Prescriptive Analytics

By Rajluxmi V Murthy | Indian Institute of Management Bangalore (IIMB)

Learners enrolled: 2023

Descriptive Analytics analyses past data to understand trends present in the data to answer what happened. Predictive Analytics techniques will predict what will happen to key performance indicators in the future. Prescriptive Analytics assists the decision maker to identify the best action (optimal solution), given the problem context. That is, prescriptive analytics, as the name suggests, prescribes the best solution or decision/action for the problem. Note that decisions or actions can be derived based on descriptive and predictive analytics as well. For example, using predictive analytics, a retailer such as Amazon and Flipkart can predict what a customer is likely to buy in the future and design product recommendations. The difference between decisions arrived at using descriptive/predictive analytics and prescriptive analytics is that the prescriptive analytics algorithm tries to arrive at the best decision (optimal solution) based on an objective function (sometimes more than one objective function) and a list of constraints.

Operations research techniques such as linear programming, integer programming, goal programming, non-linear programming, and meta-heuristics are used for prescribing an optimal solution to a problem. A few big data problems originated from optimization problems. For example, the travelling salesman problem (TSP) is one of the most difficult problems which is encountered by organizations such as online retailers, logistic service providers, and even electronic parts manufacturers. Prescriptive analytics models attempt to solve complex optimization problems of the modern era.

Summary

Course Status :	Ongoing
Course Type :	Core
Duration :	6 weeks
Category :	Management Studies
Credit Points :	3
Level :	Postgraduate
Start Date :	29 Jan 2024
End Date :	30 Apr 2024
Enrollment Ends :	29 Feb 2024
Exam Date :	18 May 2024 IST
Shift :	Shift 1

Note: This exam date is subjected to change based on seat availability. You can check final exam date on your hall ticket.

Page Visits

Course layout

Week 1: Prescriptive Analytics and Linear Programming (LP)

Week 2 – Sensitivity Analysis and Duality

Week 3 – LP Formulations and Applications

Week 4 – Integer Programming (IP)

Week 5 – Multicriteria Optimization

Click here for syllabus page

Exam schedule

Books and references

None

Instructor bio

Rajluxmi V Murthy

Indian Institute of Management Bangalore (IIMB)

Professor Rajluxmi V Murthy's research and teaching interests are in the field of Optimization and Simulation, especially in their applications to logistics management and service industries.

Research Areas:

Applications of Optimization Methods and Simulation in Logistics Management, Service Industry, and Sustainability

Course certificate

Enrolling and learning from the course is free. However, if you wish to obtain a certificate, you must register and take the proctored exam in person at one of the designated exam centre’s. The registration URL will be announced when the registration form is open. To obtain the certification, you need to fill out the online registration form and pay the exam fee. More details will be provided when the exam registration form is published, including any potential changes. For further information on the exam locations and the conditions associated with filling out the form, please refer to the form.

Grading Policy:

Assessment Type	Weightage
Mid-Term & End-Term	25%
Final Exam	75%

Certificate Eligibility:

40% marks and above in Mid Term & End Term
40% marks and above in the final proctored exam

Score	Type of Certificate
>=90	Gold
75 - 89	Silver
70 - 74	Bronze
40 - 70	Successfully Completed
<40	No Certificate

Sample Certificate:

Disclaimer: In order to be eligible for the certificate, you must register for enrolment and exams using the same email ID. If different email IDs are used, you will not be considered eligible for the certificate.

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