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Manuel Laguna
In this course you will learn how to create models for decision making. We will start with cluster analysis, a technique for data reduction that is very useful in market segmentation. You will then learn the basics of Monte Carlo simulation that will help you model the uncertainty that is prevalent in many business decisions. A key element of decision making is to identify the best course of action. Since businesses problems often have too many alternative solutions, you will learn how optimization can help you identify the best option. What is really exciting about this course is that you won’t need to know a computer language or advanced statistics to learn about these predictive and prescriptive analytic models. The Analytic Solver Platform and basic knowledge of Excel is all you’ll need. Learners participating in assignments will be able to get free access to the Analytic Solver Platform.
Register for this course and see more details by visiting:
OpenCourser.com/course/u3a43h/business
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Syllabus
Data Exploration and Reduction — Cluster Analysis
Dealing with Uncertainty and Analyzing Risk
Identifying the Best Options — Optimization
Read more
Syllabus
Data Exploration and Reduction — Cluster Analysis
Dealing with Uncertainty and Analyzing Risk
Identifying the Best Options — Optimization
Read more
At the end of this module students should be able to: 1. Develop a spreadsheet model for an optimization problem 2. Use Excel to solve optimization models 3. Interpret solutions and conduct what-if analysis
Decision Analytics
At the end of this module students should be able to: 1. Given a business situation, apply an appropriate technique to identify the best solution alternatives 2. Formulate and solve models for business problems that requires yes/no decisions and logical constraints 3. Create models that mix techniques and tools such as simulation and optimizationAnalyze and interpret results to make informed decisions
Good to know
Good to know
Know what's good ,
what to watch for , and
possible dealbreakers
Course requires learners to know basic statistics and Excel
Useful for learners who want to make informed decisions
Builds a foundation in predictive and prescriptive analytic models
Provides practical experience with the Analytic Solver Platform
Incorporates a mix of techniques and tools for decision-making
Suitable for learners with an interest in data analysis and optimization
Save this course
Save Business Analytics for Decision Making to your list so you can find it easily later:
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Reviews summary
Business analytics for executing decisions
Students say this course provides an overview of business analytics and how it can be used to make decisions. It covers topics such as cluster analysis, optimization, and simulation. The course uses a practical approach, with students downloading Excel files and performing the analyses themselves. Though it relies on paid software, learners find the course insightful and helpful for understanding the basics of business analytics.
Students appreciate the engaging assignments and quizzes that help reinforce the concepts covered in the course.
"The lectures include small assignments and quizzes (to check comprehension)."
The course offers a hands-on learning experience, allowing students to apply the concepts they learn to real-world problems.
"The course uses a practical approach, with students downloading Excel files and performing the analyses themselves."
The course provides insightful and informative content that is relevant to the field of business analytics.
"Though it relies on paid software, learners find the course insightful and helpful for understanding the basics of business analytics."
The course focuses on practical, real-world examples and provides downloadable Excel files for students to use in their analyses.
"Students say this course provides an overview of business analytics and how it can be used to make decisions."
"It covers topics such as cluster analysis, optimization, and simulation."
"The course uses a practical approach, with students downloading Excel files and performing the analyses themselves."
The course relies on paid software called Analytic Solver Platform (ASP), which can be a barrier for some students.
"Though it relies on paid software, learners find the course insightful and helpful for understanding the basics of business analytics."
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 Business Analytics for Decision Making with these
activities:
Organize and review course materials
Show steps
Stay organized and ensure you have a comprehensive understanding of the course materials by reviewing and organizing them.
Show steps
-
Review syllabus, lecture notes, and assignments.
-
Create a dedicated folder or notebook for course materials.
-
Organize materials by module, topic, or date.
-
Highlight or annotate key concepts and ideas.
Review probability and statistics
Show steps
Strengthen your foundation in probability and statistics, which are essential skills for this course.
Browse courses on
Probability
Show steps
-
Review probability concepts such as conditional probability and Bayes' theorem.
-
Practice applying these concepts to real-world examples.
-
Review statistical concepts such as descriptive statistics, hypothesis testing, and regression analysis.
Review prerequisite statistics concepts
Show steps
Review key statistical concepts as a foundational knowledge before taking this course.
