Difficult decisions require spending scarce resources. A 'resource' is any asset used to leverage business objectives, such as time and money. Tradeoffs are involved in allocating resources to one objective as opposed to another. This course develops a quantitative framework for studying resource allocation problems that arise in many industries and areas such as transportation, advertising, finance, and healthcare. The focus will be on translating verbal descriptions into quantitative optimization models, whereby standard tools (such as Microsoft Excel) can be applied to obtain solutions. The course also covers the role of uncertainty and risk in the decision-making process by using Monte-Carlo simulation models.

In the business press, on TV, and in board rooms, 'machine learning,' 'AI,' 'big data' and 'data analytics' are now hot topics. Vast quantities of data are being generated these days, including new types of data such as web traffic, social network data, and reviews and comments on websites. This data is a valuable resource that, when used correctly, can create a competitive edge for companies. Advances in computing hardware and algorithms have significantly improved the quality of predictions and effectiveness of business applications based on them. Expertise in working with data, and a sound knowledge of data mining/machine learning methods, is a much sought after skill. The course provides an introduction to the key tools and techniques of data mining/machine learning, including classification, prediction, cluster analysis, association rules, and text mining. The methods covered are Linear Regression, Logistic Regression, K-nearest neighbors, Naive Bayes, Classification and Regression Trees, Ensemble methods, Neural Networks, K-Means and Hierarchical Clustering, and Association Rules. The focus throughout will be on business applications. Examples from Marketing, Finance, Healthcare, and Operations will be used to illustrate the breadth of applications.