Cognitive Decision Science must be part of your modeling solutions. Understanding how people make decisions and what their typical biases are is critical to developing decision support models.
Daniel Kahneman,. ” Thinking Fast and Slow’ will provide some guidance on this subject.
The types of decisions follow data types; each with their own defect modes. The best models inoculate the business from decision bias that is always present when people make decisions. If you are working in a ‘flow’ transaction environment, making good decisions, consistently at speed simply does not happen without data analytics support.