How much data should you and your team collect before making a decision? How do you determine the right data to collect? I used to be in the camp of “only collect data that can impact your decision”. Would you change your decision based on…
Continue reading Are You Collecting the Right Data to Inform Your Decisions?
Decision making is difficult and, in my experience, organizations sometimes overly focus on decision-making tools (e.g. RACI) without enough consideration for the entire process. There are several key steps that need to be considered for robust decision making. In this article, I will focus on…
Continue reading Decision Making: Setting the Appropriate Frame
Imagine you’re developing a new drug and you’re trying to understand if physicians would adopt this new drug with a different route of administration. For example, how likely are they to prescribe a new oral drug for a disease when there are currently approved injectable…
Continue reading Conjoint Analysis: A Tool for Evaluating Product Attributes
Consider walking into a room to find two sisters arguing over an orange. Each sister is working on a recipe that requires one orange. They ask you to act as a judge and without knowing anything else, you would most likely decide that a fair…
Continue reading Decision Making: The Impact of Asking Questions
Many companies strive for data-driven decision making. That requires being able to analyze large amounts of data, understand that data, and relay it to others. One prominent example that demonstrates the consequences of missing the mark on data-driven decisions is the space shuttle challenger disaster…
Continue reading Data Visualization to Facilitate Decision Making (Drug Development)
We have all heard of biases in decision making. In fact, there have been over 20+ biases documented (http://25cognitivebiases.com/). One of those biases is the Group Think (or Bandwagon) bias. So what is the Group Think bias? Group Think bias is defined as adopting the…
Continue reading Minimizing the “Group Think” Bias in Decision Making