BUS607: Data-Driven Decision-Making

Data-driven decision-making is collecting data, extracting patterns and facts from that data, and using those facts to guide decisions. Watch this video to explore how data is used to make decisions and the importance of including intuition in the process. Pay attention to the four-step method that guides data-driven decision-making, and think about how the speaker used data to drive decisions that improved his business outcomes.

The four-step method is:

1. Have a clear objective.
2. Have a measurable outcome.
3. Make decisions based on current data.
4. Validate the outcome.

How does this method help create business opportunities and reveal new business insights?