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Who should attend
Managers and executives who are involved in their organizations' strategic planning process.
About the course
Queen's Decision-Making with Analytics will provide a broad overview of strategic analytics and teach leaders how to leverage data to foster a culture of informed decision making. Participants will learn when and how to use analytical approaches and how to manage the deployment of analytics in new and powerful ways. In particular, we will discuss how strategic analytics is used to transform an organization from a product-centric business model to a customer-centric one.
Uncertainty and complexity make many decisions difficult, especially those involving new products and ventures. In the era of big data and analytics, many organizations are under increasing pressure to harness the extraordinary volumes of data to improve decision-making. Their challenge is to convert huge quantities of ill-structured data to manageable amounts of organized information or 'models' that can be understood by managers and used to sharpen the decision-making process.
Hone your intuition
Both intuition and analytics need to be combined to produce good decisions, and influence the decisions of others. The objective of the course is to improve the decision-making skills by educating the intuition and acquiring new tools. We will consider different tools and frameworks for structuring and modeling decision problems, and apply these tools to a variety of situations that involve uncertainty and risk.
The proposed methods allow breaking down the decision problems into manageable parts and explicitly considering the possible alternatives, available information, and the relevant preferences of the decision makers.
The tools are at your fingertips Software as commonplace as modern spreadsheets contain phenomenal power to forever change your approach to hard choices.
You will learn:
- How to harness the power of Excel and Excel Add-ins (including Solver, YASAI and Precision Tree)
- How data is being used to personalize customer interactions across industries to drive revenue and margin growth
- How to change management culture to generate a flywheel effect of data and analytics
Learn new approaches to analytics
- Increase your department's effectiveness and performance by using information you have available to you in new ways
- Build frameworks to measure and learn from your business - so you continue doing what works and stop doing what doesn't
- Network with a group of experienced managers from both the private and public sectors
Foster a culture of consistency and informed decision-making through the application of analytics
- Equip managers and leaders with tools and information to strategically apply the data at their disposal
- Increase effectiveness and reduce risk through improved management decision-making
- Benefit from optimizing revenue management, dynamic pricing, and business modelling
The main ingredient required for a business of any size to improve profitability with analytical decision-making is a willingness to learn new techniques and try new things. Inexpensive tools on desktop computers, including things as commonplace as Microsoft Excel, have made sophisticated analytics possible for anyone.
Learn how organizations are using data to make better decisions in a free white paper. Download a PDF
The Program includes these four themes:
- Understanding when and how to use analytical approaches
- Knowing what tools and skills your organization needs
- Explore best practices with analytics in service businesses, manufacturing, financial services, and the public sector
GETTING THE RIGHT DATA AND GETTING THE DATA RIGHT
- Working with information systems
- Surveys, sampling and data-mining
- Correcting data "censorship"
- Choosing levels of aggregation and assessing likelihoods
TOOLS AND TECHNIQUES
- Get value from the data you collect
- Structuring decision processes in uncertain times
- Extracting critical information from complex data sources
- Visualizing relationships among key decision factors
MAKING IT HAPPEN
- Put an analytical approach into action while avoiding "analysis paralysis"
- Systems and technology recommendations and requirements
- When to use specialists or consultants, and when to do it yourself
- Resources and support as your projects unfold
Professor & Stephen J.R. Smith Chair of Analytics; Director, Queen’s Master of Management Analytics program; and Director, Scotiabank Centre for Customer Analytics Yuri Levin is the Stephen J.R. Smith Chair of Analytics at Smith School of Business. He is also the inaugural Director of Quee...
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Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.