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The Relevance of Decision Science

Posted on March 3, 2022 by RVU Admin

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What is Decision Science?

Decision science is an interdisciplinary field that interprets, predicts, and influences decisions made by humans. It incorporates different economic frameworks and other social elements and derives possible outcomes and rational conclusions to help consider the risks and rewards in order to drive businesses and other institutions to take effective decisions .

Our understanding of decision science has come leaps and bounds in recent years with advanced artificial intelligence, data analytics, machine learning, and other computational sciences. The quantitative techniques that are used in decision making include risk analysis, cost effective analysis, behaviour decision theory, psychology, statistical inference, micro economics, operation research etc…

In short, Decision science is a practice that utilizes data and analytical tools to make strategic decisions about anything for which probabilities can be calculated. It aims to balance the trade-offs between competing objectives in a way that maximizes the value.

How is Decision Science beneficial?

The science of decision-making can be used to solve complex issues with data and predictive modeling. It provides a framework for understanding how people make decisions, why they make them, and what they might do differently to arrive at better outcomes. It is often used in corporate strategy and in economics to provide business intelligence on decisions.

As more businesses integrate decision science into their workflows, the benefits will be seen in the form of greater efficiency, better outcomes for customers, and improved decision-making processes.

What is the relevance of decision science?

Since Decision Science is a branch of applied mathematics, statistics, and psychology that focuses on the process of making decisions based on reasoning from past examples, it has been used to make predictions about stock market trends, consumer buying habits, and even the likelihood of a person committing a crime.

Decision makers across all industries are constantly faced with trade-offs and balancing different priorities – which ones align best with their company’s mission? What can decision makers learn from each other? These questions, and many others, are the reason why Decision Science is relevant now more than ever. This will allow decision-makers to choose the best alternative for any given situation, or at least optimize their process by minimizing cost or maximizing benefit.

The advantages of studying Decision Science

Decision making is never an easy process. We are constantly surrounded by complex decisions that force us to choose between many options, each with different consequences. A decision scientist studies these sorts of decisions and helps us understand the best way to manage them. One of the main benefits of studying this subject is that it can teach us how to strengthen our analytical skills – important for anyone who wants to be successful in business and management, law and education, environmental regulation, military science, public health and public policy.

What kinds of tools and methods do Decision scientists use?

One of the most common tools used by decision scientists is Data mining and Big data to source relevant data that influence the decision making process. These methods are capable of crunching vast amounts of data within seconds, giving decision scientists valuable insights into the likelihood that different strategies will work. There are also other tools like game theory, which can be used to break down real-world scenarios into simpler game-like situations, and probability theory, which can be used to calculate an expected value for each scenario.

Another popular process is the Analytic Hierarchy Process (AHP). It’s a tool for analyzing decisions and their consequences. It can also be used for ranking because it helps you find out which decision to make based on what happens after each one. Then, there are the Decision Trees. These trees help people better understand risk because they break down different possible outcomes at each stage.

There are other methods like sales forecasting, predictive analysis, sensitivity analysis, network analysis, etc…that are used to derive qualitative judgments while decision making through Science.

Current industry trends in Decision Science

There is a lot of change and innovation happening in the industry right now. The big focus is on improving decision quality and developing the right data management practices. There has been a corresponding shift in what we call “decision science”- from traditional statistics to systems theory… The emphasis is no longer on making better measurements, but rather on understanding how best to manage decisions.

The field of decision science has become increasingly important in recent years, with the majority of Fortune 500 companies now hiring data scientists who specialize in decision science and analytics. The rise of decision sciences can be attributed to several factors: increased use of real-time decisions, the need for predictive accuracy and uncertainty management, and demand for more transparency and accountability.

Career scope for students who pursue a Decision Science degree

Decision science degree holders have been recruited by many companies, including Microsoft, Uber, and Google, for their expertise in predicting outcomes and modeling complexity. There are many career opportunities in decision science ranging from data scientists to business analysts.

Demand for decision scientists is increasing and job opportunities are expected to grow. This isn’t surprising: the more we rely on data and technology to make decisions, the more we need professionals who can find valid and reliable insights in that data.

Conclusion

Decision science aims to create powerful systems for making decisions. It’s becoming more and more prevalent as we try to find better ways to manage the complexity of our lives, whether it’s personal or professional.

Pursue a Decision Science degree at RV University and gain the best industry skills that will prepare you for a professional career right after you graduate.

Posted under: RV University

Liberal Education under the New Education Policy and advantages of the New Education Policy

Posted on by RVU Admin

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A liberal education in a multidisciplinary learning environment with a choice of a wide variety of subjects, and emphasis on extracurricular activities have gained a great interest among the new generation of Indians eager to explore beyond job-centric professional education.

New Education Policy presents a path-breaking vision for moving beyond the binary of ‘professional versus liberal education’ with astute recommendations on the decompartmentalization of Indian education. Consequently, while students at technical institutions will study humanities and arts, students at vocational schools will study more science and vocational subjects. As part of the New Education Policy, these programs keep the three elements of education, knowledge, comprehension, and application, in perfect harmony with each other. Immersive programs, case studies, field trips, live projects, as well as summer and autumn internships expose students to real-world experiences.

