Course Details

Decision Models & Prescriptive Analytics
OPNS-450-0
1.0 CR
Elective
PASS / NO CREDIT
Yes (may vary by section)
DESCRIPTION
Data-driven models and analysis are increasingly becoming the drivers of many managerial decisions in most domains including services, marketing, transportation, online platforms, and finance. Business analytics, the process of using quantitative methods to derive better insights from data and make informed decisions, is an essential skill in today's marketplace. At a high level, business analytics methods can be organized into three categories
  • Descriptive (What happened?): The interpretation of historical data to identify trends and patterns
  • Predictive (What will happen?): The use of statistical and machine learning techniques to forecast future outcomes
  • Prescriptive (What should be done?): The use of data-driven models to prescribe an action plan for making decisions.
Forward-thinking organizations use a variety of analytics together to make smart decisions. This course focuses on developing a holistic understanding of prescriptive analytics by introducing the basic principles and techniques of applied mathematical modeling for managerial decision-making. You will learn to use some important analytic methods (spreadsheet modeling, optimization, Monte Carlo simulation), to recognize their assumptions and limitations, and to employ them in decision-making. The emphasis will be on model formulation and interpretation of results, not on mathematical theory. The emphasis is on models that are widely used in diverse industries and functional areas, including finance, operations, and marketing.
TRACKS
Data Analytics Pathway
Operations Major
Technology Management Pathway
SCHEDULE SUMMARY
Summer 2022
Winter 2023
Spring 2023
CH
EV
CH
EV
CH
EV

CH (Chicago)
EV (Evanston)
DayTime
Evening
Saturdays
Popup
PREREQUISITES
None