Course Objectives
Certificate in Business Decision Models
Course Methodology
The course uses a mix of interactive techniques, such as brief presentations by the consultant, case studies, and group exercises to apply knowledge acquired throughout the course.
Course Objectives
By the end of the course, participants will be able to:
Explain the principles of good decision making
Use data to make informed and better decisions
Implement risk-based decision making techniques
Develop essential financial literacy skills
Use tools to implement successful decisions
Target Audience
Managers, department heads, and business professionals who are involved in decision making, planning, and developing strategies for their own departments as well as the organization.
Target Competencies
Decision making
Risk management
Risk assessment?
Evaluation
Budgeting
Analytical thinking
Financial decision making
Course Outline
The Principles of decision making
The standard decision-making model
The decision-making spectrum
Townsend’s rules
The RAPID model
Recommend
Agree
Perform
Input
Decide
Using data for better and informed decisions
Lewin’s force field analysis of support and opposition
Supporting forces
Restricting forces
Scenario analysis and charting possible futures
Risk factor
Cost factor
Mapping stakeholders’ reactions
Level of stakeholder power
Level of stakeholder interest
Dealing with the politics of decisions
Risk-based decision making
Risk impact/probability chart
The two primary dimensions
Probability
Impact
Creating the chart using excel
Decision tree analysis
Decision points
Chance points
Application exercise
Financial literacy for decision makers
Cost-benefit analysis
Brainstorming costs and benefits
Assigning a monetary value to the costs
Assigning a monetary value to the benefits
Comparing costs and benefits
Approaches to budgeting
Incremental budgeting
Zero-based budgeting
Implementing your decisions successfully
Round’s Trap model
Task
Resources
Arithmetic
Priorities
Shewhart’s PDCA model
Plan
Do
Check
Act
Lessons learned