In this webinar, IIA Faculty Member James Taylor, CEO of Decision Management Solutions, will show how to improve analytic results with decision modeling. Decision modeling focuses analytic efforts, clarifies the business goals of analytic projects, and improves collaboration between analytic, business and IT organizations. James will introduce decision modeling, show how it can be used in a wide range of analytic projects and share experiences from using decision modeling in various industries.
In this webinar, IIA Faculty Member James Taylor, CEO of Decision Management Solutions, will show how to improve analytic results with decision modeling. Decision modeling focuses analytic efforts, clarifies the business goals of analytic projects, and improves collaboration between analytic, business and IT organizations. James will introduce decision modeling, show how it can be used in a wide range of analytic projects and share experiences from using decision modeling in various industries.
Lots of iteration because the providers of data/reporting/analysis are remote from the decision makers and have no way to develop a shared understanding of the decision making being assistedAsk for data which they get but doesn’t get the answer so asks for more data etc, telephone game of sorts
Business, IT and Analytics team can collaborate effectively
Adopt an industrial mindsetEach model is hand-crafted - Expertise is applied in an automated contextScripts and programming are primary - Graphical analytic tools are primaryModels are one-time efforts - Models are continuously refreshed and updatedProjects are done when the model is done - Projects are done when the business is changed
A second approach is to look at the Key Performance Indicators (KPIs) and metrics that the business has for the area under consideration. There might be a specific KPI or metric that is being targeted by the project. Even if there is however it is worth identifying the other metrics and KPIs in the business area as any decision is likely to impact several and any KPI or metric can be a good source for decisions.Any KPI or metric is valuable only if it helps motivate suitable behavior and that implies that someone can change the value of that KPI or metric. By investigating KPIs and metrics, and finding out when and where people make choices that move KPIs or metrics up or down, a project team can identify decisions. Each opportunity for choice-making, for selecting an action from a possible set of actions, is a decision.To begin the team can simply ask what decisions make a difference to a KPI or metric but they may find they have to ask business experts to walk through their day or week keeping the KPI in mind to find all of them as people may not think of the choices they make as explicit decisions.