In this episode of the Decision Intelligence Lab podcast, hosts Vijay Mehrotra and Mike Watson engage with guests Warren Powell, Co-Founder of Optimal Dynamics, and Adam DeJans Jr., Technical Account Manager at Gurobi Optimization, to explore the intricacies of decision-making in uncertain environments. The conversation delves into the importance of sequential decision optimization, the role of uncertainty in supply chain management, and the need for democratizing optimization techniques. The guests share their experiences in bridging the gap between academic theories and practical applications, emphasizing the significance of building trust and understanding in decision-making processes. They also discuss the potential of LLMs in enhancing accessibility to optimization tools, ultimately aiming to empower a broader audience in making informed decisions.Chapters0:00 - Preview 0:31 - Meet Warren Powell & Adam DeJans Jr.4:45 - Understanding Sequential Decision Optimization9:30 - Common Sense in Decision-Making11:50 - Incorporating Uncertainty in Models15:45 - The Importance of Trust in Decision-Making19:18 - Framework for Sequential Decision Analytics22:44 - Collaboration Between Academia and Industry24:49 - State Transitions & State Variables29:40 - Human Decision-Making Challenges34:40 - Democratizing Optimization & The Role of LLMsTakeaways- Uncertainty must be incorporated into decision-making frameworks.- Formalizing common sense can enhance understanding of complex problems.- The role of state transitions is vital in decision-making processes.- Democratizing optimization can empower non-experts to engage with complex problems.- LLMs can assist in modeling and interpreting optimization problems.- Understanding metrics, decisions, and uncertainties is foundational for effective problem-solving.------Follow the showApple: ⁠https://podcasts.apple.com/in/podcast/the-decision-intelligence-lab/id1811085064⁠Spotify: ⁠https://open.spotify.com/show/0lFoAVKqJHTYSZNpeN61ou?si=0ae973aab0174b3b⁠-----Connect with guestWarren Powell: ⁠https://www.linkedin.com/in/warrenbpowell/Adam DeJans Jr.: https://www.linkedin.com/in/addejans/Referenced: - On State Variables: https://castle.princeton.edu/statevariables/- "Sequential Decision Analysis" by Warren Powell (2022)- "Reinforcement Learning and Stochastic Optimization" by Warren Powell- "You Got Your Data Job, Now What?" co-authored by Adam DeJans Jr.----- Connect with hostsProf. Vijay Mehrotra (University of San Francisco): ⁠https://www.linkedin.com/in/vijay-mehrotra-ba9498/⁠Prof. Michael Watson (Northwestern University): ⁠https://www.linkedin.com/in/michael-watson-07600a1⁠------ About the podcastThe Decision Intelligence Lab podcast delivers real-world insights for data professionals, business leaders, and anyone seeking to leverage data & AI for smarter decision-making & successful business outcomes.For business inquiries, email at ⁠[email protected]⁠

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