September – December 2023 Application of Fact-Based Decision-Making

Business & Finance

One of the key benefits of making full use of the available  organizational data is that it enables business and other organizations  toconsistentlymake more rational, and in aggregate more  accurate, choices. That said, while many, if not most business  organizations are awash with data, most of those organizations  nonetheless struggle to develop and deploy system-wide data-driven  decision-making capabilities. Given that, your task is as follows:Firstly, you are to identify, delineate and describe a specific  business function (e.g., promotional planning, risk management,  inventory control, etc.). Secondly, you are to identify and clearly  describe distinct and specific datasourcesand datatypesthat could be used as input into the decision-making the business function of interest. IMPORTANT:Be specific!For  example, it is insufficient to just mention ‘customer purchase data’  because there are numerous distinct sources (e.g., in-store UPC  scanners, factory shipments, online transaction processing systems,  etc.) and types (e.g., batch-based period extracts vs. ongoing streams)  of data, thus it is very important to be as specific and as detailed as  possible. Lastly, you are to create a clear and an explicit plan for how  you would propose to use the available data to evolve the business  function you identified in step 1 into more expressly evidence-based  practice that takes maximum advantage of the available data. Again,be explicit!

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