Printed from: Society of Decision Professionals
Knowledge Content Library
Adventures in Decision Analytics
Jack Kloeber, Emilia Silebi, Xixi Chen (Kromite) and Scott Evans (Markamind)
October 17, 2018 (SDP Sponsor Webinar - Kromite)
This webinar comprises two parts. Pro Bono explores working with a nonprofit organization vexed with a decision about fundraising options. Visualization and Decision Inventory is a look at some very interesting approaches Kromite is taking to help businesses identify the most impactful message from their data.
For five years, Young Audiences of New Jersey and Eastern Pennsylvania (YA) has been hosting the Dazzle gala as their primary fundraising event. While successful at raising funds, Dazzle has been time and effort intensive, causing leadership to question whether they should continue or find an alternative primary fundraising strategy. This problem was approached using Multiple Objective Decision Analysis (MODA). The experience of working through this process with a non-profit organization like YA was new and enlightening.
Kromite and YA collaborated through the Informs Pro-Bono Analytics program to systematically work through the decision process. The MODA process resulted in the identification of three clear standouts for a primary fundraising program.
Visualization and Decision Inventory
Making a high-quality decision is a hot issue in decision analytics. While machine learning and AI are being touted in this age of big data, we have found that Data Visualization is as important in many of our projects. It helps us frame the decision, identify interesting or confusing relationships, identify potential solutions, and definitely helps us gain insights and describe them to our clients. We show two Kromite data visualization tools as examples. Patient Flow Simulator is a mathematical model designed to simulate the progression of patients through stages of a disease. Decision Inventory Tool will help leaders, controllers and portfolio managers plan better, react better and share financial and budget status with more transparency. Both tools help in identifying issues, model risk and uncertainty, and then allow clients to interact with them to identify creative alternatives.
Click on the file below to hear a sample of the presentation.