Browse courses on
Statistics
Show steps
-
Check course prerequisites to see any specifically required statistics knowledge before hand.
-
Review basic definitions of statistics, mean, mode, median, and standard deviation.
-
Practice working with different statistical distributions, such as normal distribution and binomial distribution.
Ten other activities
Expand to see all activities and additional details
Show all 13 activities
Attend a workshop on data analysis with Excel
Show steps
Deepen your understanding of data analysis techniques and improve your proficiency in using Excel.
Browse courses on
Data Analysis
Show steps
-
Identify workshops related to data analysis with Excel.
-
Register and attend the workshop.
-
Actively participate in the workshop and ask questions.
Attend a conference or workshop on data analytics
Show steps
Network with professionals and learn about the latest trends in data analytics.
Browse courses on
Data Analytics
Show steps
-
Find conferences or workshops related to data analytics.
-
Register for the event and attend the sessions.
-
Network with other attendees and speakers.
-
Follow up with new connections after the event.
Solve optimization problems using Analytic Solver Platform
Show steps
Enhance your understanding of optimization techniques and gain proficiency using the Analytic Solver Platform.
Browse courses on
Optimization
Show steps
-
Download and install the Analytic Solver Platform.
-
Work through tutorials or examples to familiarize yourself with the platform.
-
Practice solving simple optimization problems using the platform.
-
Attempt more challenging optimization problems and interpret the results.
Solve practice problems on optimization
Show steps
Practice solving optimization problems to reinforce your understanding of the concepts.
Browse courses on
Optimization
Show steps
-
Find practice problems on optimization online or in textbooks.
-
Start with simpler problems and gradually increase the difficulty.
-
Use the techniques learned in the course to solve the problems.
-
Check your solutions and identify areas where you need improvement.
Volunteer at a non-profit organization involved in decision making
Show steps
Gain practical experience in applying decision-making principles by volunteering at a non-profit organization.
Browse courses on
Decision Making
Show steps
-
Research non-profit organizations that align with your interests.
-
Contact the organizations and inquire about volunteer opportunities.
-
Participate in decision-making processes and projects within the organization.
-
Reflect on your experiences and apply the lessons learned to your own decision-making.
Visualize data using statistical techniques
Show steps
Enhance your ability to communicate insights from data by creating compelling visualizations using statistical techniques.
Browse courses on
Data Visualization
Show steps
-
Choose a dataset and identify relevant variables.
-
Select appropriate statistical visualization techniques such as bar charts, scatterplots, or histograms.
-
Create visualizations using Excel, Tableau, or other visualization tools.
-
Interpret the visualizations and draw meaningful conclusions.
Create a presentation on Monte Carlo simulation
Show steps
Create a presentation to explain the concepts of Monte Carlo simulation and its applications.
Browse courses on
Monte Carlo Simulation
Show steps
-
Research Monte Carlo simulation and its applications.
-
Plan the structure and content of the presentation.
-
Use visuals, examples, and case studies to make the presentation engaging.
-
Practice delivering the presentation.
Create a simulation model for a business decision
Show steps
Develop your critical thinking and problem-solving skills by creating a simulation model that addresses a real-world business decision.
Browse courses on
Simulation
Show steps
-
Identify a specific business decision and the associated uncertainties.
-
Create a simulation model using a spreadsheet or simulation software.
-
Run simulations and analyze the results to make informed decisions.
-
Present your model and findings to stakeholders.
Develop a decision-making model using optimization
Show steps
Apply the techniques learned in the course to develop a decision-making model that addresses a real-world problem.
Browse courses on
Decision Making
Show steps
-
Identify a real-world problem that can be addressed using optimization.
-
Formulate the problem as a mathematical model.
-
Use optimization techniques to solve the model.
-
Interpret the results and make recommendations.
Develop a decision-making framework for a business problem
Show steps
Apply the concepts and techniques learned in the course to develop a comprehensive framework for solving real-world business problems.
Browse courses on
Decision-Making
Show steps
-
Identify a specific business problem and gather relevant data.
-
Analyze the data and identify key factors influencing the problem.
-
Develop a decision-making framework using techniques like SWOT analysis, risk assessment, and cost-benefit analysis.
-
Present the framework and recommendations to stakeholders.
