Decision analysis helps organizations improve the quality, speed, and accountability of its decisions and includes a variety of procedures, methods, and tools for identifying, clearly representing, and formally assessing the important inputs and steps to decision making.
Decision mapping is the creation of a visual representation of the approach, method, and steps in decision making. Some common representations include decision trees, influence diagrams, decision tables, and if-then rules. A decision tree is a decision support tool that uses a tree-like graph or model of decisions and their possible consequences, including chance event outcomes, resource costs, and utility. An influence diagram (also called a relevance diagram, decision diagram or a decision network) is a compact graphical and mathematical representation of a decision situation. It is a generalization of a Bayesian network, in which not only probabilistic inference problems but also decision-making problems (following maximum expected utility criterion) can be modeled and solved.
Documentation, which includes the mapping outputs, includes supporting text descriptions of the steps, activities, rules, and procedures.
At Iknow, we help improve an organization’s decision-making processes. One important class of knowledge management projects is the analysis, mapping, and documentation of the critical business decisions made within an organization. Our consultants are skilled at working with decision makers to identify, describe, and document the critical business decisions that they make. For each decision, we document how it is made and the types of information used to help make the decision, as well as the sources, update frequencies, and organizational owners of the information.
When the decision logic or methodology is not clear, Iknow will assist in establishing an explicit decision framework, including new quantitative and qualitative models, new sources of information, and redesigned information flows. Most important, Iknow helps to ensure that each decision maker has quick access to all necessary information, because a lack of information kills even the most sophisticated decision-making process.
We also help organizations incorporate and combine the use of analytical and statistical techniques, models, simulations, knowledge-based systems, and big data approaches with structured and unstructured databases. We help decision makers compile useful information from a combination of sources to identify and solve problems and make decisions.
Iknow’s deliverables include:
- Decision maps and qualitative analysis of the decision process
- New decision-making processes and roles
- Change Management plans to support changes in processes and roles
The importance of business decision analysis and mapping cannot be overstated. At each level of an organization, hundreds of decisions are made daily. If the organization has defined processes and access to the necessary data inputs, then the company has a distinct edge over its competitors.