Chair of Decision Theory and Financial Services in the Final Round of the Decision Analysis Practice Award

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Together with the management consultancy Strategic Decisions Group, the Chair of Decision Theory and Financial Services carried out a consulting project at Bayer Pharma, which focused on a decision-theoretical multi-objective evaluation of early-stage development projects.

The “Entscheidungsnavi” navigation tool was also used in this project. It is an online guide to making a well-considered decision, and it was developed by Prof. Rüdiger von Nitzsch and his team. Important components of the tool are, on the one hand, instructions for how to reflect on one's own values and goals, which are important for the upcoming decision. In addition, it provides a structured way of reflecting on whether there are any alternatives for action in the decision-making situation than one might initially think.

For its consulting project at Bayer Pharma, the Chair was nominated for the final round of the Decision Science Practice Award of the Decision Analysis Society. The award is sponsored jointly by the Decision Analysis Society and the Society of Decision Professionals. It is presented annually to the best decision analysis application, as judged by a panel of members from these two societies. Unfortunately, the project did not quite make it to first place.