© 2019 by SHIFT Business Solutions.

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Data Analytics for Decision Making Course (KWANTi1™)

Building the Quantitative Culture

About the Course:

The most important question that preoccupies the mind of decision makers among many dilemmas, is how we can scientifically make sense out of the data and information to make risk-manageable decisions? To answer this question, more related and not less important questions must be asked first, mainly: Do we have the right data and information to enable us to make the right and the realistic as well as valid decision? Do we have the skilled and trained staff to do the task? Are we following certain strong scientific-sound methodology to make our decisions more robust, valid and feasible? Many more questions became very essential to answer before making the final DECISION. Many corporations nowadays are still missing not only the frameworks and the methodologies for decision making, but also the research culture as enabling environment and climate for making the process of the decision making a natural practice within the corporation and among its staff.

Course Objective and Scope:

In many large organizations, there is no compromise on the quality of information in terms of validity, reliability and accuracy. This requires the top management to boost certain culture within the organization that enforces the attitude of “No Information without Validation”. Each employee is responsible of any information they deliver or claim. In order for each individual to make sure that the information in hand is applicable, trust-able and ready for decision making, certain methodology should be adopted and followed.

There are lots of appropriate tools that deal with different kind of data with the purpose to extract meaningful information and knowledge for the sake of supporting the decision-making process and understanding own business. This learning experience helps participants understand the essential concepts of decision making process starting by asking the right and valid questions based on the business needs that could be triggered internally by the management or externally by the market.

This training mainly focuses on the essential elements of quantitative concepts and tools in order to enable the participants understand the data and information in hand and understand the application of data analytics techniques. This 24-hour program will include hands-on activities and will require working in groups.

Key Issues to be Covered:

The Methodology of Decision Making: We All Need Framework, “Build The Culture”

  • Identifying Business Issues (The Need for Decision Making, is it Internal or External Problem?)

  • Stakeholders Analysis (Who are involved? Internal Staff or Customers? Or else?)

  • Asking the Right Question?

  • Identifying the Key Variables and Factors: Best Practice vs. Theories.

  • Developing the Macro-Level Framework (Relational vs. Causality)

  • Developing the Micro-Level Framework (Measurements Level)

  • Types of Data and Scales (Quantitative, Qualitative)

  • Data Collection: What to collect? How to collect?

Quantitative Data Analysis for Decision Making: Thinking Quantitatively

 

  • Understanding our Data and Estimating the Truth

    • Sample vs. Population

    • Statistics vs. Parameters

  • Decision Making: Level Zero

    • Data Representations

    • Descriptive Data Analysis

    • Numerical and Graphical Methods

  • Decision Making: The Next Level

    • The Pros and Cons of the Point Estimate-Based Decision Making

    • The Necessity of the Interval Estimate Based Decision Making

  • Probability Concepts – Probability Based Decision Making

    • Type of Probabilities

    • Discrete and Continuous Distributions – The Meaning of Distributions and its applications and importance in Decision Making Process

    • Monte Carlo Simulation for Risk Analysis (optional)

  • Measuring and Quantifying the Impact (Data Analytics)

    • Differences and Relationships

    • Tools for Assessing the Significance of the Impact

  • Correlations and Linear Regressions for Predictive Model Building

  • Forecasting Techniques (optional)

 

Skills to be Acquired

By the end of this course participants will be able to:

  • Identify and validate the business problem and issue

  • Conceptualize the business problem by developing the appropriate framework

  • Determine the needed data and information for decision making

  • Measure and collect the required data

  • Analyze quantitatively the information in hand for decision making

  • Build simple models for forecasting purpose

  • Acquire or/and develop several skills such as, quantitative decision making, problem solving, and critical thinking.

 

Target Attendees

Since this course is not only aiming at providing the data analysis knowledge to the staff, but also at changing the mindset of staff to develop their attitude and their skills towards the decision-making process. Then, this course is meant for wide range of staff with various backgrounds who are working in different functions, whether in finance, operations, human resources, sales, marketing, and customer service. The course objective is to create and develop quantitative thinking culture within the organization for better communication and understanding among staff.

 

For Registration:

An application should be filled and sent to registration@shift-performance.com before the deadline. The application can be found in the button above on this page.

The fees should be submitted before the deadline.

A runner can be sent to collect the fees.

 

Duration and Schedule:

Duration: 16 Hours

Schedule: 2 full days from 9:00 to 17:00.

Important Note: Participants need to bring their laptop with Microsoft Excel installed during the sessions

Request more information about this and/or other workshops