Operations Analytics from Coursera

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.

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.

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

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

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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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

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Start by refreshing your High School Algebra II knowledge to firmly grasp the concepts needed to succeed in this course.

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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

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Attending a workshop can provide you with hands-on experience and exposure to industry best practices in forecasting.

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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.

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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.

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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

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Regularly engaging in optimization problem-solving drills will help you develop a strong foundation in this subject.

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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

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Following tutorials and practicing with simulation software can help you develop proficiency in using these tools for decision-making.

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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.

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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

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Volunteering can provide you with practical experience and the opportunity to apply your skills to real-world problems.

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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 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.

See salaries and explore the career path for Risk Manager

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.

See salaries and explore the career path for Quantitative 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.

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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.

See salaries and explore the career path for Operations Manager

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.

See salaries and explore the career path for Data Scientist

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.

See salaries and explore the career path for Supply Chain Manager

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.

See salaries and explore the career path for Financial 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.

See salaries and explore the career path for Business 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.

See salaries and explore the career path for Marketing Analyst

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.

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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.

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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.

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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.

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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.

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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.

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