Question: Discuss three ways errors can arise in developing and executing decision analysis models in business situations, and provide examples of the business consequences of each error. Explain how analytics professionals can help to prevent such errors.

Student: There are many errors that can arise when developing and executing decision analysis models in business situations. Basing decisions on outdated information will lead to poor decisions. If a company is not staying current and using the latest data, the decisions may be irrelevant and harm the company. Errors will arise if a company rushes on making their decision. If a company rushes when making a decision they may miss important aspects or points that could result in making an ill-informed decision. Another error is avoiding or procrastination when making a decisions. Avoiding decisions can hurt your reputation as it may be perceived as a lack of care or respect.

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