Data Driven Decision Making
What is Data Driven Decision Making?
The management of data driven decision making (DDDM) is a strategy that is utilized in business governance that holds value for those decisions that can be boosted with verifiable data. Data driven approach success depends mainly on the quality of the collected data and the interpretation and analysis effectiveness. Writers who offer statistics assignment help at Edudorm essay writing service notes that data driven decision making can thus be described as the general system that deals with practices of management that generally focuses on achievement and performance. Data driven decision making is therefore a shift paradigm from the present practices and the previously accepted strategies of offering instructions to developing the learning outcome as well as achievements (Minelli, Chambers & Dhiraj, 2013). The use data driven decision making practices as well as principles have demonstrated positive effects on the achievement and performance of an organization. The instructional practices help in developing skills and increasing the overall performance in an organization.
What implications do data driven decision making have on the need for sound research methods and design?
The need of research methodologies and design is normally affected by the utilization of data driven way of making decisions in different ways. First the utilized method and design must incorporate full quantitative and qualitative strategies in generation of maximum information in making of crucial decisions. The data must be able to capture the things that the particular business cares most about. In addition, this strategy of making decision works to ensuring that the chosen study design and methodology is quick, accurate and reliable in gathering of information (O’Neal, 2012). This means that the best methods to be utilized in this process should be cheap, quick to gather information and also consistent. The design should be favorable in gathering maximum information which should be used in justification of why certain decisions have been. In addition the methodology and design should be able to align the objective of the business with those of data collection (Lewis University, 2017). This is because the data is supposed to assist in making decisions in regard to a very crucial matter in the organization. The strategies must therefore hold the highest degree of gathering direct information that regards the particular matter. This is to ensure that there is a high correlation of the data that is being gathered and the one that is expected from the existence.
Big data normally refers to large sets of data as well as the involved frameworks, strategies as well as the tools that are utilized in the analysis of the acquired data. Big data can be obtained via any means of the procedures of data generation which includes search engines, public utility infrastructure and social media. Big data can be structured, none structured or semi structured. In typical nature this type of data is gathered and then analyzed at distinct periods.
What are some pros/cons to the age of “Big Data”?
Big data is associated with numerous benefits. To begin with it permits different businesses in detecting fraud as well as errors in a fast mode. This prevents the occurrence of loss in a significant way. In addition, it offers primary benefits from a standpoint of competition. The analysis permits business to gain more effective approaches towards competition through offering deeper insights into the trends and consumer sales rate. Moreover, the collected data can be regarded as beneficial since it offers the business with the opportunity of increasing revenue and boosting of consumer services (Lewis University, 2017). Experts who offer statistics homework help at Edudorm essay writing service indicates that in data driven decision making, big data is beneficial because it can be utilized in the provision of a cutting edge in the development of all sectors particularly those that utilizes innovation and technology. Big data is additionally associated with high protection as well as security of information.
However, even with the huge benefits big data can highly present challenges. To begin with the primary con of big data is a reasonable issue. In that those corporations that hopes to utilize the data are required to modify the whole strategy since the flow of data becomes a consistent thing. In addition the big data strategy necessitates a high capability of conducting analysis and therefore corporations are required to employ expertise to handle the issue (O’Neal, 2012). This may tend to be very expensive for the corporation as the lack of it can result into the implementation of inaccurate and unreliable methodologies (O’Neal, 2012). Additionally, in data driven decision making, the currently utilized tools of gathering and analyzing data hold less capability of handling big data analysis. The major issue that worries most parties in regard to the use of big data can be regarded as privacy. This can therefore result in searches that are particularly not reasonable or beneficial to the corporation. Despite its general significance to the business the cons of the strategy cannot be ignored and an assessment of the limitations should be done prior to its implementation.
