Who should attend
This course is ideal for analysts, developers, data scientists, functional managers, consultants, any professional that uses data to make business decisions.
About the course
Sometimes the problem you need to solve involves amounts of data or numbers of decisions that go well beyond the capabilities of spreadsheets. You can work around these limitations by replicating spreadsheet methods of simulation and optimization in the script-based programming environment in R. The use of R carries the benefits of flexibility, automation, and expanded set of tools and algorithms.
In this course, you will work through the development and implementation of Monte Carlo simulations. You’ll become familiar with the R functions most commonly used for this purpose. You’ll also translate optimization problems that have been defined outside R to a form that supports computational solutions in R. You’ll work with both linear and nonlinear solution methods.
Participants who complete this course will be able to…
- Simulate future outcomes for an index constructed from multiple sources of data
- Make a decision based on a simulation model
- Reduce decision uncertainty by visualizing and interpreting relative importance of a large number of independent variables
- Obtain an optimized result in R
- Interpret shadow prices from an R-based linear optimization
- Interpret shadow prices from an R-based quadratic (nonlinear) optimization
- Obtain an optimized result for a nonlinear, non-quadratic model
It is recommended that students have a background in data analytics especially with optimization, modeling, and monte carlo simulations, in addition to a familiarity with programming syntax.
Biography Chris Anderson is a professor at the Cornell School of Hotel Administration. Prior to his appointment in 2006, he was on faculty at the Ivey School of Business in London, Ontario, Canada. His main research focus is on revenue management (RM) and service pricing. He actively works with i...
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.