Decision making in today’s world is a complex phenomenon and is likely to be influenced significantly by bias, gut feeling and intuition. It requires a thorough unbiased analysis taking into account the interest of all stakeholders. Analytics is an important management tool that business firms/corporates need today for survival and growth. While analytics is considered a high-tech fashionable buzzword, many of its concepts have been in use for the last 60 years all over the world, making a business value of 500 billion dollars. It has also been used in a variety of ways, for example, in the development of railway time tables, managing pricing decisions for perishable services, reduction of spread of AIDS, changing defence budgets, etc. However, training in analytics has focussed more on methodology and less on implementation. This programme will focus where analytics alongwith Management Science tools, has created significant impact (both in monetary terms and in terms of its impact on policy issues).
To discuss how practical management science and analytics have created business value in organisations around the world in dollar terms or in terms of policy changes
To differentiate among descriptive, prescriptive and predictive analytics
To understand the role of stakeholders in decision analysis and how analytics is a source of competitive advantage today
To discuss the fundamentals of linear programming, decision analysis, simulation, forecasting and its application in practice
To use advanced optimisation software tools with modelling languages
To understand the uncertainties, complexities and risks associated with such projects and why actual implementation in business fails
Introduction to Management Science, Operations Research and Analytics
Stakeholder Analysis, Models and Model Building
Analysing Sequential Decisions
Simulating the Future
Making Simultaneous Decisions (Application in Energy)
Lab sessions Software
Analytics as a source of competitive advantage
The essence of the art and science of decision making lies in the fact that knowledge of data science (earlier known as management science or decision technologies) is not only an essential management skill, but a vital functional area in many industries and it can be source of major competitive advantage. Organisations that are good at analytics can create cost or revenue advantage over their competitors. Central to this idea is that the success of analytics depends on the successful solution of real world problems.
Middle or senior level managers of all companies who are using or plan to use, apply and benefit from analytics. The person may be from the service sector (like IT, supply chain firms, banks, hotels, airlines, railways, internet service providers, etc.) or the energy sector (thermal, hydroelectric power plants, etc.), process industries (like steel, aluminium, cement, polymer, petrochemicals, pharmaceuticals, etc.) or manufacturing indsutries.
A mix of pedagogical tools will be used including real world cases, optimisation software, videotapes and guest lectures.