The sheer variety of sources and types of data that can aid in decision making are almost overwhelming. The key to making good use of the data lies in knowing what specifically to pay attention to, understanding the relationships and variables among the data, and making the right connections.
Experience is essential to knowing and making educated guesses about what to pay attention to. Familiarity with statistical methods will provide you with a significant advantage over relying on gut instinct alone.
Determine the degree of uncertainty in your decision and determine the impact of this uncertainty
Identify data relationships to reduce uncertainty
Create a regression model that looks at attributes of variables driving the decision
Refine your regression model to improve its validity
Create a convincing argument for the validity of your model
Make a prediction or an estimate using your model
In this course you will learn to identify uncertainty in a business decision, and to choose variables that help reduce uncertainty. By the end of this course, you will have a robust decision model that you can use to make predictions related to your decision. Along the way, you will clarify and enhance your understanding of the factors that influence possible outcomes from the decision.
The course Understanding and Visualizing Data is required to be completed prior to starting this course.
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