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Business Analytics for Decision Making

Approx. 9 hours to complete

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Course Summary

Learn how to make data-driven decisions in business with this course on Business Analytics and Decision Making. Gain valuable insights into how data can be used to improve business operations and drive growth.

Key Learning Points

Understand the role of data in decision-making processes
Learn how to use data visualization to communicate insights effectively
Discover how to apply statistical methods to solve business problems

Job Positions & Salaries of people who have taken this course might have

Data Analyst
- USA: $65,000 - $109,000
- India: ₹350,000 - ₹1,200,000
- Spain: €26,000 - €45,000
Business Intelligence Analyst
- USA: $68,000 - $120,000
- India: ₹400,000 - ₹1,600,000
- Spain: €27,000 - €52,000
Data Scientist
- USA: $85,000 - $150,000
- India: ₹500,000 - ₹2,400,000
- Spain: €35,000 - €70,000

Learning Outcomes

Understand how to use data to make informed business decisions
Develop skills in data analysis and visualization
Learn how to apply statistical methods to business problems

Prerequisites or good to have knowledge before taking this course

Basic understanding of statistics
Familiarity with Excel or another spreadsheet program

Course Difficulty Level

Intermediate

Course Format

Online
Self-Paced

Similar Courses

Data Analytics for Business
Business Intelligence Concepts, Tools, and Applications

Related Education Paths

Related Books

Description

In this course you will learn how to create models for decision making. We will start with cluster analysis, a technique for data reduction that is very useful in market segmentation. You will then learn the basics of Monte Carlo simulation that will help you model the uncertainty that is prevalent in many business decisions. A key element of decision making is to identify the best course of action. Since businesses problems often have too many alternative solutions, you will learn how optimization can help you identify the best option. What is really exciting about this course is that you won’t need to know a computer language or advanced statistics to learn about these predictive and prescriptive analytic models. The Analytic Solver Platform and basic knowledge of Excel is all you’ll need. Learners participating in assignments will be able to get free access to the Analytic Solver Platform.

Outline

Data Exploration and Reduction — Cluster Analysis
Introduction to the Course
0. What is Cluster Analysis
1. Data Reduction and Unsupervised Learning
2. Preparing Data and Measuring Dissimilarities
3. Hierarchical and k-Means Clustering
4. Cluster Analysis with Excel
5. Cluster Analysis with XLMiner
Register for Analytic Solver Platform for Education (ASPE)
Week 1 Quiz
Week 1 Application Assignment - Clustering

Dealing with Uncertainty and Analyzing Risk
0. Risk Analysis and Monte Carlo Simulation
1. Adding Uncertainty to a Spreadsheet Model
2. Defining Output Variables and Analyzing the Results
3. Using Historical Data to Model Uncertainty
4. Models with Correlated Uncertain Variables
5. Creating and Interpreting Charts
6. Using Average Values versus Simulation
Week 2 Quiz
Week 2 Application Assignment - Monte Carlo Simulation

Identifying the Best Options — Optimization
0. Optimization and Decision Making
1. Formulating an Optimization Problem
2. Developing a Spreadsheet Model
3. Adding Optimization to a Spreadsheet Model
4. What-if Analysis and the Sensitivity Report
5. Evaluating Scenarios and Visualizing Results to Gain Practical Insights
6. Digital Marketing Application of Optimization
Week 3 Quiz
Week 3 Application Assignment - Linear Optimization

Decision Analytics
0. Advanced Models for Better Decisions
1. Business Problems with Yes/No Decisions
2. Formulation and Solution of Binary Optimization Problems
3. Metaheuristic Optimization
4. Chance Constraints and Value At Risk
5. Simulation Optimization
Week 4 Quiz
Week 4 Application Assignment - Simulation Optimization

Summary of User Reviews

This business analytics course is highly recommended by users due to its comprehensive coverage of various analytical techniques for decision making. Users praised the course for its practical approach and real-life examples that make the learning experience engaging and easy to understand.

Key Aspect Users Liked About This Course

Users appreciated the course's emphasis on applying analytics to real-world business problems.

Pros from User Reviews

Comprehensive coverage of various analytical tools and techniques
Practical approach with real-life examples
Easy to understand and engaging learning experience
Great for beginners and intermediate learners
Flexible schedule with self-paced learning

Cons from User Reviews

Some users found the course material too basic
Limited interaction with instructors
Some technical difficulties with the Coursera platform
Not suitable for advanced learners
No certification available without paying for the course

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