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Decision Modeling in Business Analytics

$3,800.00
Decision Modeling in Business Analytics

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NYU Stern School of Business
44 West 4th Street
New York, NY 10012

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Decision Modeling in Business Analytics

$3,800.00

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Overview

PLEASE NOTE: This program is currently being taught as an In Person class.

Most firms invest time and dollars into data analytics that identify what has already happened and what might happen in the future, but this is not enough to drive success. In order to take full advantage of their data analytics, executives must know how to transform data insights into optimal, executable actions that are evaluated by their impact on key performance metrics, leading to better decision making.

This course teaches participants to harness the full potential of large quantities of data to make more informed decisions at all levels of their organizations. Participants will learn about modern decision models and machine learning tools. Through application of these tools, executives will examine data, recommend a range of actions and evaluate each action’s impact on targeted performance metrics. This course provides hands-on experience working with different models--including optimization modeling, uncertainty modeling and risk prediction--and emphasizes their application in finance, marketing and operations functions across industries.

Certificates and Credits

Upon completion of this course, participants will receive a Certificate of Achievement.

Program Takeaways

During this course, participants will:

  • Decision Models

    Learn about key decision models in analytics and their applications across a wide range of industries including healthcare, financial services, logistics and more

  • Direct Experience

    Gain hands-on experience working with data and transforming it into actionable decisions through simulation exercises

  • Value of Data

    Identify opportunities where decision models can be applied to derive value for your organization

Who Should Attend

Although there are no formal education or background requirements, this course is designed for executives who meet the criteria below. While we strongly encourage global participation, please note that all courses are taught in English. Proficiency in written and spoken English is required.

  • Years of Experience

    Designed for professionals with 5+ years of work experience

  • Job Functions

    Ideal for executives who head analytically oriented functions within their organization

  • Prerequisites

    Intended for individuals who are interested in analytics and data-driven decision making, and who already have working knowledge of analytics

Agenda

The following agenda is a sample and subject to change.

9:00 am ET: Session 1: Predictive and Prescriptive Analytics

  • What is prescriptive analytics and why is it important?
  • Differences between prescriptive and predictive analytics and their roles in data-driven decision making
  • Best practices and success stories

Session 2: Machine Learning and Predictive Modeling

  • Basic classification and prediction methods
  • What is artificial neutral network and what is deep learning
  • Hands-on exercise: credit risk prediction 

12:15 - 1:15 pm ET: Lunch Break

Session 3: Framework of Optimization Modeling

  • Formulating a business decision problem: decision choices, performance measure, and constraints
  • Hands-on exercise: online dating platform

Session 4: Business Applications of Optimization Models

  • Applications in revenue management and online advertising
  • Value of optimization
  • Challenge and address model assumptions

4:30 pm ET: Day 1 Conclusion and Evaluations

    9:00 am ET: Session 5: Markdown Optimization Game

    • Combining predictive modeling and optimization modeling
    • Challenges in decision making under risk

    Session 6: Modeling Risk

    • Meaningful definition of risk
    • How to model uncertainty
    • Value of data in risk modeling

      12:15 - 1:15 pm ET: Lunch Break

      Session 7: Risk Prediction: Monte Carlo Simulation

      • Build simulation models for performance evaluation and risk prediction
      • Interpretation of results and obtaining insights
      • Hands-on exercise: retirement planning

      Session 8: Optimization under Uncertainty

      • Simulation meets optimization modeling
      • Value of strategic flexibility

      4:30 pm ET: Program Conclusion and Evaluations

        Program Faculty

        Our courses are taught by seasoned NYU Stern faculty and renowned subject matter experts. Please note that course faculty are subject to change depending upon availability.

        Jiawei Zhang
        Jiawei Zhang
        Professor of Information, Operations and Management Sciences

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        Customer Reviews

        Based on 4 reviews
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        S
        Serena H.
        If you are interested in generative AI and analytics, and how to leverage chatGPT to stay competi...

        Just in time! If you are interested in generative AI and analytics, and how to leverage ChatGPT as your assistant to stay competitive, take this class!

        Prof. Zhang demoed how to use ChatGPT and a variety of business analytics tools to solve business cases for various industries, for example revenue management and pricing.

        No previous coding experience required. (hint: copy code in ChatGPT).

        B
        Bill
        Outstanding Course with Many Applications

        I was extremely impressed with how much learned in this short course. My work role is not a data analytics one. However, I have found that the skills learned from this course have been very helpful for navigating and analyzing data. This is particularly helpful as I interface with many different business units. As an added bonus, I highly recommend this course to anyone that plays Daily Fantasy Sports. This course will teach you how to use the Solver function in Excel to run your own Optimizers.

        I
        Ikenna Ene
        A great executive course that gives insights to experienced professionals

        With analytics becoming increasingly important in the business world, this course really gave me insight into some of the data driven decision making processes and key considerations of large companies. The Professor did an excellent job of introducing new material, demonstrating techniques and their potential applications in real world business problems, making it immediately applicable for me. The fact that the class was full of executives that traveled from all over the world is a testament to the quality and value of the course and NYU Stern's Executive Education programs.

        S
        Sean Holland
        Great class!

        A current and comprehensive look at the growing importance of how numerous business models utilize data in formulating business decisions both operational and financial. Class offered a good mix of the theoretical and practical aspects of data analysis and modeling. The “hands-on” modeling experience in class with Excel and Crystal Ball software was most helpful to ensure a real-world understanding and application of these important concepts. Professor was most knowledgeable and helpful in understanding the mechanics of the different models and programs. A worthwhile, practical class.