How to Make and Justify Effective Strategic Choices
Management Skills: Analytical Decision Making
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.
Course Content
- 1.0 Introduction –> 9 lectures • 11min.
- 2.0 Define the decision –> 9 lectures • 17min.
- 3.0 Select alternatives –> 5 lectures • 7min.
- 4.0 Establish decision criteria –> 10 lectures • 17min.
- 5.0 Perform analysis –> 8 lectures • 9min.
- 6.0 Deliver results –> 6 lectures • 7min.
- 7.0 Extra: Overview of related analytical decision methods –> 5 lectures • 8min.
- 8.0 Conclusion –> 1 lecture • 2min.
Requirements
Management Skills: Analytical Decision Making
Strategic 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 Includes
8 Sections
53 Lectures
6 Quizzes
76 minutes duration
Course 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 Quiz
2.0 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 Quiz
3.0 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 Quiz
4.0 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 Quiz
5.0 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 Quiz
6.0 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 Quiz
7.0 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 Summary
8.0 Conclusion
8.1 Wrapping up