Making Better Decisions by Combining Intuitions with Data and Analysis


Summary

  • Analysis and intuition define possibilities,
  • Forecasting determines probabilities of the possibilities,
  • Decision making is to identify course of actions to improve the probability of a desired possibility

Today, consumers are increasingly sophisticated; technology is rapidly evolving, and competition continues to become more intense. Against rapidly changing business environment, it’s no longer enough to use intuition – which ultimately is rooted in one’s prior experience – as the basis for making decisions. Incorporating data into the decision-making process is now vital if companies are to compete successfully in facing entirely new issues, new business opportunities and of course potential threats.

This, however, brings its own difficulties, as the quantity and variety of data available to decision makers is vast, and will only continue to grow. Many business leaders know they need to make better use of data, it’s clear that they don’t always know how best to do so, or which data they should select from the enormous quantity available to them. They are constrained by their ability to analyze data and incorporate into their decision making process, rather than their access to it.

Our approach at Precision Analytica is to bring intuition and judgment to the data and analysis, to help decision maker determine the “best” answer to a business problem by incorporating their experience into the analysis process and ultimately the decision making equations. Specifically, we will approach the decision making process by,