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Data, Models, and Decisions (DMD)

Faculty:

Raghav Singal

Subject Areas:

Operations and Management Science

Description

DMD builds on the core Analytics courses and explores a mix of advanced analytics topics. Each class is centered around a practical data-driven case. In addition to discussing a new application, each case introduces one or two new analytics tools. The overall course philosophy is “data, models, and decisions,” where models cover both predictive and prescriptive aspects of analytics. The primary software is Excel, and our focus is to build data-driven models for the purposes of (1) extracting business insights and (2) developing some fundamental understanding behind such models. Analytics tools used in the course include logistic regression, optimization, Monte Carlo simulation, and data visualization. Applications include revenue management of an auto lender's portfolio, managing readmissions to a hospital, workforce scheduling for a ride-hailing service, insurance management in aviation, and portfolio optimization for fantasy sports. The intended audience focuses on MBA students who wish to deepen their knowledge of analytics tools and their applications in business contexts, with a particular emphasis on data-driven decision-making to address complex business challenges. While Excel is the main platform for implementation, we will optionally explore how to build these models using tools such as R and ChatGPT, particularly for students interested in extending their skills beyond spreadsheets.