May 17, 2017
It’s all about the future
By: Cherie Oswald

Businesses are continually seeking solutions for the challenges of the future. The decisions they make at any point in time typically block other decisions. Often, a single decision has many possible options. Thus, having a tool that helps management determine the best options and the best decisions is critically important.

Consider a traditional world-renowned auction house. In the late 1990s, when the online auction industry was still in its infancy, this auction house faced two basic decisions: To continue live auctions only or develop Internet auction capability. In evaluating a decision to develop Internet capability, the auction house had three options: Internally develop auction capacity from scratch, purchase an Internet auction platform, or partner with an established auction platform. It decided to both develop its own auction platform for selling expensive items and to partner with another company that had established auction capability for selling items worth less than $250. Each of these paths had its own set of options, probabilities, and expected values—and each led to different economic benefits and risks.

Undoubtedly, the auction house used a decision tree analysis in conjunction with its business model to discover its best pathway. In this course, you will examine how to use prescriptive analytics as a tool for decision making. You will also determine how to help your company make its best decisions. The course discusses how to:

  • Create and use decision tree analysis.
  • Apply decision tree analysis to achieve a more robust business model.
  • Establish the monetary value of a decision using expected value.

Knowing that our world is moving at a pace that is much faster than the pace traditional auction houses faced in the1990s, how will you completely explore and understand all the options possible for the decisions you or your company face? How will you make the best possible decision? In the Accenture Academy courses Decision Trees as a Prescriptive Analytic Tool, Integrating Decision Tree Analysis with the Predictive Business Model, and The Expected Value of Management’s Decisions to Prescribe Action, you will explore how to best serve the future of your company and its shareholders.

About Accenture Academy

Accenture Academy offers proven, cost-effective learning solutions for a more versatile workforce and a more agile organization. We provide a flexible learning approach that helps your people be more versatile and your entire organization be more agile in the marketplace. Curriculum includes Supply Chain Management, Finance, Procurement, Analytics, Leadership & Management and Specialty Skills.


Popular Tags

    More blogs on this topic