Data, Models and Decisions in Business Analytics from edX

In today’s world, managerial decisions are increasingly based on data-driven models and analysis using statistical and optimization methods that have dramatically changed the way businesses operate in most domains including service operations, marketing, transportation, and finance.

The main objectives of this course are the following:

Introduce fundamental techniques towards a principled approach for data-driven decision-making.
Quantitative modeling of dynamic nature of decision problems using historical data, and
Learn various approaches for decision-making in the face of uncertainty

Topics covered include probability, statistics, regression, stochastic modeling, and linear, nonlinear and discrete optimization.

Most of the topics will be presented in the context of practical business applications to illustrate its usefulness in practice.

What you'll learn

Fundamental concepts from probability, statistics, stochastic modeling, and optimization to develop systematic frameworks for decision-making in a dynamic setting
How to use historical data to learn the underlying model and pattern
Optimization methods and software to solve decision problems under uncertainty in business applications

What's inside

Learning objectives

Fundamental concepts from probability, statistics, stochastic modeling, and optimization to develop systematic frameworks for decision-making in a dynamic setting
How to use historical data to learn the underlying model and pattern

Optimization methods and software to solve decision problems under uncertainty in business applications

Fundamental concepts from probability, statistics, stochastic modeling, and optimization to develop systematic frameworks for decision-making in a dynamic setting
How to use historical data to learn the underlying model and pattern
Optimization methods and software to solve decision problems under uncertainty in business applications

Syllabus

Introduction to Probability: Random variables; Normal, Binomial, Exponential distributions; applications

Estimation: sampling; confidence intervals; hypothesis testing

Regression: linear regression; dummy variables; applications

Linear Optimization; Non-linear optimization; Discrete Optimization; applications

Dynamic Optimization; decision trees

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Explores established principles and methodologies from fields such as probability, statistics, stochastic modeling, and optimization

Uses historical data for effective scenario planning

Applies mathematical frameworks to real-world business challenges, enhancing decision-making accuracy

Teaches learners to analyze data to draw meaningful conclusions and make informed decisions

Content is taught by experienced instructors, Vineet Goyal and Costis Maglaras, who are recognized experts in the field

Career center

Learners who complete Data, Models and Decisions in Business Analytics will develop knowledge and skills that may be useful to these careers:

Data Analyst

A Data Analyst collects, processes, and analyzes data to help organizations make informed decisions. This course can help lead to success in this role by providing you with the skills you need to clean and prepare data, build predictive models, and communicate your findings effectively. Additionally, the course's focus on probability and statistics will be helpful for Data Analysts, who often have to make decisions based on incomplete or uncertain data.

See salaries and explore the career path for Data Analyst

Business Intelligence Analyst

A Business Intelligence Analyst helps organizations make better decisions by providing them with insights into their data. This course can help lead to success in this role by providing you with the skills you need to clean and prepare data, build predictive models, and communicate your findings effectively. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Business Intelligence Analysts, who often have to make decisions based on incomplete or uncertain data.

See salaries and explore the career path for Business Intelligence Analyst

Marketing Analyst

A Marketing Analyst helps organizations understand their customers and develop marketing campaigns that are effective at reaching and engaging them. This course can help lead to success in this role by providing you with the skills you need to collect and analyze data, build predictive models, and communicate your findings effectively. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Marketing Analysts, who often have to make decisions with limited information.

See salaries and explore the career path for Marketing Analyst

Business Analyst

A Business Analyst helps organizations understand their business needs and develop solutions to meet those needs. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for understanding business processes and developing effective solutions. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Business Analysts, who often have to make decisions with limited information.

See salaries and explore the career path for Business Analyst

Operations Analyst

An Operations Analyst helps companies become more efficient and profitable by studying business processes and identifying areas for improvement. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for identifying and solving business problems. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Operations Analysts, who often have to make decisions with limited information.

See salaries and explore the career path for Operations Analyst

Risk Analyst

A Risk Analyst helps organizations identify and mitigate risks. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for understanding risks and developing effective risk mitigation strategies. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Risk Analysts, who often have to make decisions with limited information.

See salaries and explore the career path for Risk Analyst

Supply Chain Analyst

A Supply Chain Analyst helps organizations manage their supply chains efficiently and effectively. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for understanding supply chains and developing effective supply chain management strategies. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Supply Chain Analysts, who often have to make decisions with limited information.

See salaries and explore the career path for Supply Chain Analyst

Data Engineer

A Data Engineer designs and builds data systems that collect, store, and process data. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for understanding data systems and developing effective data management strategies. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Data Engineers, who often have to make decisions with limited information.

See salaries and explore the career path for Data Engineer

Actuary

An Actuary uses mathematical and statistical techniques to assess and manage risks. This course can help lead to success in this role by providing you with a strong foundation in probability and statistics, which are essential for understanding and modeling risks. Additionally, the course's focus on optimization techniques will be helpful for Actuaries, who often have to develop strategies to mitigate risks.

See salaries and explore the career path for Actuary

Insurance Analyst

An Insurance Analyst helps insurance companies assess and manage risks. This course can help lead to success in this role by providing you with a strong foundation in probability and statistics, which are essential for understanding and modeling risks. Additionally, the course's focus on optimization techniques will be helpful for Insurance Analysts, who often have to develop strategies to mitigate risks.

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Management Consultant

A Management Consultant helps organizations improve their performance by providing them with advice on strategy, operations, and technology. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for understanding business problems and developing effective solutions. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Management Consultants, who often have to make decisions with limited information.

See salaries and explore the career path for Management Consultant

Quantitative Risk Analyst

A Quantitative Risk Analyst uses mathematical and statistical techniques to quantify and manage risks. This course can help lead to success in this role by providing you with a strong foundation in probability and statistics, which are essential for understanding and modeling risks. Additionally, the course's focus on optimization techniques will be helpful for Quantitative Risk Analysts, who often have to develop strategies to mitigate risks.

See salaries and explore the career path for Quantitative Risk Analyst

Operations Research Analyst

An Operations Research Analyst uses mathematical and statistical techniques to solve business problems. This course can help lead to success in this role by providing you with a strong foundation in optimization techniques, which are essential for solving business problems. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Operations Research Analysts, who often have to make decisions with limited information.

See salaries and explore the career path for Operations Research Analyst

Database Administrator

A Database Administrator manages and maintains databases. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for understanding databases and developing effective database management strategies. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Database Administrators, who often have to make decisions with limited information.

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Financial Analyst

A Financial Analyst helps organizations make sound financial decisions by providing them with insights into their financial data. This course can help lead to success in this role by providing you with a strong foundation in data analysis and optimization techniques, which are essential for understanding financial data and developing effective financial strategies. Additionally, the course's focus on decision-making in the face of uncertainty will be helpful for Financial Analysts, who often have to make decisions with limited information.

See salaries and explore the career path for Financial Analyst

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Data, Models and Decisions in Business Analytics

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