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iimtrichy_edukateX_12.4
Optimization Techniques for Prescriptive Analytics
The use of scientific approaches to aid managerial decision making for problems that involve quantitative factors has grown by leaps and bounds over the years.
The use of scientific approaches to aid managerial decision making for problems that involve quantitative factors has grown by leaps and bounds over the years.
Prescriptive analytics focuses on determining the best course of action in a scenario, by gathering information from various sources and by applying them for the decision-making process. This includes combining existing conditions and considering the consequences of each decision to determine the future impact. It is related to both descriptive and predictive analytics, but emphasizes on actionable insights. Prescriptive analytics relies on optimization techniques for decision making.
The programme will help the participants to understand the optimization techniques for prescriptive analytics by focusing on:
- Modelling techniques used for decision making
- Tools and software packages
- Case studies and applications
Programme Objectives
At the end of the programme, the participants will be able to,
- Describe and identify the decision to be made from the description of a business problem
- Apply Optimization techniques for a variety of managerial problems
- Analytically evaluate alternative criteria and scenarios for making a decision
- Develop an understanding of how to use appropriate software and interpret the results
- Obtain insights for making effective business decisions
- Prescribe the recommended course of action based on the analysis
Pedagogy
The programme will be delivered through a mix of classroom lectures, case discussions, group activities, model-building using software packages and in-class exercises. The participants will be actively engaged through a hands-on approach and will be learning by doing various activities with their peers. Laptop with Microsoft Excel is required.
Program Content
- Framework for Prescriptive Analytics
- Formulating decision problems
- Optimization techniques: Linear programming, Integer programming and Nonlinear programming
- Using Excel solver to solve Optimization problems
- Binary Integer Programming for Yes-or-No decisions
- Modeling logical constraints
- Introduction to Network Optimization problems
- Case studies, practical applications and success stories
- Analytical insights to Business outcomes
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Profile of Expected Participants
The programme is intended for Academicians, Practitioners and Industry leaders who wish to adopt Prescriptive Analytics and Optimization techniques at their workplace. Any individual with an interest to learn and to enhance their skills are welcome.
| COURSE CODE | Mode | Location | Start Date | Availability | Price | |
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iimtrichy_edukateX_12
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₹39,000.00 | ||||
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iimtrichy_edukateX_12.1
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₹39,000.00 | ||||
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iimtrichy_edukateX_12.2
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₹39,000.00 | ||||
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iimtrichy_edukateX_12.3
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₹39,000.00 | ||||
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iimtrichy_edukateX_12.4
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₹39,000.00 | ||||
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iimtrichy_edukateX_12.5
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₹39,000.00 |
IIM Tiruchirappalli is the eleventh IIM and was instituted on 4th January 2011. Tiruchirappalli is a city known for its prominence in education, spirituality, art and culture and IIM Trichy tends to benefit from this.
