{"id":8601,"date":"2018-05-04T14:27:37","date_gmt":"2018-05-04T12:27:37","guid":{"rendered":"http:\/\/visionarymarketing.com\/en\/blog\/?p=8601"},"modified":"2020-01-29T19:55:06","modified_gmt":"2020-01-29T18:55:06","slug":"machines-dont-take-great-decisions-people","status":"publish","type":"post","link":"https:\/\/visionarymarketing.com\/en\/2018\/05\/04\/machines-dont-take-great-decisions-people\/","title":{"rendered":"Machines don\u2019t take great decisions, people do"},"content":{"rendered":"<p><em>The\u00a0<a href=\"http:\/\/baieurope.com\/\">Business Analytics Institute<\/a>\u00a0will once again be hosting its\u00a0Summer School\u00a0in\u00a0Data Science for Management in Bayonne, France from July 2 to 11 2018.\u00a0 In this exclusive five-part series\u00a0on\u00a0<a href=\"https:\/\/t.co\/GUDCFY9nsf\">Why Future Managers Should Invest in Data Science<\/a>, we will explore the BAI\u2019s unique value proposition around improving managerial decision-making.\u00a0\u00a0<\/em><br \/>\nWe live in a time and space in which data is constantly mistaken for facts.\u202f<i>Taking better decisions, rather than\u00a0<\/i><i>manipulating the<\/i><i>\u00a0data, is the ultimate benchmark for improving management.\u202f<\/i>We are currently producing roughly 2.5 quintillion bytes of data each day\u200a\u2014\u200amore data in the last two years than in the previous history of\u00a0mankind.<span data-fontsize=\"12\">i<\/span>\u00a0To date, there is little evidence that this revolution has led to better decisions than in the past.\u00a0\u00a0Are\u00a0today\u2019s\u00a0fake news, faked facts, and manipulated opinions the cause or the result of poor decisions? Most importantly, what can be done to improve\u00a0your\u00a0ability to take better business and career\u00a0decisions?\u00a0<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><br \/>\n<figure id=\"attachment_8603\" aria-describedby=\"caption-attachment-8603\" style=\"width: 402px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/visionarymarketing.com\/wp-content\/uploads\/2018\/05\/Screen-Shot-2018-05-04-at-2.23.30-PM.png\"><img decoding=\"async\" class=\"wp-image-8603 size-full\" src=\"https:\/\/visionarymarketing.com\/wp-content\/uploads\/2018\/05\/Screen-Shot-2018-05-04-at-2.23.30-PM.png\" alt=\"\" width=\"402\" height=\"229\" \/><\/a><figcaption id=\"caption-attachment-8603\" class=\"wp-caption-text\">&#8220;A manager who ignores Data Science is much like a drunken man beside a lamp-post \u2013 he grabbles for support rather than illumination\u201d<\/figcaption><\/figure><\/p>\n<h2><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:150,&quot;335559740&quot;:240}\">\u00a0<\/span>What does improving decision-making entail?<\/h2>\n<p>Data Science is about transforming data into impactful\u00a0decisions that\u00a0address fundamental organizational challenges.\u00a0In decision science, we learn that the major challenges to decision-making are perceptions of the complexity, ambiguity, and uncertainty of the environment in which we take decisions.<span data-fontsize=\"12\">ii<\/span>\u00a0In the cognitive sciences, we are taught that our pre-conceptions and prejudices both distort how we see the\u00a0problem, and\u00a0limit our ability to propose innovative solutions. In management schools, we are trained to recognize that there are distinct types of problems and that each requires unique approaches that can\u2019t be solved in a uniform manner. Finally, in business, we sense that the culprit isn\u2019t just our own decisions, but often those taken around us.<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><!--more--><\/p>\n<h2>What\u00a0do some business problems never seem to go away?<\/h2>\n<p>David\u00a0Snowdon\u00a0and Mary Boone remind us that the nature of the problems we face today has evolved considerably over the years.<span data-fontsize=\"12\">iii<\/span>\u202fThey speak of levels of complexity that determine how managers evaluate the context of their business and where they look for data. They suggest that\u202ffirst level problems concern linear chains of events where process optimization provides\u00a0pertinent and replicable solutions. Second level business challenges result from malfunctioning processes in which the answers can be deduced from management\u2019s prior experience.\u00a0<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><br \/>\nThird level challenges require reformulating the problem, for neither the process nor prior experience provides sufficient data to deal with the problem.\u00a0Snowdon\u00a0and Boone argue that markets and organizations over the years have largely addressed the first and second level problems, leaving us today third level challenges of customer satisfaction, employee engagement and organizational effectiveness\u202fthat are intricately woven into the way in which we envision work.<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2>What is a better decision\u00a0actually mean?