Prescriptive Analytics Project Ideation

Overview

Prescriptive Analytics Project Ideation is about the art of transforming data into actionable optimal strategies. This course begins with an overview of prescriptive analytics, exploring key methods like optimization and simulations. You'll then delve into real-world applications across various industries, with applications in investing and staffing optimization. The course also includes a comprehensive sprint phase for problem identification and solutions mapping, culminating in a final project plan review and insights from industry experts. Learning objectives: - Examine how prescriptive analytics methods are used by businesses to make optimal decisions. - Formulate optimization models to solve portfolio investment and staffing decisions - Analyze business needs and define a prescriptive analytics project plan

Syllabus

Course Overview
Module 1: Overview of Prescriptive Analytics

This module introduces prescriptive analytics, covering key methods like optimization and simulations, and the essential features of optimization problems. It also explores practical applications of prescriptive analytics across various industries, including manufacturing, supply chain, marketing, finance, transportation, and logistics.

Module 2: Optimization and Simulations

This module delves into optimization and simulations, starting with investment optimization through SCQ analysis and solution overview. It then covers staffing level optimization, including problem analysis and solutions. The module concludes with an introduction to discrete event simulations.

Module 3: Prescriptive Analytics Sprint Phase 1: Problem Identification

This module focuses on high-level needs identification, starting with understanding process maps, identifying business needs, and prioritizing them using PICK charts. It then moves to SCQ analysis for airline operations, introducing the situation, challenges, and key questions. Finally, it addresses breaking down problems into subproblems, identifying common themes, and constructing an issue tree.

Module 4: Prescriptive Analytics Sprint Phase 2: Solutions Mapping

This module begins with results mapping, focusing on aligning methods with key questions. It then moves to outcome sketches, where goals and constraints are identified. The module concludes with a final project plan review and insights from an industry expert on optimization in the airline industry.