Category Archives: Decision Science
The Watermelon Effect: When Green Metrics Lie
We’ve all been in that meeting. The dashboard on the boardroom screen is a sea of bright green. The “Clinic Utilization” metric is at 100%. The “Ticket Volume” is up. The Head of Operations is celebrating a record-breaking month of efficiency. But across the table, the CFO is frowning. “If we’re doing so well,” she asks, “why is our margin down 5%?” Meanwhile, the Store Manager is slumped in his chair. “We are drowning,” he mutters. “My staff is so busy managing the queues that we can’t even restock the shelves.” This is the paradox of modern analytics. We have more data than ever, yet we are often flying blind. …
Decision Science & Data Science – Differences, Examples
Decision science and Data Science are two data-driven fields that have grown in prominence over the past few years. Data scientists use data to arrive at the truth by coming up with conclusions or predictions about things like customer behavior and assess suitability of those conclusions / predictions, while decision scientists combine data with other information sources to make decisions and assess suitability of those decisions for enterprise-wide adoption. The difference between data science and decision science is important for business owners to understand in clear manner in order to leverage the best of both worlds to achieve desired business outcomes. In this post, you will learn about the concepts …
Decision Making Models: Concepts, Examples, Importance
Making decisions is a critical part of business operations. However, making the right decision is not always easy. There are a number of different decision models that organizations can use to make better decisions. In this blog post, we will discuss some of the most popular decision models, what is their importance, and explain how they can be used to create desired business outcomes with the help of examples. In addition, we will also learn how could data and insights be used to drive decisions while implementing different kind of decision models. A decision scientist should be aware of these concepts fairly well. Decision models & different types Decision making …
I found it very helpful. However the differences are not too understandable for me