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Decision Analysis for Managers by David Charlesworth

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Implications for the Manager

As we’ve discussed, Excel is a powerful and useful tool, but poor practices can lead to significant errors that in turn can lead to bad decisions. It is especially tempting for time-pressed managers to use Excel to get a quick and dirty answer and ignore good model building principles.

The other important consideration is quality control of models used for making decisions. A peer review of the model is a good way to make sure that the inputs, transformation, and outputs within the model are what they are supposed to be. Having an independent person develop a high-level model in parallel with the real one is also useful for quality assurance.

As a manager, quality control of any models your organization uses for business ...

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