Decision science in business

Demystifying Decision Science

Howard Friedman

Adjunct Professor at Columbia University

Tools of the trade

A toolkit for making informed, data-driven decisions
Bridges the gap between data and insights, driving measurable results

Decision science in marketing

Understand your audience with data

Use clustering algorithms to group customers by preferences
Segment by demographics or purchasing behavior

Boost campaign effectiveness

Personalize messaging for each segment
Increase engagement and drive higher conversions

Decision science in finance

Manage risk with predictive models

Predict credit risk and assess market volatility
Detect fraud and unusual patterns in real time

Support sound financial decisions

Allocate resources wisely
Reduce exposure to potential losses

Supply chain

Optimize operations across the supply chain

Analyze demand patterns, inventory levels, and transportation costs
Inform decisions on scheduling, replenishment, and distribution

Drive efficiency and customer satisfaction

Streamline logistics and reduce costs
Improve delivery performance and customer experience

Project scoping is your roadmap, outlining goals, requirements, and challenges

Six steps

Define the business problem you're trying to solve
Identify key stakeholders
Assess available data sources and their quality
Establish success metrics to track performance
Allocate resources including budget, personnel, and tools
Set a realistic timeline with clear milestones

Decision science helps you make informed, data-driven choices that create real impact
It's about asking the right questions and guiding decisions with data, strategy, and a clear project scope

Let's practice!

Demystifying Decision Science

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