Analytical Support for Decision Making—Learning how to take decision with support of numbers in daily life.
Before joining Strathclyde MBA I have done Statistics and have seen figures during my studies as well as my professional experience but I wasn’t aware of how they can be used to take informed risks in my daily life as well as professional career.
Analytical Support for Decision making is course carved out not to teach me only numbers and statistics but also to equip with tools and skills which will enable me to take informed decision as well as taking risks with knowledge that what are the accuracy of data.
Before studying ASDM I always used to buy insurance with gut feeling and any without analytical support. But ASDM has taught me tools like decision trees and calculated expected costs which I can use to make decision based on actual costs for my each decision. This is the skill which every company would like its manager to have while taking decision on critical business operations and the skill become more valuable as daily more companies look for reducing costs and increasing efficiency.
Moving on into the assignment where we worked in group to find out the best place to live by taking decision based on multiple criteria. Again it provided a different insight on how people from different part of the world gave priority to different criteria of living like some people thought it was important to live in a place near home while others felt opportunities were more important then location while others thought that tax rate also plays a vital. This is something which you can only learn by being part of multicultural class with people from different parts of the world who view the same thing with different perspective.