EncartaLabs

Decision Analysis - Essentials

( Duration: 4 Days )

The Decision Analysis - Essentials training course provides the tools required to make better, more informed and justifiable decisions. The focus is on thinking creatively about issues and then applying structured, formal analysis to spur action. A range of tools are considered, providing a comprehensive toolkit for those willing to enhanced the effectiveness of their organizational, or personal, decision-making.

The focus of this course is on lightweight, rapid, "agile" modelling--cycling rapidly between problem, definition, analysis, conclusions and actions. Emphasis is placed on structuring of assumptions, as opposed to mathematical modelling. The course does not provide a "deep dive" into the techniques presented. It is intended to give you an overview of the field and act as a foundation for deeper study of the techniques that are most appropriate to your current and/or future decision-making needs.

By attending Decision Analysis - Essentials workshop, attendees will learn to:

  • Structure your decision analysis projects
  • Understand and interpret uncertainty
  • Recognize and mitigate psychological biases
  • Uncover cause and effect relationships
  • Evaluate alternatives using multi-criteria decision analysis
  • Peer into the future using forecasting
  • Apply game theory to develop strategy in the face of competition
  • Explore complex issues using network analysis and simulation
  • Leverage the benefits, and avoid the pitfalls, of teams in the decision-making process

  • Familiar with Microsoft Excel and be able to understand basic mathematical concepts.

The Decision Analysis - Essentials class is ideal for:

  • Anyone who is involved in decision-making! Including those who are looking to make important personal decisions, or those who support decision-makers.
  • Executives (decision-makers), project managers, strategy analysts, business analysts are data scientists are all formal job roles that would obviously benefit from the course, but everyone is involved in making decisions at some level. Participants should be familiar with Microsoft Excel.

COURSE AGENDA

1

Introduction to decision analysis

  • What makes a good decision?
  • History of decision analysis
  • Problem solving
  • Creative thinking
  • Data science vs decision analysis
  • Bulletproof Problem Solving
  • OODA loop
  • Conducting research
2

Uncertainty

  • Definition and categorization
  • Thinking probabilistically
  • Expected value
  • Visualizing uncertainty
  • Utility curves
  • Psychological biases
3

Statistic modelling and inference

  • Correlation
  • Regression
  • Monte Carlo methods
4

Evaluating options

  • Forced ranking
  • Decision matrices
  • Multi-criteria decision analysis Decision trees
5

Forecasting

  • Time series
  • Expert judgement
  • Prediction markets
  • Scenario planning
6

Interactive decision-making

  • Stakeholder analysis
  • Game theory
  • Confrontation analysis
7

Systems thinking

  • Feedback loops
  • Influence diagrams
  • System dynamics
  • Strategy mapping

Encarta Labs Advantage

  • One Stop Corporate Training Solution Providers for over 4,000 Modules on a variety of subjects
  • All courses are delivered by Industry Veterans
  • Get jumpstarted from newbie to production ready in a matter of few days
  • Trained more than 50,000 Corporate executives across the Globe
  • All our trainings are conducted in workshop mode with more focus on hands-on sessions

View our other course offerings by visiting http://encartalabs.com/course-catalogue-all.php

Contact us for delivering this course as a public/open-house workshop/online training for a group of 10+ candidates.

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