Short Series in Analytics and Effective Decision Making: A 10 Part Short Course Series for More Effective Analytics and Decision Making
Who should attend: The series is designed for senior analysts through director levels in the organization, but anyone with interest in these topics would benefit from attendance. It helps with developing new skills, as well as honing and revisiting critical skills for those who want to be more effective in making decisions using analytical methods. Each class can be taken individually, but the series is designed to be taken in sequence.
By the end of the series, participants will:
By the end of the series, participants will:
- Be keenly aware of the steps and pitfalls of the decision making process
- Be proficient in using basic decision making tools and techniques
- Be aware of tools to help with characterizing risk uncertainty surrounding a decision
- Know the Excel tools that can be used to aid in advanced analytical decision making
- Become adept at financial tools for evaluation of decisions that span multiple periods
- Be introduced to advanced methods in descriptive, predictive and prescriptive analytics, including data visualization, statistical analysis, simulation and optimization.
- Be more effective at affecting change in the organization through improved communication, persuasion and consulting skills
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Session 1: Mastering the Decision Making Process
Participants will learn the six steps to the decision making process. Improving performance in each step of the process allows managers to approach decision making more effectively. Attendees will learn the potential pitfalls in the decision making process, and how to avoid them.
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Session 2: Basic Decision Making Tools
Participants will be introduced to basic decision making approaches and tools to assist in making better, more objective, documentable and and justifiable decisions. Approaches to overcoming challenges in group decision making are discussed.
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Session 3: Decision making Under Uncertainty and Risk
Participants will gains skills in making decisions in the face of uncertainty in both current and past information as well as future situations. Specific tools and mathematical methods for dealing with uncertainty are presented. Risk mitigation strategies are presented.
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Session 4: Financial Tools for Decision Making
Participants will gain skills in financial analysis for evaluating projects and investments that take place of a period of time. This class presents practical financial skills for non-financial managers that allow appropriate financial evaluation of projects.
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Session 5: Excel Tools for Decision Makers- Beginner and Advanced
Participants will learn tips, tricks and best practices in Excel to become more proficient in using this ubiquitous tool for aiding decision making. In this hands-on session, participants will conduct analysis in Excel as it relates to identifying underlying relationships in data to validate or refute preconceived notions and conventional wisdom.
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Session 6: Advanced Analytical Topics in Decision Making- Statistical Analysis
Participants will be exposed to the most advanced statistical techniques available for supporting successful decision making. In this hands-on session, participants will create and evaluate measures of centrality and spread, evaluate probability and statistical risk, and conduct regression analysis for revealing correlations and making predictions based on data. The course is hands-on using Excel, with numerous practical examples.
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Session 7: Business Process Analysis- Measures and Management
Attendees will learn how to analyze processes, including value add and non-value added time, throughput, flow time, and inventory. Concepts such as critical path and bottlenecks are discussed, as well as the impact of variability on system performance.
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Session 8: Advanced Analytical Topics in Decision Making- Simulation Analysis
Often, historical patterns, means and deviations from plan are used to evaluate decisions. However, that pattern rarely repeats itself. Simulation allows for the creation of randomness of environmental variables, and a description of risks and distribution of outcomes for patterns that may emerge (not those that have emerged. Attendees will evaluate the impact of uncertainty on a decision via Monte Carlo simulation, with numerous practical examples. The course is hands-on in Excel.
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Session 9: Advanced Analytical Topics in Decision Making- Optimization Analysis
We use historical data to describe what happened; and can use patterns to predict what will happen given a course of action. But, what is the “best” course of action? Optimization allows decision makers to structure a decision, and use optimization methods to chart a course of action. Attendees and will conduct optimization analysis which points to the best course of action given a large range of options. The course is hands on, in Excel, with numerous practical examples.
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Session 10: Effective Consulting Practices
A consultant is someone who does not control decisions, but uses analytics and influence to affect them. In that sense, many employees are “internal consultants.” Many technically sophisticated employees have advanced skills in their areas of expertise (such as analytical techniques), but are have little or no formal training in areas that allow them to deploy these skills in ways that have significant impact on the organization. Analytical professionals are required to combine technical skills with business savvy that allows them to play the role of leader, change agent, and advisor. This class will demonstrate the benefits of developing complementary business skills that help make software requirement, design and development projects successful in transforming the organization.