Prescriptive Analytics for Business Decision-Making

(1.5 Credit Hours) · Undergraduate

Data plays a crucial role in modern business, and firms rely on vast amount of information to understand trends and anticipate key uncertainties, such as customer demand, market conditions, and operational risks. Yet, the true value of data is realized only when organizations can make optimal decisions based on these insights and effectively integrate data into their business processes. This critical step, known as decision (or prescriptive) analytics, extends beyond traditional statistics and predictive analytics. In this course, students will explore simulation and optimization as essential tools for business decision-making. Through a mix of theoretical foundations and hands-on applications, students will learn how to model complex systems, obtain decisions under uncertainty, and identify the best possible actions. We will also examine a variety of real-world applications, ranging from retail and healthcare to revenue management and supply chains.