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Machine Learning & Quantitative Methods - (Tim Smith)

Machine Learning & Quantitative Methods - (Tim Smith)


Machine Learning and Quantitative Methods for Intelligence Augmented Pricing: PRICE VARIANCE Management

Problem: Managing price differences between transactions and customers requires both management insights and quantitative metrics. 

Solution: With machine learning and quantitative methods, this course demonstrates how relevant data-based facts can be developed to drive intelligence augmentation pricing decisions.

Learning Objectives

    1. Define trade-offs between price variances and volume growths through the volume hurdle developed from various scenario analysis
    2. Optimize prices with elasticity while acknowledging the pitfalls of a machine learning only approach which is best overcome through the symbiotic use of human insight in an intelligence augmented decision approach
    3. At a qualitative level, define the pros and cons of price variances to enable managerial trade-offs
    4. At a quantitative modeling level, demonstrate the economic pros and cons of price variances and discuss the expected shape of the product specific demand curves
    5. Visualize price variances in the four most-useful different plotting techniques
    6. Conduct machine learning using Excel for intelligence augmentation on a sample data set
    7. Identify the three key management tools to constrain price variances towards profitable customer relationships

    Meet Your Instructors

    Tim Smith, Ph.D.
    Managing Principal, Wiglaf Pricing

    Tim Smith, PhD is the Managing Principal at Wiglaf Pricing, Adjunct Professor of Marketing and Economics at DePaul University, and Academic Advisor to the PPS Certified Pricing Professional program. Smith focuses on the use of quantitative and qualitative research to enable firms to drive profitable top-line revenue. He began his career as a research scientist in quantum mechanics before his interest in transferring technological advances to societal implementations led to pursuits in business strategy.

    Smith holds a BS in Physics and Chemistry from Southern Methodist University, a BA in Mathematics from Southern Methodist University, a PhD in Physical Chemistry from the University of Chicago, and an MBA with high honors in Strategy and Marketing from the University of Chicago GSB.