• Length:
    12 Weeks
  • Effort:
    8–10 hours per week
  • Price:

    FREE
    Add a Verified Certificate for $320 USD

  • Institution
  • Subject:
  • Level:
    Advanced
  • Language:
    English
  • Video Transcript:
    English

Prerequisites

Undergraduate probability, statistics and linear algebra. Students should have working knowledge of Python and familiarity with basic programming concepts in some procedural programming language.

About this course

In today’s world, managerial decisions are increasingly based on data-driven models and analysis using statistical and optimization methods that have dramatically changed the way businesses operate in most domains including service operations, marketing, transportation, and finance.

The main objectives of this course are the following:

  • Introduce fundamental techniques towards a principled approach for data-driven decision-making.
  • Quantitative modeling of dynamic nature of decision problems using historical data, and
  • Learn various approaches for decision-making in the face of uncertainty

Topics covered include probability, statistics, regression, stochastic modeling, and linear, nonlinear and discrete optimization.

Most of the topics will be presented in the context of practical business applications to illustrate its usefulness in practice.

What you'll learn

  • Fundamental concepts from probability, statistics, stochastic modeling, and optimization to develop systematic frameworks for decision-making in a dynamic setting
  • How to use historical data to learn the underlying model and pattern
  • Optimization methods and software to solve decision problems under uncertainty in business applications
  • Introduction to Probability: Random variables; Normal, Binomial, Exponential distributions; applications
  • Estimation: sampling; confidence intervals; hypothesis testing
  • Regression: linear regression; dummy variables; applications
  • Linear Optimization; Non-linear optimization; Discrete Optimization; applications
  • Dynamic Optimization; decision trees

Meet your instructors

Vineet Goyal
Associate Professor, Industrial Engineering and Operations Research
Columbia University

Pursue a Verified Certificate to highlight the knowledge and skills you gain $320.00

View a PDF of a sample edX certificate
  • Official and Verified

    Receive an instructor-signed certificate with the institution's logo to verify your achievement and increase your job prospects

  • Easily Shareable

    Add the certificate to your CV or resume, or post it directly on LinkedIn

  • Proven Motivator

    Give yourself an additional incentive to complete the course

  • Support our Mission

    EdX, a non-profit, relies on verified certificates to help fund free education for everyone globally