🛑Decision is not a… #process, #rules, #algorithms, #data, #code, #ml❗
✨In a business operation context, a decision is an act of finding an answer to a business question.
People make decisions every day in organizations, yet humans are inherently unreliable as they are influenced by mood, bias, culture, experience, skills, and other factors.
🧐Across different industries #banking #financialservices #insurance #government #health and etc., many questions (i.e., decision) seek answers (i.e., decision outcome).
Let's have a look at a couple of examples:
– [Insurance] How much should a customer be paying for its premium?
– [Consumer] What other products can we offer the customer based on the items in the basket?
– [Government] What services and grants are an individual eligible for?
– [Health] What questions should be asking a person to diagnose based on some symptoms?
– [Smart city] In a particular accident, what agencies should be involved? Police, Ambulance, Insurance, etc. And what do to next?
💣As you might have noticed, the outcomes of these decisions are not similar. In practice, the outcome can be the best choice, number, text, next possible action, and many different types and shapes. Additionally, the outcome of a decision may not be just one answer. It might be multiple answers, or even the outcome can be inconclusive, meaning executing a decision can not find the answer.
🚀A decision is a self-existent entity that determines the quality of business operations. Therefore, it should be modeled and managed explicitly and treated objectively. In addition, it has its own life cycle, mechanics, multi-dimensional KPIs, and interested parties.
Learn more about what a decision is at https://lnkd.in/gSwBj-Yh
#decisionintelligence
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Published May 2nd, 2024 at 07:30 am