Organize and review course materials
Show steps
Stay organized and ensure you have a comprehensive understanding of the course materials by reviewing and organizing them.
Show steps
Show steps
Show steps
- Review syllabus, lecture notes, and assignments.
- Create a dedicated folder or notebook for course materials.
- Organize materials by module, topic, or date.
- Highlight or annotate key concepts and ideas.
Review probability and statistics
Show steps
Strengthen your foundation in probability and statistics, which are essential skills for this course.
Browse courses on
Probability
Show steps
Show steps
Show steps
- Review probability concepts such as conditional probability and Bayes' theorem.
- Practice applying these concepts to real-world examples.
- Review statistical concepts such as descriptive statistics, hypothesis testing, and regression analysis.
Review prerequisite statistics concepts
Show steps
Review key statistical concepts as a foundational knowledge before taking this course.
Browse courses on
Statistics
Show steps
Show steps
Show steps
- Check course prerequisites to see any specifically required statistics knowledge before hand.
- Review basic definitions of statistics, mean, mode, median, and standard deviation.
- Practice working with different statistical distributions, such as normal distribution and binomial distribution.
Ten other activities
Expand to see all activities and additional details
Show all 13 activities
Attend a workshop on data analysis with Excel
Show steps
Deepen your understanding of data analysis techniques and improve your proficiency in using Excel.
Browse courses on
Data Analysis
Show steps
Show steps
Show steps
- Identify workshops related to data analysis with Excel.
- Register and attend the workshop.
- Actively participate in the workshop and ask questions.
Attend a conference or workshop on data analytics
Show steps
Network with professionals and learn about the latest trends in data analytics.
Browse courses on
Data Analytics
Show steps
Show steps
Show steps
- Find conferences or workshops related to data analytics.
- Register for the event and attend the sessions.
- Network with other attendees and speakers.
- Follow up with new connections after the event.
Solve optimization problems using Analytic Solver Platform
Show steps
Enhance your understanding of optimization techniques and gain proficiency using the Analytic Solver Platform.
Browse courses on
Optimization
Show steps
Show steps
Show steps
- Download and install the Analytic Solver Platform.
- Work through tutorials or examples to familiarize yourself with the platform.
- Practice solving simple optimization problems using the platform.
- Attempt more challenging optimization problems and interpret the results.
Solve practice problems on optimization
Show steps
Practice solving optimization problems to reinforce your understanding of the concepts.
Browse courses on
Optimization
Show steps
Show steps
Show steps
- Find practice problems on optimization online or in textbooks.
- Start with simpler problems and gradually increase the difficulty.
- Use the techniques learned in the course to solve the problems.
- Check your solutions and identify areas where you need improvement.
Volunteer at a non-profit organization involved in decision making
Show steps
Gain practical experience in applying decision-making principles by volunteering at a non-profit organization.
Browse courses on
Decision Making
Show steps
Show steps
Show steps
- Research non-profit organizations that align with your interests.
- Contact the organizations and inquire about volunteer opportunities.
- Participate in decision-making processes and projects within the organization.
- Reflect on your experiences and apply the lessons learned to your own decision-making.
Visualize data using statistical techniques
Show steps
Enhance your ability to communicate insights from data by creating compelling visualizations using statistical techniques.
Browse courses on
Data Visualization
Show steps
Show steps
Show steps
- Choose a dataset and identify relevant variables.
- Select appropriate statistical visualization techniques such as bar charts, scatterplots, or histograms.
- Create visualizations using Excel, Tableau, or other visualization tools.
- Interpret the visualizations and draw meaningful conclusions.
Create a presentation on Monte Carlo simulation
Show steps
Create a presentation to explain the concepts of Monte Carlo simulation and its applications.
Browse courses on
Monte Carlo Simulation
Show steps
Show steps
Show steps
- Research Monte Carlo simulation and its applications.
- Plan the structure and content of the presentation.
- Use visuals, examples, and case studies to make the presentation engaging.
- Practice delivering the presentation.
Create a simulation model for a business decision
Show steps
Develop your critical thinking and problem-solving skills by creating a simulation model that addresses a real-world business decision.
Browse courses on
Simulation
Show steps
Show steps
Show steps
- Identify a specific business decision and the associated uncertainties.
