Making Business Decisions Using Quantitative Models: Decision Analysis Best Practices

2014 ◽  
pp. 213-230
Author(s):  
Tom Y. Sawyer
Keyword(s):  
Best Practices ◽  
Decision Analysis ◽  
Business Decisions ◽  
Quantitative Models

scholarly journals Why are decisions for oil and gas projects not always made the way they ‘should' be?

2018 ◽  
Vol 58 (1) ◽  
pp. 130 ◽  
Author(s):  
David Newman ◽  
Steve Begg ◽  
Matthew Welsh
Keyword(s):  
Decision Making ◽  
Decision Analysis ◽  
Oil And Gas ◽  
Decision Makers ◽  
Decision Quality ◽  
Good Decision ◽  
Business Decisions ◽  
Business Outcomes ◽  
Underlying Causes ◽  
The Impact

The outcomes of many business decisions do not live up to expectations or possibilities. A literature review of neuroscience and psychological factors that affect decision making has been undertaken, highlighting many reasons why it is hard for people to be good decision makers, particularly in complex and uncertain situations such as oil and gas projects. One way to diminish the impact of these human factors is to use the structured methodology and tools of Decision Analysis, which have been developed and used over 50 years, for making good decisions. Interviews with senior personnel from oil and gas operating companies, followed up by a larger-scale survey, were conducted to determine whether or how Decision Analysis and Decision Quality are used and why they are used in particular ways. The results showed that Decision Analysis and Decision Quality are not used as often as the participants think they should be; some 90% of respondents believed that they should be used for key project decisions, but only ~50% said that they are used. Six propositions were tested for why Decision Analysis and Decision Quality are not used more, and the following three were deemed to be supported: • Decision Analysis and Decision Quality are not well understood. • There is reliance on experience and judgment for decision-making. • Projects are schedule-driven. Further research is proposed to determine the underlying causes, and tackle those, with the aim being to improve business outcomes by determining how to influence decision makers to use Decision Analysis and Decision Quality more effectively.

Global Internet Marketing Presence

2020 ◽  
pp. 94-127
Keyword(s):  
Best Practices ◽  
Marketing Research ◽  
Internet Marketing ◽  
Close Attention ◽  
Global Business ◽  
Business Decisions ◽  
Audience Analysis

Identifying relevant audience attributes that lead to informed business decisions is critical. This chapter provides a review of two industries (global snacks and healthcare). Best practices are provided for leaders within these industries as they seek ways to make informed global business decisions. It is suggested that leaders take heed to the various strategies listed in this report while paying close attention to acquisition reports and marketing research. These tools will likely provide them with a clearer audience analysis.

scholarly journals Overall assessment of environmental sustainability: The Portuguese water industry case

2018 ◽  
pp. 47-58
Author(s):  
Sandra S. Tralhão ◽  
Rita Martins ◽  
João Paulo Costa
Keyword(s):  
Best Practices ◽  
Decision Analysis ◽  
Environmental Sustainability ◽  
Regulatory Authority ◽  
Water Utilities ◽  
Water Industry ◽  
Sustainability Performance ◽  
Portuguese Water ◽  
Regulation Model ◽  
Regulatory Model

Similarly to what happens worldwide, environmental sustainability is one of the pillars of the Portuguese water industry regulatory model. Taking into account the criteria and preference profiles defined by the Portuguese regulatory authority, the overall sustainability performance of the Portuguese water utilities is assessed using multicriteria decision analysis methodologies. The results showed that about half of the utilities have an overall unsatisfactory performance, which is not shown by the item-by-item assessment by the regulatory authority. The overall assessment allows not only highlighting and exposing the best practices of the sector, in line with the sunshine regulation model, as it proves appropriate to the valorization, in each regulatory period, of the priorities established in the sectoral plans for the sector.

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