Summarize the key methods by which the industry you read about uses and interprets data in the process of data driven decision making
The analysis and gathering of data has occupied the spaces in most industries. This strategy is utilized in gaining a competitive advantage and especially because of globalization of the industry market which is happening in a fast speed. In addition, it helps in the identification of opportunities as well as threats in the market. In data driven decision making, the corporation utilizes agile analytic in the analysis of data and qualitative and quantitative approaches in data collection. This is a system of data development that is particularly based on the amount of value that is developed (Earley, 2014). This strategy helps in acquiring of data that relates to the most influential sector of the business.
According to the article you read, is data driven decision making effective?
Based on the reading of the article, big data is effective when implemented and maintained appropriately. This is because it can aid corporations in increasing the general productivity, performance as well as gaining a competitive advantage. This can be achieved in ensuring that the corporation understands its position in the market and how it can be able to grow its general sales as well as the consumption by the consumers (Lewis University, 2017). Data driven decision making, this helps the corporation to set strategies for achieving the stated goals through developing a plan and solutions to the existing issues that may hinder the ability of the corporation in performing better. Tutors who offer auditing assignment help at Edudorm essay writing service acknowledges that through an increase of the market trends and the corporation’s opportunities weaknesses and strength it is able to gain a competitive advantage through strategizing its moves. This proves that the adoption of big data is effective an essential in the growth of corporations.
SECTION TW0
What type of data is collected by your organization? In other words, what type of indicators/criteria is measured during data driven decision making? What type of data do you personally collect in your role/job?
The kind of data that is collected in the organization is both objective and subjective data. This is gathered in the attempt of understanding the organization’s progress and how its general performance can be developed. The kind of data is gathered in the process of listening to other persons stories regarding the subject and a view of the statistical chart that demonstrates several production and performance defects. Objective data are necessary in the management of human resource held by the corporation in general. The subjective data helps in gaining better understanding in regard to how individuals perceive their roles and how each of the unit mandates is interpret and the thinking behind the underlying problems sources. Personally, I am not engaged in data collection but I play part in leadership and data management for the team’s growth.
How is the data collected?
In gathering statistical data such as market objective performance and so on, the team usually has a field manager who helps in the management of statistics. When adequate numerical data has been gathered in support of the performance, SPSS helps in determining the existing relationships amid data with prediction of the next occurrence which simplifies the application of data.
How is the data interpreted or used?
The gathered data is particularly interpreted primarily while depending to statistics in management of the team as well as the involved operations. Having statistical data is essential in the team as this helps in indicating the general performance of every employee. Authors who offer finance assignment help at Edudorm essay writing service points that most of the staffs particularly think that they are well equipped and that they are efficient at what they do. However, in data driven decision making, the provision of statistics helps in showing them that accomplishing their duties is not efficiency through indicating those sections that needs improvement. Furthermore, the provided statistics helps in predicting ways through which the identified issues can be addressed.
What decisions result from the data collected during data driven decision making? Do you feel comfortable that sound decisions are made with the data collected?
With the making of decisions with the utilization of data I am always very comfortable. This is because I believe in the certainty and reliability of statistical data. In data driven decision making, the gathered data is crucial in proving some points through the provision of different perspectives. In most cases the collected data serves in offering directions through the indication of performance and defects which helps in better decision making. Based on this week’s reading on the use of big data I can personally verify the occurrence (Lewis University, 2017). According to, Ramanathan, & Saluratha, (2013), the use of data has been described as a beneficial chance which can best be agreed on based on the necessity of staffs with high knowledge. The use of data driven decision making is the most recent strategy of achieving efficiency today.
References
Earley S. (2014). Agile analytics in the face of Big Data. Early and associates.
Lewis University. (2017). Week 2 Lecture Notes-Critical Thinking and Decision Making.
Minelli, M., Chambers, M., & Dhiraj, A. (2013). Big data, big analytics: Emerging business intelligence and analytic trends for today’s businesses. John Wiley & Sons.
O’Neal, C. (2012). Data-driven decision making: A handbook for school leaders. Eugene, Or: International Society for Technology in Education.
Ramanathan, S., & Saluratha, N. (2013). Big Data: A Marketers Perspective Of Emerging Marketing Approach. Pdf
