Optimization involves finding the best possible solution from multiple available solutions which is cost effective and high performance solution. Optimization is used in solving multiple business problems and one of the core concept in advance analytics.
Optimization techniques not only provides the best optimal solution but also provides feedback on how changing the objective function coefficient will change the optimal solution. Every industry faces optimization problem and different optimization techniques are used to solve different problems. Different optimization problems include linear optimization problem, combinatorial optimization problem, constrained optimization problem, multi objective optimization problem, nonlinear optimization problem etc.
Are you looking to build an optimized routing system and solve a transportation problem; Do you want to identify what is the right volume of spare parts that need to be manufactured based on demand, supply, resource availability; Do you want to know what is the right way to allocated resources to a project without any redundancy or do you want to know a simple trick to solve Sudoku puzzle, then Optimization is the right subject that you need to learn.
It is important that we understand which optimization technique need to be used to solve a problem and also get a clear view on how to identify the objective function, decision variables and constraints to solve the problem correctly. We help you in learning different optimization techniques by using industry business scenarios and also teach widely used optimization tools like Solver, @Risk optimizer.
Data for a Data Scientist is what Oxygen is to Human Beings. This is also a profession where statistical adroit works on data – incepting from Data Colection to Data Cleansing to Data Mining to Statistical Analysis and right through Forecasting, Predictive modeling and finally Data Optimization. A Data Scientist does not provide a solution; they provide most optimized solution of the lot. Gartner predicted in 2012 that Data Scientist & Business Analytics jobs will increase to the tunes of Millions by the end of 2015. This is very evident with the rise in job opportunities in various job portals. As a Data Scientist or an aspirant you should not believe us. Go search for your own and confirm with facts and figures.
Data optimisation is used to provide the best solution given the business constraints. For e.g., customer wants to manufacture maximum number of shirts per day with highest quality possible. However, customer has limited budget to accomplish this. So given the Cost constraint, we need to provide the most optimal solution.
Data Optimization is used across all industries & sectors. Majorly it is applicable for Airlines to manage the routes of different flights, Logistics & Courier companies to deliver maximum products with least cost.
A lot of tools are used including XLMiner, Solver, R, SAS, STATA, MATLAB, Minitab, etc. We at ExcelR teach you Data Optimisation training on Excel Solver & XLMiner which are highly in demand.
The detailed course outline is provided on the website. Two core concepts included in the training program are Linear Continuous Optimization & Discrete Optimization.
Yes, data optimization is considered to be the most advanced level of analytics.