working with peers can help clarify concepts, improve communication skills, and provide support throughout the course.
Browse courses on
Collaboration
Show steps
-
Reach out to classmates and form a study group.
-
Establish regular meeting times and a study schedule.
-
Prepare for each meeting by reviewing the assigned material.
-
During meetings, discuss the material, ask questions, and work on problems together.
Practice solving optimization problems
Show steps
Regularly engaging in optimization problem-solving drills will help you develop a strong foundation in this subject.
Show steps
-
Find practice problems online or in textbooks.
-
Set aside time each week to solve optimization problems.
-
Review your solutions and identify areas for improvement.
Follow tutorials on using simulation software
Show steps
Following tutorials and practicing with simulation software can help you develop proficiency in using these tools for decision-making.
Show steps
-
Identify suitable simulation software for your needs.
-
Find tutorials or online courses on using the software.
-
Follow the tutorials and practice using the software regularly.
-
Apply the software to solve real-world problems.
Create a data visualization dashboard
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Creating a data visualization dashboard will allow you to apply the skills learned in the course and develop your presentation abilities.
Browse courses on
Data Visualization
Show steps
-
Gather and clean the necessary data.
-
Choose an appropriate data visualization tool.
-
Design and create the dashboard.
-
Share your dashboard with others and gather feedback.
Volunteer at a local organization focused on data analysis
Show steps
Volunteering can provide you with practical experience and the opportunity to apply your skills to real-world problems.
Browse courses on
Data Analysis
Show steps
-
Identify local organizations that align with your interests.
-
Contact the organizations to inquire about volunteer opportunities.
-
Participate in the volunteer activities and contribute your skills.
Organize course notes and materials
Show steps
Staying organized will help you stay on top of the material throughout the course and prepare for exams.
Browse courses on
Note-Taking
Show steps
Show steps
Show steps
- Review your notes after each lecture or class session.
- Create a system for organizing your notes and materials.
- Periodically review your organized materials to reinforce your learning.
Review High School Algebra II concepts
Show steps
Start by refreshing your High School Algebra II knowledge to firmly grasp the concepts needed to succeed in this course.
Show steps
Show steps
Show steps
- Review the concept of polynomials, rational functions.
- Practice solving polynomial and rational equations.
- Take a practice quiz or test to assess your understanding.
Attend a workshop on forecasting techniques
Show steps
Attending a workshop can provide you with hands-on experience and exposure to industry best practices in forecasting.
Browse courses on
Forecasting Techniques
Show steps
Show steps
Show steps
- Research and identify relevant workshops in your area.
- Register for a workshop that aligns with your interests and learning goals.
- Attend the workshop and actively participate in the exercises and discussions.
Five other activities
Expand to see all activities and additional details
Show all eight activities
Join a study group with other students
Show steps
Working with peers can help clarify concepts, improve communication skills, and provide support throughout the course.
Browse courses on
Collaboration
Show steps
Show steps
Show steps
- Reach out to classmates and form a study group.
- Establish regular meeting times and a study schedule.
- Prepare for each meeting by reviewing the assigned material.
- During meetings, discuss the material, ask questions, and work on problems together.
Practice solving optimization problems
Show steps
Regularly engaging in optimization problem-solving drills will help you develop a strong foundation in this subject.
Show steps
Show steps
Show steps
- Find practice problems online or in textbooks.
- Set aside time each week to solve optimization problems.
- Review your solutions and identify areas for improvement.
Follow tutorials on using simulation software
Show steps
Following tutorials and practicing with simulation software can help you develop proficiency in using these tools for decision-making.
Show steps
Show steps
Show steps
- Identify suitable simulation software for your needs.
- Find tutorials or online courses on using the software.
- Follow the tutorials and practice using the software regularly.
- Apply the software to solve real-world problems.
Create a data visualization dashboard
Show steps
Creating a data visualization dashboard will allow you to apply the skills learned in the course and develop your presentation abilities.
Browse courses on
Data Visualization
Show steps
Show steps
Show steps
- Gather and clean the necessary data.
- Choose an appropriate data visualization tool.
- Design and create the dashboard.
- Share your dashboard with others and gather feedback.
Volunteer at a local organization focused on data analysis
Show steps
Volunteering can provide you with practical experience and the opportunity to apply your skills to real-world problems.
