Stages in the Decision Making Process.pdf
- 1. Stages in the Decision Making Process
- 2. Understand the scenario • The usefulness of the solution is based on how well it solves the problem. You cannot solve a problem that you cannot explain. You must understand it. • Data modelling creates solutions that turn data into useful information.
- 3. Identify Information and Sources Accurate and trusted sources
- 4. GIGO • Garbage in garbage out • If your input sources are incorrect or flawed, even by accident, the information that is output will also be flawed, erroneous, misleading. • You cannot always recognise problems with data by looking at output. Mistakes and errors are not always obvious. Therefore, it is important to be diligent with sources in the first place.
- 5. Information Required • Required information is what you need for your work. • You may be given this up front or have to think of it and request it, or go looking for it. • It is your responsibility ultimately to determine what you need for your modelling work. • E.g. Modelling a company would require Profit, Stock levels, Salary, Costs of products and services etc.
- 6. When you know what information you require Take a look at …
- 7. Information already available • Collecting data is very challenging sometimes. It could take a long time. There could be obstacles. • Information may already be available. It could be recorded and stored somewhere. It could be accessed for free, or you may have to buy it. You may only need permission. • The police publish crime data. The Office for National Statistics publishes a lot of data. • People who work with data end to have trusted partners, sources or processes for obtaining data.
- 8. Did you know there are large organisations that focus on collecting data?
- 9. Data is collected all the time Quantitative Data • Did you know that companies like Kantar have households scanning the barcodes of what they buy? • Companies such as Nielson have direct access to the data collected at checkout due to the way the till system is set up. Qualitative Data • Has anyone in your household received a random phone call asking what they think of their local running candidate for MP?