MGTS1601 Lecture Notes - Lecture 14: Big Data, Targeted Advertising, Crowdsourcing
Lecture 14 - Decision Making 3
Contemporary Approaches To Improving Decision Making
● Several contemporary approaches for improving decision making:
○ Evidence-based management
■ Making decisions through the conscientious, explicit, and judicious
use of the best available evidence from multiple sources.
■ Scientifically conducted peer-reviewed research - addressing small
details that need to be improved.
■ Data generated by or for an organization.
■ Context is important in applying evidence in a particular setting.
■ Develop an evidence-based mindset.
○ Crowdsourcing - outsourcing aspects of a decision process to a large
collection of people.
■ Involves outsourcing aspects of a decision process to a large collection
of people.
■ Expertise is sought among the masses - Wikipedia is built like this.
Many people who are experts in a certain area will correct any
incorrect information.
■ It is best employed when:
● In-house expertise is lacking.
● Nature of the problem can be clearly stated.
● A large, diverse crowd is both knowledgeable and motivated
to participate.
○ Analytics and big data
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Document Summary
Making decisions through the conscientious, explicit, and judicious use of the best available evidence from multiple sources. Scientifically conducted peer-reviewed research - addressing small details that need to be improved. Data generated by or for an organization. Context is important in applying evidence in a particular setting. Crowdsourcing - outsourcing aspects of a decision process to a large collection of people. Involves outsourcing aspects of a decision process to a large collection of people. Expertise is sought among the masses - wikipedia is built like this. Many people who are experts in a certain area will correct any incorrect information. Nature of the problem can be clearly stated. A large, diverse crowd is both knowledgeable and motivated to participate. Analytics concerns finding meaningful patterns in large datasets using conventional statistics, mathematical modeling, and various techniques to represent data visually. There"s various ki(cid:374)ds of a(cid:374)alytics, eve(cid:374) i(cid:374) hr ma(cid:374)age(cid:373)e(cid:374)t.
