Understanding variability for effective decision-making
Whether it is to improve processes, boost performance or to increase profits, we often make key business decisions based on incomplete information. An important source of information is data; but data by itself is useless. It must be organized and presented in a meaningful way to be of any value. Quite frequently, however, the data is incomplete, of poor quality or is misinterpreted. Add to this the uncertainty due to variation in the data, and it becomes evident that we need to question the effectiveness of our decision-making.
This course is designed on the premise that the three pillars of decision-making are: data, information and knowledge. Data becomes information when it is properly processed and summarized; and information becomes knowledge when it is used to add value to the company.