Problem
Making Difficult Decisions Using Data
Company leaders need to keep a watchful eye on the economy and how micro- and macro-environments affect their business. Successful leaders are always a step ahead. They stay there by leading with data-driven decisions that allow their companies to anticipate and respond to challenges. In this module, you have learned how information is critical in making decisions and solving problems; however, research and analytical skills are also needed to extract value from data. Qualitative and quantitative data and relevant and credible primary and secondary sources are fundamental to good judgment. Information gathering should align with research objectives.
A report by the U.S. Department of Commerce, the U.S. economy contracted at an annual rate of 4.8% in the first quarter of this year. You will take on the role of an HR manager at an air transportation supply company. The company is currently struggling with a significant loss of revenue and considering operational costs. I have been tasked to analyze employee performance over the last year and make sense of the data.
Interpretation: Discuss your understanding of the data. Using a summary (provided below) of the company's employee salaries, bonuses, and performance data, look at the following:
A. What questions emerge from your analysis of the data?
B. What story can they tell about the company's employees?
C. Analysis: Explain how the provided data helps you understand your employees and how the company uses its financial resources. Identify potential gaps or issues in the data.
D. What are the quantitative and qualitative data telling you? Are there any underlying issues or perspectives?
E. What is the data not telling you?
F. What would additional primary and secondary sources help the company make a decision?
G. Describe how you have used data to determine a strategy. Use evidence to support your explanations.
H. What would your strategy be if you were asked to recommend a 10% reduction in the budget?
I. How would you synthesize and defend your decision process?