book

Prescriptive Analytics: The Final Frontier for Evidence-Based Management and Optimal Decision Making

by Dursun Delen

October 2019

Beginner to intermediate

352 pages

8h 26m

English

Pearson FT Press

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Data and Business AnalyticsAn Overview of the Human Decision-Making ProcessSimon’s Theory of Decision-MakingAn Overview of Business AnalyticsWhy the Sudden Popularity of Analytics?What Are the Application Areas of Analytics?What Are the Main Challenges of Analytics?A Longitudinal View of AnalyticsA Simple Taxonomy for AnalyticsAnalytics Success Story: UPS’s ORION ProjectBackgroundDevelopment of ORIONResultsSummaryAnalytics Success Story: Man Versus MachineCheckersChessJeopardy!GoIBM Watson ExplainedConclusionReferences
Common Problem Types for LP SolutionTypes of Optimization ModelsLinear ProgrammingInteger and Mixed-Integer ProgrammingNonlinear ProgrammingStochastic ProgrammingLinear Programming for OptimizationLP AssumptionsComponents of an LP ModelProcess of Developing an LP ModelHands-On Example: Product Mix ProblemFormulating and Solving the Same Product-Mix Problem in Microsoft ExcelSensitivity Analysis in LPTransportation ProblemHands-On Example: Transportation Cost Minimization ProblemNetwork ModelsHands-On Example: The Shortest Path ProblemOptimization Modeling TerminologyHeuristic Optimization with Genetic AlgorithmsTerminology of Genetic AlgorithmsHow Do Genetic Algorithms Work?Limitations of Genetic AlgorithmsGenetic Algorithm ApplicationsConclusionReferences
Simulation Is Based on a Model of the SystemWhat Is a Good Simulation Application?Applications of Simulation ModelingSimulation Development ProcessConceptual DesignInput AnalysisModel Development, Verification, and ValidationOutput Analysis and ExperimentationDifferent Types of SimulationSimulation May Be Dynamic (Time-Dependent) or Static (Time-Independent)Simulations May Be Stochastic or DeterministicSimulations May Be Discrete and ContinuousMonte Carlo SimulationSimulating Two-Dice RollsProcess of Developing a Monte Carlo SimulationIllustrative Example—A Business Planning ScenarioAdvantages of Using Monte Carlo SimulationDisadvantages of Monte Carlo SimulationDiscrete Event SimulationDES Modeling of a Simple SystemHow Does DES Work?DES TerminologySystem DynamicsOther Varieties of Simulation ModelsLookahead SimulationVisual Interactive Simulation ModelingAgent-Based SimulationAdvantages of Simulation ModelingDisadvantages of Simulation ModelingSimulation SoftwareConclusionReferences
Types of DecisionsA Taxonomy of MCDM MethodsWeighted Sum ModelHands-On Example: Which Location Is the Best for Our Next Retail Store?Analytic Hierarchy ProcessHow to Perform AHP: The Process of AHPAHP for Group Decision-MakingHands-On Example: Buying a New Car/SUVAnalytics Network ProcessHow to Conduct ANP: The Process of Performing ANPOther MCDM MethodsTOPSISELECTREPROMETHEEMACBETHFuzzy Logic for Imprecise ReasoningIllustrative Example: Fuzzy Set for a Tall PersonConclusionReferences
Artificial Intelligence and Expert Systems for Decision-MakingAn Overview of Expert SystemsExpertsExpertiseCommon Characteristics of ESApplications of Expert SystemsClassical Applications of ESNewer Applications of ESStructure of an Expert SystemKnowledge BaseInference EngineUser InterfaceBlackboard (Workplace)Explanation Subsystem (Justifier)Knowledge-Refining SystemKnowledge Engineering Process1. Knowledge Acquisition2. Knowledge Verification and Validation3. Knowledge Representation4. Inferencing5. Explanation and JustificationBenefits and Limitations of ESBenefits of Using ESLimitations and Shortcomings of ESCritical Success Factors for ESCase-Based ReasoningThe Basic Idea of CBRThe Concept of a Case in CBRThe Process of CBRExample: Loan Evaluation Using CBRBenefits and Usability of CBRIssues and Applications of CBRConclusionReferences
Big Data AnalyticsWhere Does the Big Data Come From?The Vs That Define Big DataFundamental Concepts of Big DataBig Data TechnologiesData ScientistBig Data and Stream AnalyticsDeep LearningAn Introduction to Deep LearningDeep Neural NetworksConvolutional Neural NetworksRecurrent Networks and Long Short-Term Memory NetworksComputer Frameworks for Implementation of Deep LearningCognitive ComputingHow Does Cognitive Computing Work?How Does Cognitive Computing Differ from AI?ConclusionReferences

Content preview from Prescriptive Analytics: The Final Frontier for Evidence-Based Management and Optimal Decision Making

Prescriptive Analytics

The Final Frontier for Evidence-Based Management and Optimal Decision Making

Dursun Delen, PhD

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ISBN: 9780134389035