Data Driven Decision Making
18 articles in this category
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"Whatever a manager does, he does through decision-making", said by none other than the man who invented management theory Peter Drucker. Decision-making is an indispensable component of the management process. It is a well-balanced judgment and a commitment to action. What a manager needs to do is rational decision making to achieve his objectives effectively. If you have been successful in taking decisions with your intuition, which means that you have acquired
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Decision Decision is something that every organization has to deal with every day. From the smallest scale, like labor distribution, to the largest, as in targeting new markets, it is often the major reason for success or failure at that particular level and beyond. In modern times the managers and executives, who control the future and destination of the companies, are facing more and more complicated situations where they need to make
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Have you ever attended school? Well, I did and it’s laden with bitter-sweet memories. Sweet because it was that one time where I had this amazing thing called “Work-Life†Balance. Back then,, I had never heard about such a word although I had it in my life. And by the time I came to know about it, it was nowhere to be found in my life. What an irony! Bitter were those memories where there used to be a peculiar event called “Parent-Teacher Meetingâ€. The goo
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The most essential facet of being a manager, be it in any walk of life, is for sure the one skill that differentiates him/her from anybody else and that is: Decision-making. It is most definitely the power, rather the ability of a person to take prudent, relevant and effective decisions that set him/her a notch ahead in the race that the corporate run comprises. Thus, we not only need to know what or why, but how to make decisions, how to make the choices that we make, to be able to fores
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“A point of view can be a dangerous luxury when substituted for insight and understanding. – Marshall Mcluhan †We all have come a long way from industrial revolution where mass production and consumption was the order of the day. Over the years, the once not so knowledgeable consumer has transformed into a living storehouse of information. What has changed over the years? Why did the companies who were the industry leaders at one point of time failed miserab
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You have been making decisions on the basis of your gut; it has never led you astray. Undoubtedly, you have been hearing this buzz about using data to make decisions around you. Can Data Driven Decision Making (D3M) be trusted? Is it worth all the hoopla surrounding it? Let us find out. As the name suggests, D3M is literally making decisions based on the analysis of data or information. Primarily, the information that must be analysed has to be relevant and there
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Decision making is the inevitable truth of the life of every practicing manager. The best of the corporate leaders constantly emphasize on the fact that the litmus test of a manager is to take correct decisions in the difficult times. Management styles of the managers have varied widely and there has been always a contest between the merit of data driven decision making and the intuitive method of decision making. So any attempt to reach a conclusion about the greater efficacy of one over
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As a Computer Illiterate growing up in the new millennium, I had tremendous difficulty making sense of how to do most of my stuff. Most of my decisions were snap, on-the-moment and intuitive ones. By the time I was in my teens, I had learnt my way around the big computer problem. My experiences and the Great Indian “Jugaad†mind-set had provided me with a sufficient enough method wherein I only worked on the computer when absolutely necessary. If there was any other
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The fortunes of any form of business on this planet are correlated with the accuracy of the management decisions. Ironically, the toughest job of the management is to make an accurate decision owing to volatile economic conditions, cut throat competition, ever changing consumer demands, regulatory frameworks and constant technological transformations. Intuition and Experience have long been the primary weapons in a manager’s arsenal to help him reach to a decisi
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Data Driven Decision Making Towards Gaining Competitive Advantage Being an MBA student for the past one and a half years I have learnt that it is extremely important to have a point of view about everything and it is equally important to be able to put forward it in front of people, effectively. But how do we do it? We are able to do it when we have with us substantial arguments to support our point of view. Some might believe that the best decisions are sometimes
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A write-up to influence my manager – a gut-feel decision maker with a decade of experience – who is a non-MBA yet has a good skill-set, towards adopting DDDM. Key decisions are made by unstructured brain-storms and personal belief, and DDDM is vehemently opposed. Over the last ten years, you have been doing a wonderful job as a manager. This is especially remarkable, considering your advocacy of instinct-based decisions. The bulk of today’s managers wouldnâ€
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How do companies make decisions? A simple answer to this crucial question can be: in two ways – one based on experience and intuition; and the other backed by data to validate its credibility. Whereas the former is a traditional way of making decision, but is wrought with drawbacks like inaccuracy, incomplete, the latter is a rather newer concept (called Data-Driven Decision making). Definition
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Data in today’s world, means a lot to people and their lives as such. Data represents the raw information (dimensions and facts, in technical terms) related to a particular task or an activity obtained from various sources which helps the user to summarize an event, to provide meaningful information and to derive at a particular decision or a conclusion. People have become increasingly dependent on the data provided by many sources, th
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In the FMCG sector, our company is rated among the top 5 organisations both by the consumers and industry. Much of the success is attributed to the increased consumer confidence and round-the-clock shelf SKU availability of our product line. The role of our Purchase Division has always been at the core for achieving this mark. Over the years our team under your guidance has been able to keep the inventory at optimum levels thereby helping the Production Unit to make delivery on time. It i
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Data driven decision making (DDDM) As it is rightly said by Plato, “Necessity is the mother of inventionâ€; it comfortably fits in the life and business perspective. In today competitive world, we cannot even think of succeeding over others if we are not better than them. It is applicable in both day to day lives as well as in Businesses. In day to day life, we have n
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Data Driven Decision Making - injecting rationality in your gut feeling Sector: Banking Sector in India The data centricity of banking industry is the universal truth. Traditionally banking has been the one sector which handled the maximum data about any person that are particu
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I tried to keep the topic neutral because neither did I want one to decide against reading the article based on gut feeling nor based on previous data analysis of topics. I myself am a firm believer of the two approaches; however, I believe people tend to take either of the sides without realizing that the two approaches are not at odds. A situation that is frequently cited by proponents of use of intuition for management is when the decision-makers do not have ac
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Once when asked what he does, if the data does not support his decision, John Maynard Keynes replied – “I change my opinion. What do you do?†In a haystack of information today, that one thing which helps organizations take sound decisions is the ‘analysis of data’. Often, companies find themselves in situations where from a variety of choices, they need to pick one. In such cases, data-driven decision making enables following a s
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