A decision analyst looks at a problem and weighs the various outcomes that could happen depending on how the problem is solved. Decision analysis is popular in the health care field where a doctor must decide between two or more types of treatment for the patient. He uses several decision analysis tools and often some mathematical equations to predict how the different outcomes will affect the patient, how much each treatment will cost, and what the pros and cons of each treatment option are. Decision analysts also commonly work in business and financial fields to help companies make decisions on subjects ranging from money matters to choices on running and expanding the business.
To help the decision maker — be it a doctor's patient or the CEO of a company — pick the best choice, the decision analyst must first understand the problem. He collects all the information available about the problem and possible choices the decision maker has. This stage involves working closely with the decision maker to understand the dilemma facing her and the different factors affecting her decision.
Once the decision analyst has the necessary information, he begins to map out the problem and possible choices. If he encounters events where the outcome would be uncertain, he digs deeper to try and find more concrete information to take the uncertainty out of decision making. He then looks at all the positive and negative effects each outcome would have. At this point, he may present the decision maker with a simple explanation or even a chart to show the basic choices the decision maker has.
At this point he may use mathematical formulas and other decision analysis tools to deal with complex situations. In the health care industry, the decision analyst may weigh the cost of treatment compared to how much it will actually help the patient. An expensive treatment with a low chance of success may be rejected and a less expensive treatment option may take its place as the better scenario.
After completing his review of the different outcomes and calculating all the possible choices he can, the decision analyst presents his findings in more detail to the decision maker. Building on his previous chart or presentation, he adds in more complex details and explains his findings. This gives the decision maker an idea of what the outcome will likely be depending on which method she chooses. Some decisions are simple once broken down in this fashion, but others have vast trade-offs and will need careful consideration before the decision maker can come to an informed decision on the best course of action to take.
