EMBA 5603  -  Data-Driven Decision Making (1.5 cr.)

In this digital era, using data analytics is not optional anymore, it is a must. Having the skills of data analytics is mandatory and required at all levels of the organization. Decision making process can be carried out qualitative or/and quantitative. In the recent past, qualitative decision making was the dominate method for multiple reasons under which is the urgency in taking the decision because of the lack of quantitative data. Even if qualitative decision making looks faster for many decision makers, there is no way to quantify the impacts and risks. Today, each organization is seeking ways not only to optimize their decision-making process but also to achieve real-time decisions. These can only be accomplished by continuously collecting quantitative data that consists of structural and unstructured nature. This data comes from different sources and possesses temporal characteristics which are totally ignored or overlooked during the qualitative decision-making activities. Successful organizations learned how to gain competitive advantage through building and developing its data analytics capabilities in terms of technology, culture and human capital. In this course, the participants will learn about the different levels of data analytics; descriptive, diagnostic, predictive and finally prescriptive. Moreover, during this course, the participants will learn the quantitative decision-making methodology including identifying the business issue, developing a proper framework, and identifying the required data. Finally, the participants will learn the fundamentals of various quantitative methods that will help them optimize their decision such as Monte Carlo simulation, linear programming, data visualization and forecasting techniques.

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