Applying Business Analytics in Decision Analysis

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1.00 hour
Online Self Study


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About the Course

Companies seeking to adapt and thrive in complex and uncertain environments are embracing decision analysis to navigate risk and optimize value. Business analytics empowers decision analysis by clarifying opportunities for managerial decision making and specifying uncertainty in value measures.

Course Description

Decision analysis specifies methods to guide decision making in projects and initiatives to exploit opportunities associated with uncertainty. Unstructured approaches to decision making in environments of uncertainty put companies at risk of making suboptimal decisions and missing value-creating opportunities.

In this course, you will explore the concepts of business analytics-driven decision analysis with a focus on process and practical organizational implementation. You will then examine the organizational drivers and benefits with attention to identifying and exploiting uncertainty as opportunities associated with managerial decision making. With a focus on practical organizational implementation, you will define a four-step decision analysis process that includes framing, valuation, business analytics, and implementation. Core valuation, as enhanced by business analytics, leads to decision tree analysis, a central method for determining the optimal decision path to employ given uncertainties. Finally, you will apply core underlying decision analysis principles, components, and practices to a fictional consumer electronics company, eWidget.

Learning Objectives

After completing this course, you should be able to:

  • Define the decision analysis process.
  • Identify the importance of framing a business problem.
  • Outline the valuation process.
  • Define the central role of business analytics.
  • Apply decision specification and implementation to identify the best decision.