Need to know the best course of action for your company? You need prescriptive analytics, an approach to analysis that mines data for actionable insights and helps you improve your company’s reach and ROI. Prescriptive analytics is more than predictive modeling; it gives valuable conditional outcomes and cause-and-effect insight. In this workshop, we’ll explore the logic of prescriptive analytics and use Excel and R to conduct simple “what-if” simulations, cross-lagged designs, optimization models, and robust quasi-experimental analyses. You’ll leave with a collection of tools that will help you intelligently choose the best path to find new value for your company.
26. 37THEORETICAL SOLUTION.
Recruit many participants,
randomly assign to carefully
manipulated conditions.
Repeat many times with
different methods & groups.
37. 48OPTIMIZATION MODELS.
Models that find the
distribution of time or
resources among several
alternatives that maximizes an
outcome given constraints.
38. One variable.
Setting price to
maximize
revenue.
Many variables.
Allocating
resources to
several projects
in different
markets.
4949OPTIMIZATION MODELS.
39. 50OPTIMIZATION MODELS.
Can do one-variable by hand,
multiple variable models in
Excel using the Solver add-in,
and complex models in R or
Python.