Management Skills: Analytical Decision Making

How to Make and Justify Effective Strategic Choices

What you'll learn

Identify five steps of decision analysis

Define decision analysis

Identify cases where decision analysis is appropriate

Evaluate potential decision alternatives

Select effective decision criteria

Analyze alternatives using weighted criteria

Create, justify, and communicate recommendations

Requirements

This is an intermediate-level course. It assumes familiarity with your decision space or access to an appropriate subject matter expert. There’s some arithmetic, but it’s not very scary. Basic knowledge of spreadsheet formulas is helpful.

Description

Management Skills: Analytical Decision MakingStrategic decisions are complex, have significant long-term implications, involve large investments, or have elevated levels of risk.  In these cases, intuition alone is insufficient.  We need a more systematic approach.Analytical decision making provides a set of structured techniques that allow you to choose multiple alternatives. The desired outcome is well-reasoned decisions or recommendations that you can explain and present with confidence.Decision makers are busy people whose time is valuable.  This course is an intensive, fast-paced guide to structured decision making.  The curriculum includes essential tools plus insights designed to improve your decision processes.Sections include lectures, customization tips, a case study, a summary, and a quiz.  There are downloadable resources including documents and spreadsheets presented.This Course Includes8 Sections53 Lectures6 Quizzes76 minutes durationCourse Outline:1.0 Introduction     1.1 Course purpose and summary     1.2 Course structure     1.3 Definition of decision analysis     1.4 When and why we need a structured approach     1.5 Uses for decision analysis     1.6 Cases where decision analysis might be inappropriate     1.7 Overview of the multi-criteria decision analysis method     1.8 Case Study – Part One     1.9 Summary     1.10 Quiz2.0 Define the decision     2.1 Map the decision space     2.2 Identify requirements     2.3 Define stakeholders     2.4 Model risks     2.5 Document resources and constraints     2.6 Prepare statement of purpose     2.7 Customizations     2.8 Case Study – Part Two     2.9 Summary      2.10 Quiz3.0 Select alternatives     3.1 Define a wide range of possibilities     3.2 Evaluate initial alternative list and finalize     3.3 Customizations     3.4 Case Study – Part Three     3.5 Summary     3.5 Quiz4.0 Establish decision criteria     4.1 Define essential and desired attributes of a solution     4.2 Types of criteria     4.3 Attributes of an excellent criterion     4.4 Select criteria     4.5 Normalization     4.6 Assign criteria weights     4.7 Pitfalls to avoid     4.8 Customizations     4.9 Case Study – Part Four     4.10 Summary     4.11 Quiz5.0 Perform analysis     5.1 Gather and organize solution data     5.2 Set up matrix with alternatives, criteria, and weights     5.3 Add ratings     5.4 Compute weighted scores     5.5 Adjust criteria, weights, and scores where needed     5.6 Customizations     5.7 Case Study – Part Five     5.8 Summary     5.8 Quiz6.0 Deliver results     6.1 Develop justification     6.2 Prepare summary narrative and presentation     6.3 Deliver findings and collect feedback     6.4 Customizations     6.5 Case Study – Part Six     6.6 Summary     6.7 Quiz7.0 Extra: Overview of related analytical decision methods     7.1 Decision Trees     7.2 Influence Diagrams     7.3 Expected Value     7.4 Scenario Planning     7.5 Summary8.0 Conclusion     8.1 Wrapping up

Overview

Section 1: 1.0 Introduction

Lecture 1 1.1 Course purpose and overview

Lecture 2 1.2 Course Structure

Lecture 3 1.3 Definition of decision analysis

Lecture 4 1.4 When and why we need a structured approach

Lecture 5 1.5 Uses for decision analysis

Lecture 6 1.6 Cases where decision analysis might be inappropriate

Lecture 7 1.7 Overview of the multi-criteria decision analysis method

Lecture 8 1.8 Case Study – Part One

Lecture 9 1.9 Summary

Section 2: 2.0 Define the decision

Lecture 10 2.1 Map the decision space

Lecture 11 2.2 Identify requirements

Lecture 12 2.3 Define stakeholders

Lecture 13 2.4 Model risks

Lecture 14 2.5 Document resources and constraints

Lecture 15 2.6 Prepare statement of purpose

Lecture 16 2.7 Customizations

Lecture 17 2.8 Case Study – Part Two

Lecture 18 2.9 Summary

Section 3: 3.0 Select alternatives

Lecture 19 3.1 Define a wide range of possibilities

Lecture 20 3.2 Evaluate initial alternative list and finalize

Lecture 21 3.3 Customizations

Lecture 22 3.4 Case Study – Part Three

Lecture 23 3.5 Summary

Section 4: 4.0 Establish decision criteria

Lecture 24 4.1 Define essential and desired attributes of a solution

Lecture 25 4.2 Types of criteria

Lecture 26 4.3 Attributes of an excellent criterion

Lecture 27 4.4 Select criteria

Lecture 28 4.5 Normalization

Lecture 29 4.6 Assign criteria weights

Lecture 30 4.7 Pitfalls to avoid

Lecture 31 4.8 Customizations

Lecture 32 4.9 Case Study – Part Four

Lecture 33 4.10 Summary

Section 5: 5.0 Perform analysis

Lecture 34 5.1 Gather and organize solution data

Lecture 35 5.2 Set up matrix with alternatives, criteria, and weights

Lecture 36 5.3 Add ratings

Lecture 37 5.4 Compute weighted scores

Lecture 38 5.5 Adjust criteria, weights, and scores where needed

Lecture 39 5.6 Customizations

Lecture 40 5.7 Case Study – Part Five

Lecture 41 5.8 Summary

Section 6: 6.0 Deliver results

Lecture 42 6.1 Develop justification

Lecture 43 6.2 Prepare summary narrative and presentation

Lecture 44 6.3 Deliver findings and collect feedback

Lecture 45 6.4 Customizations

Lecture 46 6.5 Case Study – Part Six

Lecture 47 6.6 Summary

Section 7: 7.0 Extra: Overview of related analytical decision methods

Lecture 48 7.1 Decision Trees

Lecture 49 7.2 Influence Diagrams

Lecture 50 7.3 Expected Value

Lecture 51 7.4 Scenario Planning

Lecture 52 7.5 Summary

Section 8: 8.0 Conclusion

Lecture 53 8.1 Wrapping up

Managers and executives,Procurement specialists,Business analysts,Project managers,Systems analysts,Strategists and planners,Policy analysts,Anyone who seeks to enhance their decision making skills