This week’s topics
Prescriptive Analytics and Optimisation Modelling
- Linear and integer programming
- Resource allocation problems
- Monte Carlo simulation for risk-adjusted decision pathways
- Monte Carlo Simulation: Business Optimization & Financial Decision Making | Excel Modelling
- S1 E 18 Operations Research, Simulation: Monte Carlo Simulation Numerical: Bakery demand simulation
- Unit 5: Mechanics of Simulation, Video 6: Simulation and Value Flexibility "on" Project
What you will be able to do
- 3.4 Apply an appropriate programming language or tool to demonstrate how prescriptive analytic techniques are used to find the best course of action in a situation.
Activity
Start with this week’s 3 videos, then: Seminar, guided reading and a short written task: apply an appropriate programming language or tool to demonstrate how prescriptive analytic techniques are used to find the best course of action in a situation.
Study materials
Videos
- Monte Carlo Simulation: Business Optimization & Financial Decision Making | Excel Modelling · YouTube · KRISHNA CHIDDARWAR · 11 min · for registered students
- S1 E 18 Operations Research, Simulation: Monte Carlo Simulation Numerical: Bakery demand simulation · YouTube · Operations Research · 17 min · for registered students
- Optimization with Linear Programming (and the Simplex Algorithm), Main Ideas!!! · YouTube · StatQuest with Josh Starmer · 24 min · for registered students
Further resources
- MIT 15.071 The Analytics Edge (Spring 2017) · Reading · MIT OpenCourseWare, course · for registered students
- Foundations of Information Systems, ch. 8: Data Analytics and Modeling · PDF · OpenStax, textbook chapter; pp. 297–338 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