- Create a simulation model using a spreadsheet or simulation software.
- Run simulations and analyze the results to make informed decisions.
- Present your model and findings to stakeholders.
Develop a decision-making model using optimization
Show steps
Apply the techniques learned in the course to develop a decision-making model that addresses a real-world problem.
Browse courses on
Decision Making
Show steps
Show steps
Show steps
- Identify a real-world problem that can be addressed using optimization.
- Formulate the problem as a mathematical model.
- Use optimization techniques to solve the model.
- Interpret the results and make recommendations.
Develop a decision-making framework for a business problem
Show steps
Apply the concepts and techniques learned in the course to develop a comprehensive framework for solving real-world business problems.
Browse courses on
Decision-Making
Show steps
Show steps
Show steps
- Identify a specific business problem and gather relevant data.
- Analyze the data and identify key factors influencing the problem.
- Develop a decision-making framework using techniques like SWOT analysis, risk assessment, and cost-benefit analysis.
- Present the framework and recommendations to stakeholders.
Career center
Learners who complete Business Analytics for Decision Making will develop knowledge and skills
that may be useful to these careers:
Data Analyst
Data Analyst
A Data Analyst gathers and examines data from various sources to assist organizations in understanding their operations and making data-driven decisions. This course, Business Analytics for Decision Making, provides a foundation in data analysis methods, including cluster analysis and optimization techniques. These skills are essential for Data Analysts to effectively identify patterns, trends, and insights in complex datasets, enabling them to make more informed recommendations and drive business outcomes.
Business Analyst
Business Analyst
A Business Analyst helps organizations improve their operations and performance by analyzing business processes and recommending solutions. This course, Business Analytics for Decision Making, provides a strong foundation in analytical techniques and decision-making models. These skills are highly sought after by Business Analysts, as they enable them to identify areas for improvement, evaluate alternative solutions, and make data-driven recommendations that drive business value.
Operations Research Analyst
Operations Research Analyst
An Operations Research Analyst uses mathematical and analytical methods to solve complex business problems and improve decision-making. This course, Business Analytics for Decision Making, provides a comprehensive overview of optimization techniques, simulation modeling, and data analysis methods. These skills are essential for Operations Research Analysts to develop and implement solutions that optimize resource allocation, reduce costs, and enhance operational efficiency.
Management Consultant
Management Consultant
A Management Consultant advises businesses on how to improve their operations and achieve their strategic objectives. This course, Business Analytics for Decision Making, provides a solid foundation in analytical techniques and decision-making models. These skills are highly valued by Management Consultants, as they enable them to analyze business challenges, identify opportunities for improvement, and develop and implement data-driven solutions that create lasting value for clients.
Financial Analyst
Financial Analyst
A Financial Analyst evaluates financial data and makes recommendations on investment decisions and financial strategies. This course, Business Analytics for Decision Making, provides a strong foundation in data analysis techniques and optimization models. These skills are essential for Financial Analysts to identify potential investment opportunities, assess financial risks, and develop investment strategies that maximize returns and minimize risks.
Market Researcher
Market Researcher
A Market Researcher conducts research to understand customer needs, market trends, and competitive landscapes. This course, Business Analytics for Decision Making, provides a comprehensive overview of data analysis methods and statistical modeling techniques. These skills are highly valued by Market Researchers, as they enable them to gather and analyze data, identify customer insights, and make data-driven recommendations for marketing strategies and product development.
Risk Analyst
Risk Analyst
A Risk Analyst identifies, assesses, and mitigates risks for organizations. This course, Business Analytics for Decision Making, provides a solid foundation in data analysis techniques and statistical modeling. These skills are essential for Risk Analysts to quantify and manage risks, develop risk mitigation strategies, and make informed decisions in the face of uncertainty.
Data Scientist
Data Scientist
A Data Scientist develops and applies statistical and machine learning models to extract insights from data and solve business problems. This course, Business Analytics for Decision Making, may be helpful for aspiring Data Scientists as it provides an introduction to data analysis methods and optimization techniques. While a more specialized degree in data science is typically required for this role, this course can serve as a foundation for those looking to transition into the field.