Browse courses on
Data Analysis
Show steps
Show steps
Show steps
- Identify local organizations that align with your interests.
- Contact the organizations to inquire about volunteer opportunities.
- Participate in the volunteer activities and contribute your skills.
Career center
Learners who complete Operations Analytics will develop knowledge and skills
that may be useful to these careers:
Risk Manager
Risk Manager
Risk managers identify, assess, and mitigate risks to an organization. This course will equip you with the analytical tools and techniques needed to evaluate risk and develop mitigation strategies. You will learn about simulation, optimization, and decision-making under uncertainty, which are all critical skills for a risk manager.
Quantitative Analyst
Quantitative Analyst
Quantitative analysts use mathematical and statistical models to solve complex problems in finance, insurance, and other industries. This course provides a strong foundation in optimization, simulation, and decision-making under uncertainty. These skills are essential for success as a quantitative analyst.
Data Analyst
Data Analyst
As a Data Analyst you will leverage data to solve business problems, build predictive models, and make better-informed decisions. This course will provide you with a solid understanding of descriptive, predictive, and prescriptive analytics. You will learn modeling techniques, forecasting methods, and optimization strategies. These techniques are vital to the daily operations of a Data Analyst.
Operations Manager
Operations Manager
Operations managers oversee the day-to-day operations of an organization. This course provides a solid foundation in operations analytics, including forecasting, optimization, and risk management. These skills are essential for making informed decisions and improving operational efficiency.
Data Scientist
Data Scientist
Data scientists use data to extract insights and build predictive models to solve business problems. This course provides a comprehensive overview of data analysis techniques, including descriptive, predictive, and prescriptive analytics. You will also learn about machine learning and artificial intelligence.
Supply Chain Manager
Supply Chain Manager
As a Supply Chain Manager, you will oversee the flow of goods, services, and information throughout a company's supply chain. This course provides valuable insights into matching supply with demand, predicting outcomes, and managing risk. These are critical skills in supply chain management.
Financial Analyst
Financial Analyst
Financial analysts use data to make informed investment decisions. This course provides a strong foundation in descriptive, predictive, and prescriptive analytics. You will learn financial modeling techniques, forecasting methods, and risk assessment strategies. These skills are essential for success as a financial analyst.
Business Analyst
Business Analyst
Business analysts help organizations improve their performance by analyzing data and providing insights. This course provides a comprehensive overview of data analysis techniques, including descriptive, predictive, and prescriptive analytics. You will also learn problem-solving and communication skills which are in high demand in this field.
Marketing Analyst
Marketing Analyst
Marketing analysts use data to understand customer behavior and develop marketing strategies. This course provides a strong foundation in descriptive, predictive, and prescriptive analytics. You will learn about market segmentation, customer lifetime value, and marketing campaign optimization. These skills are essential for success as a marketing analyst.
Product Manager
Product Manager
Product managers are responsible for the development and launch of new products. This course provides a strong foundation in operations analytics, including forecasting, optimization, and risk management. These skills can help you make informed decisions about product design, pricing, and marketing.
Operations Research Analyst
Operations Research Analyst
In your Operations Research Analyst role, you will utilize advanced analytical techniques to aid in business decision making. This course may be useful through the concepts of descriptive and predictive analytics, which provide a strong foundation in using data to forecast demand and evaluate outcomes. You will also learn about risk and uncertainty, which are both vital in this field.
Project Manager
Project Manager
Project managers plan, execute, and close projects. This course provides a strong foundation in project management principles, including scope management, scheduling, and risk management. You will learn about project selection, resource allocation, and stakeholder management.
Management Consultant
Management Consultant
Management consultants use analytical skills to solve problems and improve business outcomes for their clients. You will learn problem-solving frameworks, data analysis techniques, and communication skills that can support your success in this role.
Sales Manager
Sales Manager
Sales managers lead and motivate sales teams to achieve sales goals. This course provides a strong foundation in sales management principles. You will learn about sales forecasting, territory management, and performance management. These skills are essential for success as a sales manager.
Business Development Manager
Business Development Manager
Business development managers identify and develop new business opportunities. This course provides a strong foundation in sales and marketing strategies. You will learn about market research, customer relationship management, and negotiation. These skills are essential for success as a business development manager.
