Business Intelligence (BI)

business reporting for sales, marketing, management reporting, Business Process Management (BPM), budgeting and forecasting, financial reporting and similar areas

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Four different levels of analytics:

  • Descriptive Analysis: what happened.
  • Diagnostic Analytics: Why did it happen?
  • Predictive Analysis: What is going to happen?
  • Prescriptive analytics: What decisions do we take to make something happen?

Optimization is choosing the best solution among all of the available solutions.
Core elements of optimization problems:

  • Objective Function: What is the objective and end goal of optimization.
  • Decision Variables: Decision variables are the data points that you have to make a decision on.
  • Constraints: Constraints are restrictions on decisions.

Solutions:

  • Solution, or Baseline solution
  • Feasible solution
  • Optimal Solution