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Driving Better Decisions with Science
For biopharma decision makers, the stakes can be incredibly high. Any decision could have far-reaching impacts on patients and the healthcare system, set the trajectory of product assets or entire companies, and put millions (or billions) of dollars on the line.
That’s why Blue Matter has developed the Decision Path™ framework. It leverages Decision Science to help leaders approach any strategic decision in a logical, data-driven way to maximize the likelihood of success.
- What is Decision Science?
Decision Science (DS) refers to the use of scientific principles to help make smarter, faster, and more data-driven decisions. There is no single or standardized way to “do” decision science, so there can be significant variability in the processes, tools, and approaches that different people and organizations use.
Broadly speaking, there are two main branches:- Descriptive – Focuses on understanding how decisions are actually made; It studies the impact of human biases and other factors on real-world decision-making patterns.
- Prescriptive – Focuses on determining how decisions should be made; It leverages mathematical models, simulations, optimization models, and decision frameworks to provide practical recommendations for making better decisions.
The two branches are closely interrelated. Descriptive DS provides human behavioral and psychological insights to help guide the methods of Prescriptive DS.
- How can Decision Science help biopharma leaders?
While any decision can benefit from a more systematic and objective decision-making process, there are several areas in which Decision Science can be extremely valuable.
- Corporate, Portfolio, and Product Strategy – Major strategic decisions require a strong focus on priorities, relevant and detailed information, a keen awareness of the potential trade-offs, and an objective approach to determining the best path forward.
- Finance and Decision Support – Even after the broad strategic decisions are made, a scientific approach can be extremely valuable when it comes to supporting downstream decisions across business development, forecasting, risk management, capital investment, and more.
- Operational Excellence and Governance – Incorporating effective decision-making processes into a company’s governance, business planning, and portfolio management processes (just to name a few) is critical to driving better decision-making across the organization.
The Decision Path™ Framework
The Decision Path™ framework is an easy-to-understand mechanism that defines the principles of good decision making and integrates them into a coordinated five-step process. While the concept is straightforward, it can become more complex to apply in practice. This is because the various steps often require the use of psychology to understand human behavior—and a range of advanced simulation, modeling, and analytical tools to enable and enhance decision making.
Blue Matter can incorporate this framework into a wide range of strategic projects to improve the quality of decision making and optimize the likelihood of success.
