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+44 (0) 207 874 5000
+44 (0) 207 874 5000

Introduction to Decision Analysis

Course 1255 Advantage Plan Course

  • Duration: 4 days
  • Labs: Yes
  • Language: English
  • Level: Foundation

This hands-on Introduction to Decision Analysis gives you the tools to make better, more informed and justifiable decisions. The focus is on thinking creatively about issues and then applying structured, formal analysis to spur action. A range of tools is considered, providing a comprehensive toolkit for those willing to enhance the effectiveness of their organisational or personal decision-making.


This course focuses on lightweight, rapid, "agile" modelling ---cycling rapidly between problems, definitions, analyses, conclusions and actions. Emphasis is placed on structuring assumptions, as opposed to mathematical modelling.


The course does not provide a "deep dive" into the techniques presented. Instead, it will give you an overview of the field and form a foundation for a deeper study of the most appropriate techniques for your current and future decision-making needs.

Decision Analysis Course Delivery Methods

  • In-Person

  • Online

Decision Analysis Course Information

In this Decision Analysis training, you will learn how to:

  • Structure your decision analysis projects.
  • Understand and interpret uncertainty.
  • Recognise and mitigate psychological biases.
  • Uncover cause and effect relationships.
  • Evaluate alternatives using multi-criteria decision analysis.
  • Peer into the future using forecasting.
  • Apply game theory to develop a strategy in the face of competition.
  • Explore complex issues using network analysis and simulation.
  • Leverage the benefits, and avoid the pitfalls of teams in the decision-making process.

Prerequisites

Familiarity with Microsoft Excel and a basic understanding of mathematical concepts at a high-school level are prerequisites for participants.

Decision Analysis Course Outline

  • What makes a good decision?
  • History of decision analysis
  • Problem-solving
  • Creative thinking
  • Data science vs decision analysis
  • Bulletproof Problem Solving
  • OODA loop
  • Conducting research
  • Definition and categorisation
  • Thinking probabilistically
  • Expected value
  • Visualising uncertainty
  • Utility curves
  • Psychological biases
  • Correlation
  • Regression
  • Monte Carlo methods
  • Forced ranking
  • Decision matrices
  • Multi-criteria decision analysis Decision trees
  • Time series
  • Expert judgement
  • Prediction markets
  • Scenario planning
  • Stakeholder analysis
  • Game theory
  • Confrontation analysis
  • Feedback loops
  • Influence diagrams
  • System dynamics
  • Strategy mapping
  • Wisdom of crowds
  • Delphi method
  • Voting
Commercial Pricing

£2,095
  • 4-day instructor led training course

  • Learning Tree end-of-course exam included

  • One-on-one after-course instructor coaching

  • After-course computing sandbox included

Would you like to take this course as a team?
  • Apr 7 - 10 2:00 PM - 9:30 PM BST
    Herndon, VA or Virtual
  • Jul 7 - 10 2:00 PM - 9:30 PM BST
    Herndon, VA or Virtual
  • Oct 6 - 9 2:00 PM - 9:30 PM BST
    Herndon, VA or Virtual
  • Jan 5 - 8 2:00 PM - 9:30 PM GMT
    Herndon, VA or Virtual
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Decision Analysis Course FAQs

Anyone who is involved in decision-making! Including those looking to make important personal decisions or those who support decision-makers.

Executives (decision-makers), project managers, strategy analysts, business analysts, are data scientists are all formal job roles that would benefit from the course. Still, everyone is involved in making decisions at some level. Participants should be familiar with Microsoft Excel.

Decision analysis is a formal, structured, systematic and visual approach to evaluating problems that leads to decisions and action. It utilises various methods, models and tools to aid in capturing, analysing and synthesising qualitative and quantitative information germane to the issue at hand.

You can utilise decision analysis at different scales---from personal decision-making to long-range international policy planning. Tools commonly used by decision analysts include decision trees, game theory, statistical modelling and simulation.

Decision analysis removes the need for crucial business decisions on "gut feel." Formalising the decision-making process fosters collaboration and allows decisions to be reviewed and audited before irreversible decisions are taken.

Showing a clear decision path can be invaluable in highly regulated industries. As a result, companies such as Chevron have made decision analysis a core competence.

Participants should be familiar with Microsoft Excel and understand basic mathematical concepts (high-school level).

Yes. There are various opportunities to build models and analyses issues throughout the training.

We know schedules are busy. So, if you need Big Data training online, we’ve got you covered! Our AnyWare course delivery option gives you the advantages of a live classroom right from the comfort of your computer screen–no matter where you are.

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