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The Role of Decision Science in Shaping Business Analytics

August 18, 2022

The field of decision science focuses on making data-informed decisions. Decision science helps to analyze the impact of a decision on the business. The best decisions are often made with a combination of data and precise business questions. The more precise the questions, the more precise the data requirements will be.

Harvard’s Center for Health Decision Science (CHDS) explains that this unique science is a “collection of quantitative techniques” applied to decision-making at both the individual and population levels. It includes “decision analysis, risk analysis, cost-benefit and cost-effectiveness analysis, constrained optimization, simulation modeling, and behavioral decision theory.” Further, “decision science provides a unique framework for understanding public health problems.”