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Introduction to Decision Analysis
Level: Foundation
Rating:
4.59/5 Based on 22 Reviews
This hands-on Introduction to Decision Analysis gives you 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.
Key Features of this Introduction to Decision Analysis Course:
- After-course instructor coaching benefit
- After-course computing sandbox included
- Learning Tree end-of-course exam included
You Will Learn How 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
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LIVE, INSTRUCTOR-LED
In Class & Live, Online Training
- 4-day instructor led training course
- One-on-one after-course instructor coaching
- Pay later by invoice -OR- at the time of checkout by credit card
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In Class & Live, Online Training
Time Zone Legend:
Note: This course runs for 4 Days
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May 18 - 21 9:00 AM - 4:30 PM EDT Online (AnyWare)
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Sep 7 - 10 9:00 AM - 4:30 PM EDT Ottawa / Online (AnyWare)
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Nov 2 - 5 9:00 AM - 4:30 PM EDT Herndon, VA / Online (AnyWare)
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Mar 1 - 4 9:00 AM - 4:30 PM EST Ottawa / Online (AnyWare)
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Guaranteed to Run
When you see the "Guaranteed to Run" icon next to a course event, you can rest assured that your course event — date, time — will run. Guaranteed.Important Introduction to Decision Analysis Course Information
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Requirements
Participants should be familiar with Microsoft Excel and be able to understand basic mathematical concepts (high-school level).
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Who Should Attend this Course
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.
Introduction to Decision Analysis Course Outline
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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
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Uncertainty
- Definition and categorization
- Thinking probabilistically
- Expected value
- Visualizing uncertainty
- Utility curves
- Psychological biases
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Statistic modelling and inference
- Correlation
- Regression
- Monte Carlo methods
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Evaluating options
- Forced ranking
- Decision matrices
- Multi-criteria decision analysis Decision trees
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Forecasting
- Time series
- Expert judgement
- Prediction markets
- Scenario planning
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Interactive decision-making
- Stakeholder analysis
- Game theory
- Confrontation analysis
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Systems thinking
- Feedback loops
- Influence diagrams
- System dynamics
- Strategy mapping
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Group decision making
- Wisdom of crowds
- Delphi method
- Voting
Team Training
Introduction to Decision Analysis FAQs
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What is decision analysis?
Decision analysis is a formal, structured, systematic and visual approach to evaluating problems that leads to decisions and action. It utilizes a range of methods, models and tools to aid in the capture, analysis and synthesis of information---both qualitative and quantitative---that is germane to the issue at hand. You can utilize decision analysis at different scales---from personal decision-making to long-range international policy planning. Tools commonly used by decision analysts include decision trees, game theory, statistical modelling and simulation.
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How does decision analysis help business?
Decision analysis removes the need for key business decisions to be made on "gut feel". Formalizing the decision-making process foster collaboration, and allows decisions to be reviewed and audited prior to irreversible decisions being taken. The ability to show a clear decision path can be invaluable in highly regulated industries. Companies such as Chevron have made decision analysis a core competence.
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What background do I need?
Participants should be familiar with Microsoft Excel and be able to understand basic mathematical concepts (high-school level).
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Does this include any practical, hands-on learning?
Yes. There are various opportunities to build model and analyses issues throughout the period of the training.
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Does Learning Tree offer Big data online training?
Schedules are busy, but big data training online makes it easy to level-up your career. If you need Big Data online training, we’ve got you covered. Our AnyWare course delivery option gives you the advantages of a live classroom right from the comfort of your computer screen–no matter where you are.