For more career information including salaries, visit:
OpenCourser.com/course/2i4atq/operations
Reading list
We've selected 20 books
that we think will supplement your
learning. Use these to
develop background knowledge, enrich your coursework, and gain a
deeper understanding of the topics covered in
Operations Analytics.
This comprehensive book provides an overview of a wide range of statistical learning techniques, including linear regression, logistic regression, and support vector machines. It valuable resource for anyone who wants to learn more about the theory and practice of statistical learning.
Save
Provides a comprehensive overview of deep learning, from the basics to the latest advances. It is written in a clear and engaging style, and it is packed with examples and exercises that will help you to understand and apply the concepts.
Save
Provides a comprehensive overview of predictive analytics, from data collection and preparation to model building and evaluation. It is written in a clear and engaging style, and it is packed with examples and exercises that will help you to understand and apply the concepts.
Provides a comprehensive overview of operations management, with a focus on sustainability and supply chain management. It useful reference for both beginners and experienced professionals in the field.
Save
Provides a comprehensive overview of computer vision, from the basics to the latest advances. It is written in a clear and engaging style, and it is packed with examples and exercises.
Provides a comprehensive overview of speech and language processing, from the basics to the latest advances. It is written in a clear and engaging style, and it is packed with examples and exercises.
Provides a comprehensive overview of natural language processing, from the basics to the latest advances. It is written in a clear and engaging style, and it is packed with examples and exercises.
Provides a comprehensive overview of how businesses can use analytics to gain a competitive advantage. It is written in a clear and engaging style, and it is packed with examples and exercises that will help you to understand and apply the concepts.
Deals with the technical concepts of machine learning, with easy-to-understand explanations and helpful real-world examples.
Provides a comprehensive overview of quantitative methods for business, including topics such as statistics, optimization, and simulation. It useful reference for both beginners and experienced professionals in the field.
Like the previous entry, this book covers technical topics such as classification, regression, and clustering, but from a more statistical perspective.
Save
Is technical, focusing on mathematical algorithms and techniques required for data mining, and is considered a classic reference work in the field
Provides a concise overview of data science for business professionals. It covers the fundamental concepts and techniques of data mining and data-analytic thinking.
Provides a comprehensive overview of operations research, with a focus on applications and algorithms. It useful reference for both beginners and experienced professionals in the field.
Provides a comprehensive overview of decision analysis, with a focus on models and techniques. It useful reference for both beginners and experienced professionals in the field.
Save
Provides a comprehensive overview of machine learning for business, with a focus on applications and case studies. It useful reference for both beginners and experienced professionals in the field.
Provides a comprehensive overview of artificial intelligence for business, with a focus on applications and case studies. It useful reference for both beginners and experienced professionals in the field.
Provides a comprehensive overview of big data analytics, with a focus on new value for new business models. It useful reference for both beginners and experienced professionals in the field.
Provides a comprehensive overview of the analytics edge, with a focus on management strategies to drive growth. It useful reference for both beginners and experienced professionals in the field.
Provides a comprehensive overview of the signal and the noise, with a focus on why so many predictions fail - but some don't. It useful reference for both beginners and experienced professionals in the field.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/2i4atq/operations
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Effort
4 weeks of study, 2-3 hours/week
Via
Coursera
Institution
University of Pennsylvania
Instructors
Senthil Veeraraghavan
Sergei Savin
Noah Gans
Language
English
Transcripts
Español
Français
Português
Deutsch
Italiano
中文
العربية
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हिंदी
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آذربایجان دیلی
This course belongs to a
collection
called
Business Analytics. It's comprised of six courses:
- Accounting Analytics
- Operations Analytics (viewing)
- People Analytics
- Business Analytics Capstone
- Customer Analytics
- Analytics in Python
Good to know
Covers a multi-disciplinary approach to business analytics that students in business will find highly relevant
Taught by instructors who lead Wharton, one of the top business schools in the world
Develops skills and concepts that build the foundation for more advanced analytic courses
Requires students to purchase software that they may already have access to, but this is not explicitly stated
Involves extensive use of Excel, which may be limiting for students looking to do large-scale analysis
Assumes students have some prior knowledge of analytics, which may be a barrier for complete beginners
Does not cover the latest version of Excel, which may not align perfectly with industry demands
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