Liberal Arts accentuated by the benefits of the New Education Policy

The design of the Liberal Arts under the NEP is to make liberal Arts majors more accessible by emphasizing experiential learning, integration of courses across disciplines, and community-based learning

In response to the changes in the global market, liberal Arts education goes beyond traditional courses and the emphasis is on the humanities, education, literature and journalism. The policy also ensures that there is enough support for research, faculty development, and innovation in universities that provide the liberal Arts program.

In short, Decision science is a practice that utilizes data and analytical tools to make strategic decisions about anything for which probabilities can be calculated. It aims to balance the trade-offs between competing objectives in a way that maximizes the value.

Here is a list of Liberal Arts Courses that are aligned with the New Education policy.

Liberal Arts Courses:

Courses in liberal Arts use an interdisciplinary approach. For example, history students could study Environmental Sciences, and literature or language students could study design or business. Here are the courses offered by the School of Liberal Arts and Sciences at RV University:

The Bachelor of Science degree in the School of Liberal Arts and Sciences
Students pursuing B.Sc. degrees in liberal Arts can major in Environmental Science, Physics, Psychology, or Filmmaking. Minor subjects are offered by the School of Liberal Arts under the B.A. programme or at the School of Design and School of Economics and Finance.

The Bachelor of Arts in the School of Liberal Arts and Sciences
Students pursuing B.A. in liberal Arts can choose to major in Film Studies, Performing Arts, History, Indology, Philosophy and Ethics, Political Science and International Relations or Literature and languages. For a multidisciplinary exposure, students can choose minors from the subjects offered by the School of Liberal Arts under B.Sc. programme or from subjects offered by the School of Design and School of Economics and Finance.

The Advantages of NEP 2020 in Liberal Arts Courses

Liberal Arts Skills
In this rapidly changing job market, training-specific skills are no longer viable. It is crucial to develop skills and knowledge that will never become obsolete. As a result, with the fast-changing world, you just can’t prepare yourself narrowly, rather you have to prepare yourself with interdisciplinary skills, abilities, and attributes that will remain relevant for a long time. We have listed the skills, abilities, and attributes associated with liberal Arts education.

Critical thinking skills
Through liberal Arts education, students learn how to think critically and solve problems. The course helps them develop skills of observation, analysis, interpretation, reflection, evaluation, and making inferences based on their understanding of the problem. With critical thinking skills, students can evaluate a situation rationally based on all the available information.

Communication skills
Developing effective communication skills is also emphasized in the classroom. The curriculum focuses on developing confident speakers and active listeners. Discussions and debates are often organized to help students articulate their ideas in impromptu conversations.

Teamwork
Liberal Arts education recognizes the importance of teamwork as one of the most sought-after skills in the workplace. As part of a group project, students are expected to develop teamwork skills in order to finish the work effectively. Students are often placed in diverse groups to help them come out of their comfort zones and gain an understanding of different backgrounds.

Problem-solving skills
Skill in problem-solving is the ability to analyze a situation and determine a course of action that will result in a solution. Teaching students problem-solving skills can be difficult and tedious. Liberal Arts focuses on teaching problem-solving abilities in a specific context while also assisting students in comprehending the value of grasping the problem without bias and using structured techniques to tackle such difficulties. The discussion of real-life case studies often takes place in the context of a subject, and students are asked to define the end goal.

Analytical skills
Among the most valued liberal Arts skills is the ability to analyze and interpret given information. The main goal is to teach students inductive and deductive reasoning so they can master the process. The students are given written assignments as well as visual materials that they are expected to interpret in their own way and then present evidence that supports their interpretation in class.

Creative thinking skills
Liberal Arts students are taught creative thinking skills through a multidisciplinary approach. Curiosity, empathy, and creativity are learned through it, which is a skill that is vital for lifetime pursuits. Teachers who foster creativity in students help them think differently and become open-minded. Skills such as these will not only remain in demand today but will never become obsolete.

Research skills
Liberal Arts education emphasizes research skills. Students are trained not only in how to find information, but also how to understand it and draw inferences from it. Students master skills in drawing information from longer resources, acknowledging research sources, managing research projects, collecting and organizing data using statistical techniques, as well as formulating, documenting, and reporting the research findings.

Effective writing skills
Liberal Arts students are taught to communicate complex ideas in the simplest way possible. Learning involves fine-tuning the comprehension skills of the students. Its goal is to develop skilled writers who can effectively convey messages to different audiences. By the end of the course, students master the skill of writing smoothly structured articles with precise sentence structure. The interdisciplinary approach of the course helps students broaden their perspective by exposing them to a variety of ideas, opinions, and philosophies.

Conclusion

Liberal Arts has recently become one of the most popular courses among students in India. The working world values students with liberal Arts skills as they are better prepared for the challenges posed by disruptive innovation. And through the benefits of the New Education Policy, the Liberal Arts program offers students the opportunity to study subjects from many different fields including humanities, arts, social sciences, and natural sciences.

Liberal Arts education is based on flexibility and adaptability under New Education Policy. The goal is to give students the freedom to select subjects that meet their own learning needs. Students who major in liberal Arts have a wide variety of career options due to the diversity of the course.

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