Introduction to Prescriptive Analytics: Models and Applications
This course will teach you how to use advanced analytics techniques to solve complex optimisation problems. You will then be in a position to provide recommendations for the best solution or action from a number of possibilities.
Description
Prescriptive analytics aims to provide recommendations to decision makers by using advanced analytics techniques to solve complicated optimisation problems. This differs from descriptive analytics which provides insights into what has happened and predictive analytics which forecasts what might happen, prescriptive analytics adds value to businesses and organisations with its recommendation of the best solution or action among various choices. Prescriptive analytics is relevant to OR practitioners given its aspect of decision making. As compared to other types of analytics, it is more challenging and requires several analytics techniques. This workshop will introduce prescriptive analytics to OR practitioners with applications such as online advertising in the private sector and organ allocation policy for transplantation within the public sector.
2023 Online Platform and Software Requirements
Computer with video camera, speakers and microphone
Stable internet connection
Mains power
Zoom - This course can only be accessed via the desktop version of Zoom, so if necessary please submit a request with your IT team to download Zoom in advance. Alternatively, use a personal computer to attend this course.
Microsoft Excel with Excel Solver
2023 Prior knowledge
Pre-requisite skills/knowledge includes linear programming and Excel. There will be a brief review of linear programming and Excel at the beginning of the workshop.
2023 Topics
Introduction to Analytics: the difference between descriptive, predictive, and prescriptive analytics with the focus on prescriptive analytics,
Kidney Allocation Policy: discuss how to develop mathematical models which combine both predictive and prescriptive analytics. Practitioners will have the opportunity to work with a numerical case study.
Online Advertising: discuss how prescriptive analytics can be used to support decisions that need to be made by both providers and advertisers. Practitioners will have the opportunity to work with a numerical case study.
Review of Modelling Techniques: (integer) linear programming and Excel Solver will be reviewed briefly to support the discussion of two main applications.
2023 Course goals and outcomes
Differentiate between prescriptive analytics and other types of analytics
Understand how prescriptive analytics can add values to businesses and organisations
Apply optimisation techniques to prescriptive analytics applications
Understand particular approaches used in two discussed prescriptive analytics applications
Use Excel to provide solutions to prescriptive analytics applications
2023 Audience
This training course is relevant to OR practitioners who are interested in analytics.
2023 Employer benefits
OR practitioners who are interested in analytics.
2023 Learning objectives
Prescriptive analytics will provide you the skills to make recommendations to key decision makers by using advanced analytics techniques to solve complicated optimisation problems.