Product Manager
Product Manager
A Product Manager develops, launches, and manages products to meet customer needs and drive business growth. This course, Business Analytics for Decision Making, may be helpful for aspiring Product Managers as it provides an overview of data analysis methods and decision-making models. While a background in product management or a related field is typically required for this role, this course can provide valuable insights into the analytical skills and tools used by successful Product Managers.
Statistician
Statistician
A Statistician collects, analyzes, interprets, and presents data to help organizations make informed decisions. This course, Business Analytics for Decision Making, may be helpful for aspiring Statisticians as it provides an introduction to data analysis methods and statistical modeling. While a master's or PhD degree in statistics is typically required for this role, this course can provide valuable insights into the fundamental concepts and techniques used by Statisticians.
Software Engineer
Software Engineer
A Software Engineer designs, develops, and maintains software applications. While this course, Business Analytics for Decision Making, is not directly related to software engineering, it may provide some foundational knowledge in data analysis and optimization techniques that could be beneficial for Software Engineers working on data-driven applications or in the field of software analytics.
Accountant
Accountant
An Accountant prepares and examines financial records to ensure accuracy and compliance with regulations. This course, Business Analytics for Decision Making, is not directly related to accounting, but it may provide some useful insights into data analysis and optimization techniques that could be applied to tasks such as financial modeling and risk assessment.
Marketing Manager
Marketing Manager
A Marketing Manager develops and executes marketing strategies to promote products or services and build customer relationships. This course, Business Analytics for Decision Making, is not directly related to marketing, but it may provide some useful insights into data analysis and optimization techniques that could be applied to tasks such as market research and campaign planning.
Sales Manager
Sales Manager
A Sales Manager leads and manages a sales team to achieve revenue targets and drive business growth. This course, Business Analytics for Decision Making, is not directly related to sales, but it may provide some useful insights into data analysis and optimization techniques that could be applied to tasks such as sales forecasting and territory planning.
Customer Service Manager
Customer Service Manager
A Customer Service Manager oversees a team of customer service representatives to ensure customer satisfaction and resolve customer issues. This course, Business Analytics for Decision Making, is not directly related to customer service, but it may provide some useful insights into data analysis and optimization techniques that could be applied to tasks such as customer segmentation and service level planning.
For more career information including salaries, visit:
OpenCourser.com/course/u3a43h/business
Reading list
We've selected nine 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
Business Analytics for Decision Making.
Save
A comprehensive guide to data mining and machine learning techniques, this book provides a solid foundation for understanding the concepts and algorithms covered in the course.
A comprehensive textbook on decision modeling and analysis, this book provides a solid foundation for the decision analytics module of the course.
Save
A comprehensive textbook on business analytics, this book covers a wide range of topics, including data analytics and decision-making techniques.
A comprehensive textbook on decision support systems and intelligent systems, this book provides a broad overview of the concepts and techniques used in the decision analytics module of the course.
Save
A comprehensive reference on clustering algorithms, this book provides an in-depth understanding of the techniques covered in the cluster analysis module of the course.
A practical guide to using Excel for data analysis, this book provides a comprehensive overview of the tools and techniques used in the course.
A classic text on simulation modeling, this book provides a thorough foundation for the Monte Carlo simulation techniques covered in the course.
A practical guide to predictive analytics, this book provides a step-by-step approach to building and deploying predictive models.
Provides a hands-on introduction to data analysis using Pandas, which is used in the course for data manipulation and analysis.
For more information about how these books relate to this course, visit:
OpenCourser.com/course/u3a43h/business
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Effort
4 weeks of study, 3-4 hours per week
Level
Introductory
Via
Coursera
Institution
University of Colorado Boulder
Instructor
Manuel Laguna
Language
English
Transcripts
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آذربایجان دیلی
This course belongs to a
collection
called
Advanced Business Analytics. It's comprised of five courses:
- Communicating Business Analytics Results
- Advanced Business Analytics Capstone
- Introduction to Data Analytics for Business
- Predictive Modeling and Analytics
- Business Analytics for Decision Making (viewing)
Good to know
Course requires learners to know basic statistics and Excel
Useful for learners who want to make informed decisions
Builds a foundation in predictive and prescriptive analytic models
Provides practical experience with the Analytic Solver Platform
Incorporates a mix of techniques and tools for decision-making
Suitable for learners with an interest in data analysis and optimization
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