Business owners and managers rely heavily on their entrepreneurial instincts when making business decisions that will ultimately decide the fate of their business. They intuitively and intimately know their customers, marketplace, products, processes and marketing methods. Qualitative tools such as these are, unfortunately, more art than science and they depend on the decision makers’ experience and unaided, often biased, judgement.
Business environments today are dynamic and fast paced, requiring explicit logic, reasoning, supporting data and repeatable and scalable processes. Hence, relying exclusively on the traditional mix of reason, intuition, emotion and gut feeling is neither an effective nor sustainable approach to decision making.
Modern day businesses are constantly faced with making decisions that involve:
- Uncertainty – Unknown facts and uncertain future.
- Complexity – Various interrelated factors.
- High-risk consequences – Significant impacts of decisions.
- Alternatives – Various alternatives that each exhibit the above traits.
Problem-solving and decision-making skills become critical when faced with complex issues like these. Under such circumstances, quantitative methods which concentrates on facts and data will enable more informed and unbiased business decision processes. Business owners supported by quantitative decision-making procedures are in better position to compare and evaluate both qualitative and quantitative sources of information, and are able to combine various alternatives to derive the best possible decisions.
So, how can we provide quantitative support to facilitate a case for change that enables effective business decision-making? How can we assist in performing informed, robust and unbiased evaluation of all available options for strategic business decision making?
Siecap’s Associate Director Strategy and Evaluation-Daren Ng has over 11 years working experience as a financial analyst and economist with strong quantitative and modelling skills. Daren has worked alongside senior management and finance teams in various organisations across industries such as mining and resources, oil and gas, rail, ports, property development, retail and local government, utilising his skills to assist in business decision making processes. Prior to joining Siecap, Daren was an Associate Director in the Deloitte Corporate Finance and Modelling team. He has also previously held roles with Queensland Magnesia, Queensland Rail Network Access and SGS Economics.
Siecap is a specialist project management and advisory firm providing a full range of corporate, capital project and operational services which assist clients optimise cost, increase performance and manage risk.
Siecap’s core service areas include: project development and project management; cost optimisation, performance and improvement; and supply chain and logistics. Its veteran advisors offer first-class technical skills and extensive knowledge base.
Contact us for more information on how quantitative support can assist with your decision making.