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GBUS630 Application Project Spring 2023

The GBUS630 Application Project requires students to write a paper on the application of prescriptive analytics to solve a real-world problem or decision. The project should include background information, a clear problem description linked to a spreadsheet model, and recommendations based on optimization or simulation. Assessment criteria include the effectiveness of modeling, thoughtfulness, novelty, presentation quality, and an optional bonus for sensitivity analysis.

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24 views2 pages

GBUS630 Application Project Spring 2023

The GBUS630 Application Project requires students to write a paper on the application of prescriptive analytics to solve a real-world problem or decision. The project should include background information, a clear problem description linked to a spreadsheet model, and recommendations based on optimization or simulation. Assessment criteria include the effectiveness of modeling, thoughtfulness, novelty, presentation quality, and an optional bonus for sensitivity analysis.

Uploaded by

drmitola
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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GBUS630 Application Project

Directions: Write a paper on an application of prescriptive analytics in the area(s) of your interest. The
paper should describe how a real-world problem/decision is solved / optimized / simulated using the
methods we have discussed in this course. This is an individual project. You may discuss your progress
with me. If you’d like my input, I recommend that you meet with me at least a week prior to the due
date.
This project may involve (1) optimizing/simulating a problem/decision you may be dealing with at work
or in personal life, or alternatively, (2) doing some research on an industry/company of your interest,
gathering some real-world data (parameters of your problem) and optimizing/simulating a set of
decisions that impact the outcome/objective. Either way, your project should contain real-world
features that distinguish it from problems that we have worked on in class or is available online—they
still can have common features. I should not be able to Google your problem and find the same or a very
similar project/paper online. Here are some more guidelines:
• Your submitted project should include:
o Some background information about the organization/industry
o A clear description of the problem/decision(s) and how it links to the spreadsheet model
o A spreadsheet model,
o The solution and your recommendation(s)
• The main theme of your project should be decision making through optimization and/or simulation,
i.e., prescriptive analytics (not descriptive/diagnostic/predictive analytics). For example, if regression
is the main quantitative model used in an application, that is not a good fit for this project.
Regression can still be used to provide insights and inputs for prescriptive analytics.
• Submit a 4-6 page, 1.5-spaced Word document accompanied by an Excel file containing your
spreadsheet model. Make sure you cite any sources that contribute to your paper appropriately.
Assessment
• 10% Background information
• 25% Clear description of the problem/decision(s)
o If you use optimization
▪ Develop a verbal model containing the objective, the constraints, and the decisions.
▪ A mathematical model is recommended but not required. In either case, explain
how you have formulated the problem in Excel, e.g. refer to the cells which contain
the objective or account for the constraints as you describe the problem.
▪ State the optimal solution and the objective inside your Word file with links to your
spreadsheet model. For example, “As it can be observed from cells A3:E5 of the
spreadsheet model, the optimal decision is to …”
o If you use simulation
▪ Your model should involve multiple parameters and at least one decision (e.g., price,
bid amount, etc. like examples we did in class/self-study activities).
▪ Explain how the decision(s) and parameters impact the outcome (e.g. profit, chance
of winning a bid, etc.) similar to a verbal model in optimization.
▪ Although you don’t necessarily look for the optimal decision, you should provide
some recommendations as to what seems to be a “good decision” (e.g. remember

1
LandShark example and your recommendation on the bid amount). This likely
requires running several simulations on a range of values for the decision(s).
▪ Explain how you have formulated the problem in Excel, e.g. refer to the cells which
contain the decision and the outcome and how they are related.
• 40% Effective and accurate modeling and solution
• 15% Thoughtfulness and novelty:
o Your project should have some novel features: This can be how the problem/decision
relates to you personally or the real data/parameters you’ve collected to inform your
model.
o A super simplified problem crammed into a spreadsheet at the last minute is different from
a well thought model capturing interesting features of reality.
• 10% Presentation: How easily one can navigate through your project and understand the analysis
and results.
o Use tables, figures, bullet points as much as possible; Avoid lengthy paragraphs; Refer to
relevant parts of your spreadsheet model clearly.
o Think as if you are going to submit/present your paper to industry professionals / decision
makers.
• 10% Bonus for Sensitivity Analysis
o This applies only to integer linear programs: Conduct some sensitivity analysis on a
parameter of the problem which is practically important, and report your findings as to how
changes to that parameter impacts the optimal solution and the outcome. Explain what
your results mean—what their implications are—from a practical perspective.

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