Decision Analysis: Toolkit to make better decisions

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Duration: 2 days
Timings: 10 AM – 5:30 PM
Dates: December 22-23, 2023 (on Friday & Saturday)
Programme Director: Prof. Rahul Pratap Singh Kaurav
Mode: Offline
Fees: Offline: Rs.16000 + GST@18%
Residential: Rs.26000 + GST@18%

Programme Introduction:

We make decisions every day. Some decisions are routine, but some have a profound impact on our life and the essence of business as well. Gaining competency in such a vital subject is highly desirable for personal and professional well-being.
The MDP is needed in decision analysis to help managers develop the skills and knowledge to analyse and make decisions in complex, dynamic environments. Decision analysis involves identifying and evaluating options, assessing risks and uncertainties, and choosing the best course of action based on the available information. This can be challenging, especially when many competing considerations and multiple stakeholders are involved.
An MDP in decision analysis can help managers develop the analytical skills and strategic thinking they need to navigate these complex situations effectively. It can provide them with tools and frameworks for analysing options, assessing risks and uncertainties, and making informed decisions that align with the organisation's goals and objectives.

Strength of the Programme:

This MDP includes activities and materials, such as case studies, lectures, simulations, and interactive sessions. These activities may focus on such issues as decision-making frameworks, risk analysis, cost-benefit analysis, 2x2 matrix, and strategic planning. Overall, the goal of an MDP in decision analysis is to equip managers with the skills and knowledge they need to make effective, data-driven decisions that drive organisational success. The MDP will be helpful for the senior and mid-level decision makers to satisfy their thrust for the understanding of a better decision.

Programme Objective:

The objectives of this MDP is to provide an opportunity to gain this mastery:

• To achieve clarity of action in making any decision on which we focus our attention.
• Relate to the cognitive biases and interpret one’s decision objectively.
• Apply methods to reduce the impact of cognitive biases in organisation and personal decisions.
• Lead teams in decision making.
• Select appropriate decision making tool and apply it in a given situation.

Programme Content:

All the sessions will be delivered by live and hands-on demonstration using suitable open-access software:

• Decision notations – Descriptive, normative, actionable thought and qualifying a decision
• Decision traps and biases – Anchoring, Status-Quo. Sunk-Cost, Confirmation bias, Overconfidence, Prudence & Recall ability
• Decision framing - Framing a decision, Addressing the right problem,
• Alternatives & Information - Objectives & alternatives, Smart information
• Normative approaches - Game theory, Harvard model: Deciding to decide, Case-based reasoning
• Team decision making – Wisdom of crowds, Psychological safety, Groupthink

Programme Methodology:

Lecturing, case study, group activity, simulation, and hands-on demonstrations with all suitable software.

Target Organizations:

Large, small and medium-sized enterprises, new entrepreneurial ventures - include FMCG, Automobile, Insurance, Retail sectors, manufacturing, Service and Tourism.
This program is also suitable for those involved in policymaking (public or private organisations).

Target Participants:

Policymakers, Managers, Professionals, and Entrepreneurs can reap immense benefits from this MDP. Analysis of the correct decision is the key to sustained growth. Hence, participants from any level will be suitable.

Programme Director:

Prof. Kaurav is into academics since 2008. Here (at FSM) he is responsible for teaching, training, research, and consultancy. His teaching and research interests include Marketing Management, Services Marketing, Research Methodology, Marketing Research, Marketing Analytics, and Tourism Concepts-Economics-Marketing. He is a professionally acquired trainer for quantitative and qualitative research software and into trainings of SPSS, Jamovi, MAXQDA, NVIVO, and Bibliometric Analysis. He has published research papers to many journals of repute, starting from A in ABDC, Scopus, ABS and WOS. He has been associated with University of Liverpool, UK, BITS-Pilani, and Taylor’s University, Malaysia as an adjunct faculty. He served on various committees of Syllabus and course designing and Member of expert committees on teaching, training and research effectiveness.

Corporate Group Discount:

One complimentary nomination for every group of three nominations from the same organization, i.e., 3+1 participants for the fee of 3 participants.

For registration/enquiries , please mail to exed@fsm.ac.in or call at/+ 91 9166085159/+91 9810875278/+91-11-46485562 /41242477

 

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