By evaluating various aspects of the company’s performance we can gain important insights and improve our decision making. All analyses, regardless of what type they are: descriptive, predictive or prescriptive, are useful and have their role.

 

Òhe emphasis of this course is on the prescriptive type, the one with the greatest value added. It recommends the best solution from among many possibilities. Optimization models are the main tool of prescriptive analysis.

 

Optimization is a process of discovering that set of values of the decision variables that will lead to the highest or lowest values of the objective variables: profit, revenue, cost, time, etc.

 

Developing optimization models requires logical thinking which can be mastered by studying examples of different models and investigating their characteristics. This course contains plenty of examples and case studies.

 

Anyone can summarize data and turn it into graphs. The true value of analysis is in the recommendations which answer the question: “Which is the best result that we can achieve?”

 

Equipped with the practical knowledge gained from this course you will be able to distribute resources better, optimize price setting, find the right mix of products, select the best production process, minimize transportation costs, find the best client services schedule, improve the supply chain, optimize inventories, and increase profitability.