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

    FREE
    Add a Verified Certificate for $350 USD

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

Prerequisites

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

About this course

How do airlines decide when to increase ticket prices? Should a hotel charge less per night for a long stay than a short one? Why do some software companies bundle very different products together? How should a fashion retailer decide when do start discounting clothes? Why do so many discounted rates end in ".99"? How should a company balance the risk of holding too much inventory on hand and the risk of turning away customers? Does it ever make sense for retailers to lie to suppliers about how much they will need to order? Should retailers with multiple locations hold most of their inventory in a central warehouse or at the individual locations?

These are only a small sample of the operational and pricing challenges all businesses regularly face. These challenges are often addressed individually and in isolation but, in reality, all of these decisions interact with each other. This class looks at the demand and supply management challenges faced by companies in various industries and provides an introduction to the tools that can be used to address these challenges.

What you'll learn

  • To identify, evaluate, and capture business analytic opportunities that create business value
  • Build models to support and help make managerial and business decisions
  • Basic analytical methods and their applications
  • Analyze case studies on organizations that successfully deployed analytical techniques

Class schedule 

Week 1 – Introduction 
Week 2 – Static price optimization 
Week 3 – Dynamic price optimization 
Week 4 – Price differentiation 
Week 5 – Quantity based revenue management 
Week 6 – Network revenue management & overbooking 
Week 7 – Customized pricing and consumer choice models 
Week 8 – Markdown management and behavioral issues in pricing 
Week 9 – Introduction to inventory management 
Week 10 – Stochastic inventory management 
Week 11 – Miscellaneous topics in inventory management 
​Week 12 – Final review

Meet your instructors

Daniel Guetta
Director of the Business Analytics Initiative
Columbia University

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