From the course: The Data Science of Media and Entertainment with Barton Poulson

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Optimizing resource allocation

Optimizing resource allocation

From the course: The Data Science of Media and Entertainment with Barton Poulson

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Optimizing resource allocation

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- [Instructor] Your organization has to deal with a lot of competing demands for limited resources like time, money, and personnel. Are you ever concerned that you're not using those resources effectively? Do things ever seem out of balance? Well, optimization can provide useful guidance in achieving the balance and productivity you want. Optimization can be used to, for instance, balance time and money spent on different ways of reaching audiences. So, for instance, you can invest in social media advertising, but you can also try targeted emails. Beyond that, you can do live calls to specific customers or even in-person demonstrations. Every one of these is a way of reaching out to an audience, but some of them are much more time-consuming than expensive than others but also have higher conversation rates. Optimization can help you find the balance between these different methods of reaching out and growing your audience. Now, I should just mention, optimization goes by a few…

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