\u00a0<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:150,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h2>\n<p>In line with\u00a0Thomas Davenport\u2019s thoughts\u00a0on\u00a0decision-making,<span data-fontsize=\"12\">iv<\/span>\u00a0we believe there is a clear distinction between good, better, and great decisions. Good decisions are possible in deterministic decision environments in which the right answer can be found by examining the data at hand. Unfortunately, most business decisions are taken in stochastic environments in which the right decision cannot be deduced from the available data\u200a\u2014\u200abetter decisions are none-the-less possible by reducing the causes of uncertainty. Finally, we refer to great decisions are those with which the context, challenges, and solutions allow us to re-examine the nature of the decision-making process itself.<span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2>How can the study of Data Science improve your ability to make good decisions?<\/h2>\n<p>Data Science is a mindset rather than skill set- a management candidate needs to demonstrate his or her ability to\u00a0\u201csolve\u201d business problems through the analytic method: evaluating the context\u00a0(logic of the industry and the corporate business model), to identify the roots of the problem, evaluating the quality of the data at your disposal, choosing the right methodology to address the problem, and leveraging data to create the conditions for collective action.\u202f<i>Data Science is less about theory than it is about practice, integrating these decision-making fundamentals into the way we work.<\/i><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><br \/>\nUsing real-life examples and case studies in the health and life sciences, participants in this year\u2019s BAI Summer School will discuss\u00a0the mechanics of improving managerial decision-making.\u00a0You\u00a0will\u00a0apply the models and tools for creating, collecting, and codifying organizational information.\u00a0 You will learn how to choose and apply the appropriate decision models based on the challenges at hand. You will\u00a0explore\u00a0how analytics can enhance decision-making by converting data into actionable insights. Finally, you will analyze the ethical issues inherent in knowledge and community management, as well as data-driven decision-making.\u00a0<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:435,&quot;335559739&quot;:160,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2>The BAI Summer School on Data Science for Management<\/h2>\n<p>The Business Analytics Institute\u00a0Summer School\u00a0in Data Science for Management in Bayonne, France will be held from July 2 to 11 2018. This university and corporate accredited program targets senior and graduate management students who want to understand how data science can enhance both their jobs and their future careers. The session will be facilitated by internationally recognized professors and practitioners on digital economics, managerial decision-making, machine learning and artificial intelligence, and data storytelling. Detailed information on the program, social activities, student testimony, and university accreditation\/professional certification can be found at\u00a0http:\/\/baisummer.com<span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><br \/>\n<img decoding=\"async\" class=\"aligncenter size-full wp-image-8605\" src=\"https:\/\/visionarymarketing.com\/wp-content\/uploads\/2018\/05\/Screen-Shot-2018-05-04-at-2.23.08-PM.jpg\" alt=\"\" width=\"432\" height=\"226\" \/><br \/>\n<i>Further Reading from BAI<\/i><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:150,&quot;335559740&quot;:240}\">\u00a0<\/span><br \/>\n<a href=\"https:\/\/medium.com\/@LeeSchlenker\/what-would-better-decisions-mean-to-you-b42c7879b358\">What would better decisions mean for you?<\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><br \/>\n<a href=\"https:\/\/towardsdatascience.com\/how-data-science-leads-to-better-decision-making-2de2116e586e\">How Data Science leads to better decision-making<\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><br \/>\n<a href=\"https:\/\/towardsdatascience.com\/analytics-4-0-its-all-about-taking-better-decisions-5b6b9d06fcea\">Analytics 4.0: it\u2019s all about taking better decisions<\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><br \/>\n<a href=\"https:\/\/towardsdatascience.com\/data-driven-performance-6d5b5bb4c5dc\">Measure the quality of your decisions, and not just your data<\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Business Analytics Institute\u00a0will once again be hosting its\u00a0Summer School\u00a0in\u00a0Data Science for Management in Bayonne, France from July 2 to 11 2018.\u00a0 In this exclusive five-part series\u00a0on\u00a0Why Future Managers Should Invest in Data Science, we will explore the BAI\u2019s unique value proposition around improving managerial decision-making.\u00a0\u00a0 We live in a time and space in which data &hellip;<\/p>\n","protected":false},"author":2,"featured_media":42500,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4069],"tags":[],"class_list":["post-8601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-marketing"],"yoast_head":"<!-- This site is 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