Data based decision-making

27. Feb
mtwtf
9:00-16:30

210.00 EUR

Price without VAT

Information is the 21st century’s basic currency, but, it is not all equally valuable.

How do we differentiate a signal from noise in today’s era with its overabundance of information? How do I differentiate what is currently important for me and will help me in making the right decisions, from other information that seems captivating, but really only muddies the waters?

We live in an era where every moment there is more and more information. The pace of the world is not slowing either. Many managers, particularly in the business world maintain that "with the rapid pace of business, there is insufficient time to gather data ", and decisions have to be made "on the hop".

In cognitive science, researchers in decision-making call this area "decision-making in uncertainty". Many fascinating discoveries have been made over the past few decades about the causes which facilitate this kind of thinking, as well as the most common mistakes which arise from it.

In this course, we invite you to learn some practical methods which will help you to make safe and reliable decisions and be more successful in life.

We will teach you how to differentiate a signal from noise, based on practical examples, and quickly define the information needed for decision-making so that we do not have to be ashamed of poorly informed decision-making in life. 

During the course, we will:

  • talk about what are the most frequent situations where we make decisions which are not based on data, and what the basis of this is;
  • will define the typical mistakes which we allow in human situations which interfere in making balanced decisions;
  • systematize the decision-making process, to be able to quickly crack problem situations;
  • learn a few quick tricks – methods for how to operate in situations of high uncertainty: quickly evaluate the available information, establish the shortage of the required information, find quick responses about the most important aspect of the missing information, etc.;
  • review data based decision-making methods in the world’s most successful organizations;
  • train ourselves with practical tasks which allow us to work with new concepts.

Aims of the course:

  • To arm course participants with safe and reliable knowledge and simple effective decision-making methods.
  • To promote more organizations and people in Latvia to make better decisions in a focused way, based on data, not feelings.

Benefits:

  • Simple and effective methods to apply for higher quality decision-making on an everyday basis;
  • To reduce the feeling of uncertainty even when it is not possible to eliminate uncertainty;
  • An insight into world practice in data-based decision-making in a business environment.

Duration: 1 day, 6 hours

Working methods: 50/50 theory and practical exercises, including examples of best practice.

In the course, we will benefit from new knowledge, as well as develop our newly acquired methods and skills through practical exercises.

Target audience: People who are required to make responsible decisions on an everyday basis while working in medium-sized or large organizations.

Programme:

1. What managers don’t tell you, or the most frequent mistakes in decision-making and what to do about them.

Valuable concepts and thinking modules for data-based decision-making. The most frequent mistakes in organizations, and at the personal level, and practical suggestions.

Practical task no. 1.

2. Effectively obtaining necessary data and decision-making methods.

World practice. Personal suggestions for better decision-making. Tips for obtaining information faster.

Practical task no. 2.

3. Summary.

Practical suggestions for effective decision-making.

Venue: TRIVIUMS training centre, Blaumaņa 11/13 - 12, Riga

Participation fees include handouts, coffee breaks and lunch.

For company training, the programme can be adapted to the specifics and needs of the company.

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