Knowledge Content Library
A Generalized Approach to Bridge Data Requirements to Decision Making
Brian W. Hagen, Managing Director, Decision Empowerment Institute
Abstract: In your personal and professional life, you make decisions about only one or a combination of three things: (1) how to resolve (P) problems; (2) how to mitigate (R) risks; and, (3) how to capture (O) opportunities. You own a continuously evolving portfolio of problems, risks, and opportunities. The PRO Dilemma we constantly face: which problems, risks, and opportunities should you pursue at this point in time? To be an excellent decision-maker, you must become a master of resolving the PRO Dilemma. Problem, Risk, and Opportunity (PRO) Enterprise Management (EM) provides a generalized framework and data structures across the span of corporate decision making. These data structures enable the specification of data requirements for "Big Data” and data scientists ensuring that information and data collected and properly formatted are decision relevant. These concepts will be illustrated by exploring a case study on clinical trial enrollment risk, a current concern in the race for a COVID-19 vaccine.
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Keywords: big data analytics bigdata, framing framestruc, risk analysis riskanal, cash flow