Decision Making

Data-driven Decision Making
Using data to make decisions is now an essential competency required of individuals throughout an organization.  In this training module, you’ll learn why data is important and how it has evolved, be introduced to what is called “Big Data” and how it is used, and be introduced to a framework for conducting Data Analysis.  You will be introduced to some of the more common tools and techniques that are commonly used.

Quality Decision Making
In this workshop, we’ll explore strategies for mastering decision making, starting with reviewing and analyzing the different decision-making styles, building buy-in from team members, and making better decisions by investing in properly defining the challenge. This workshop will serve as a foundation for the Risk Management workshop.

Effective Problem Solving
In this workshop we will examine and try our hands at best practices in problem solving. We will apply these practices to not only process problems, but just about any problem or challenge we may encounter as individuals and as teams, as front line workers, managers or leaders. Some of the same techniques and tools we may have learned in the context of continuous improvement or Lean will be used, with a focus on the importance of clearly defining the problem or challenge, putting aside our assumptions until we have the facts and data, and getting to the root cause of the problem or root key to the challenge.

Decision Making Part 1: Prioritization of Actions
There are two classes of decision making: (1) a set of interrelated decisions (e.g., corporate strategy); or, (2) portfolio decisions where you choose one or more from many (e.g.s, prioritization of actions to fulfill objectives, portfolio of products, portfolio of projects, portfolio of risks, etc.) Fortunately, there is a short list of methods and tools that span the breadth of these two classes of decisions. This module introduces and demonstrates the work of prioritization across a portfolio.
Some of what you will learn includes:
• Selecting preference (value) criteria to be used to evaluate projects
• How to use a rigorous but simple means to determine preference weights
• How to use a state-of-the-art prioritization tool

Decision Making Part 2: Strategy Development
There are two classes of decision making: (1) a set of interrelated decisions (e.g., corporate strategy); or, (2) portfolio decisions where you choose one or more from many (e.g.s, prioritization of actions to fulfill objectives, portfolio of products, portfolio of projects, portfolio of risks, etc.) Fortunately, there is a short list of methods and tools that span the breadth of these two classes of decisions. This module introduces and demonstrates the work of developing a strategy.
Some of what you will learn includes:
• Creating the objectives of the strategy
• How to create a decision hierarchy
• How to create a strategy/decision table
• How to evaluate different strategies to determine the best

The Eight Basic Mistakes We Make in Thinking
For a variety of reasons, we are all prone to errors in thinking, also referred to as “cognitive distortions.” Our best defense against these distortions is to recognize their existence and to be aware of how and when they arise. Through a series of thought experiments, these errors will be demonstrated and understood, helping you to overcome these errors in your judgment and decision making.
Some of what you will learn includes:
• What are the eight basic mistakes we make in thinking?
• Why these mistakes arise in our thinking
• How to overcome making these mistakes

“System 1” versus “System 2” Thinking
Amos Tversky and Daniel Kahneman (Nobel Laureate in Economics) established the foundations of what is now called behavioral economics. Kahneman’s publication entitled, Thinking, Fast and Slow, provides a detailed summary of their seminal work. An overview of these important contributions is provided in this discussion.
Some of what you will learn includes:
• The difference between “System 1” and “System 2” thinking
• The causes and consequences of “cognitive ease” and associated biases
• How good is your intuition? When is it reliable?

Which is More Effective in Influencing Beliefs, Decisions, and Actions?
When it comes to influencing other’s opinions, beliefs and ultimately their decisions and actions our instinctive approaches are often wrong.  We will look at ten specific situations for improving our effectiveness in influencing others. A key finding is that “storytelling” is by far the most effective approach to persuade.
Some of what you will learn includes:
• What types of people are the most influential people?
• How effective is a “Google” search in changing your mind?
• Why “storytelling” remains the most effective approach to persuade

Decision Quality—The Roles of Executives and Managers in Decision Making
Good decisions cannot be defined as those with good outcomes when uncertainty is involved. We can only define a good decision by the quality of the process used to make the decision. In other words, we can ensure a high-quality decision with a high-quality decision process. The decision process must result in maximizing our chances of the outcomes we desire most. In this discussion, we will explore the eight elements of decision quality and the roles executives and managers have in ensuring decision quality.
Some of what you will learn includes:
• The eight elements of decision quality and their enablers
• How to quickly assess the quality of a decision
• The necessary roles and behaviors of executives to ensure decision quality