The Matrix Technologies, Inc. Fundamental #22 is USE DATA TO MAKE DECISONS.
It tells us to use facts and data primarily to make better decisions.
I did a little looking at the different types of data that should be considered in decision making and found an interesting list from a Harvard Business Review article from Oct 2021.
According to the article, there are 4 important types of data that should all be used for effective decision making when possible.
🎯 Descriptive Analytics – Raw data and trends to describe What happened in the past.
🎯 Diagnostic Analytics – Looking at correlations and relationships in the data to better understand Why something happened.
🎯 Predictive Analytics – Using descriptive and diagnostic data to make informed predictions about What might happen in the future.
🎯 Prescriptive Analytics – Taking all three previous types of data into account and examining options of What to do next.
Combining these different data types will give us better data to make decisions.
How many of these data types do you use for important decisions?
#DecisionMaking #Data
