What we do
DECISION SCIENCE - WHAT IS IT?
Decision Science has grown out of the areas of Operations Research and Management Science. It is largely a mix of,
•behavioral economics,
•applied psychology,
•cognitive science,
•game theory,
•statistics, and
•risk analysis.
The purpose of decision science is to bring together these fields and more, to improve our decision making abilities.
Decision Science looks at the way humans tend to depart from tradition economic rational decision-making models. By better understanding human perception, human biases, and models of social systems, we can build a better approach to decision making.
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​By combining this new approach to decision making with the world of data science we can also create a step change in our ability to forecast all range of things, with accuracy never before possible.
Think about the average day in the office;
•How many decisions did you make?
•How accurate were you?
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If you think back to the same day last year,
•What decisions did you make back then?
•How accurate did they turn out to be?
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Think about yesterday;
•How many people did you listen to?
•Did you read the paper or listen to a podcast?
•Did you receive advice from someone?
If so,
•How accurate have these sources been in past?
•How did you know this?
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Through the application of Decision Science, you are able to better answer these questions, and over time improve the decisions that you, and your organisation are making.
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Decisions Science exposes organisations to a toolkit of structured methodologies for problem solving. From simple linear programing, the simplex method, and neural networks, through to Markov chains, multi variable decisions analysis, and discrete event simulation. Most critically, it offers up a range of insights to assist decision makers understand both their own, and others, inherent cognitive biases.
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