This series of webinars give the participants hands-on training in the use of Applied Information Economics (AIE), a proven and powerful quantitative analysis method used by Fortune 500 companies, federal and state governments, the U.S. military, and leading multi-national corporations across the globe.
It consists of a total of 9 hours of training delivered in five separate modules. In addition, all participants who also want to refine their skills at providing subjective estimates of probabilities, receive a $150 coupon to apply toward Calibration Training (coupon does not apply during the March 17-April 30 50% off sale). When the AIE Analyst Training modules are completed, the AIE Level 1 Certification Exam (included with the purchase of AIE Analyst Training) may be taken. Click here for more information about the Certification Exam.
AIE Intro – Duration: 1 hour
In this session, Introduction to Applied Information Economics: The Need for Better Measurements, you will learn an overview of methods that show independently, scientifically measured improvements to management forecasts and decisions. • The key to AIE is how it focuses the analysis on measuring what matters. AIE computes the value of information for the uncertainties in a decision and targets measurement efforts towards areas which have the most effect on the decision. This has been widely used in many practical business environments including insurance, manufacturing, transportation, utilities, banking, .com startups, and media. AIE is a complete-solution methodology that includes training, tools, process documentation, and initial consulting. Unlike methods that produce arbitrary “scores” or unrealistic ROI’s, AIE conducts a true “Risk/Return” analysis that would be recognizable to actuaries, economists, and financial analysts. All measurements are real measurements that are based on proven methods and have a known statistical validity.
A.1 – Duration: 2 hours
In this module participants will learn about the illusion of immeasurability. Important factors in business decisions are widely perceived as “intangible” or “immeasurable.” However, these “intangible” factors always have observable, thus measurable, consequences. Participants will learn that there are only three reasons why anything ever appeared to be immeasurable and that each of these reasons are actually an illusion.
A.2 – Duration: 2 hours
In module A.2 we delve into the challenges and benefits of modeling decisions under uncertainty and how the value of information can guide where and how we reduce uncertainty. This approach often leads measurement efforts in surprising directions.
A.3 – Duration: 2 hours
This two-hour module features practical examples and applications of Applied Information Economics methods. Participants will learn how (and when) to use various statistical methods through a convenient set of spreadsheet based “power tools.” This training presents basics of model development including:
- Transitioning a simple business case into a Monte Carlo simulation with calibrated inputs
- Computing information values and designing appropriate measurements
- Plotting results against risk/return preferences and conducing basic portfolio optimization
A.4 – Duration: 2 hours
In the final module, you will learn more methods for improving judgment. These include statistical methods such as regression and the Lens method. We discuss the benefits of regressions, how to interpret results, and some of the pitfalls of running regressions. Later discussion focuses on the Lens method as a way to reduce human error when using expert estimations – through calibration, subjective assessment of scenarios, and the statistical analysis of those assessments.
Optional additional training – All Analyst training participants also get $150 off of Calibration Training – Duration: 3 hours
In this webinar you will learn the techniques behind subjectively assessing the probability of uncertain events and the ranges of uncertain quantities. This is an essential skill for anyone who needs to consider chance in decisions. Participants will see their skills measurably improve during the training with a series of “calibration exams.” Analyst participants will receive a coupon for the discount after purchase. See the Calibration product in the shopping cart for more information and to see available times.
Scheduling and Deliverables
Each participant will receive an email 1-2 days prior to the webinar date with an email containing an invite to the Webex presentation. Just click on the link to join the Webex on the scheduled day; no prior registration is required.
Following the presentation, each participant will receive another email with:
- A recording of the presentation
- The slide deck used in the presentation
Schedule a Private Webinar for Your Organization
We offer private webinar sessions for an organization with special discounted group rates. Contact us for more information and to schedule your next training session.