Understanding Data's Role in Decision-Making: Insights from Pro Sports - Sam Marks - Making Better Decisions - Episode #27

In this episode, we dive deep into the relationship between data and decision-making, exploring how understanding what data is—and more importantly, what it’s not—leads to more effective, informed choices. Drawing on experiences from the world of professional sports, our guest Sam Marks Director of Business Strategy & Analytics, Boston Bruins & TD Garden shares insights into how businesses can use data to optimize outcomes while acknowledging its inherent imperfections. From modeling uncertain future outcomes to building empathy with decision-makers, this conversation highlights the human element in the world of data-driven decisions.

Key Takeaways:

• Understanding Data’s Limitations: Data is an invaluable tool for decision-making, but it’s important to remember that it represents imperfect, past information. It cannot predict the future with certainty or account for every possible factor.
  
  
• Probabilities, Not Guarantees: Decision-making is about optimizing for the most probable outcomes, not ensuring perfection. Even with the best data, outcomes can vary due to factors beyond control.
  
  
• Empathy in Data Delivery: To make data actionable, it’s essential to empathize with the decision-makers, ensuring that the data presented is digestible, defensible, and aligned with their needs.
  
  
• Hedging Against Volatility: In competitive industries like professional sports, uncontrollable variables like game outcomes impact business metrics. The key is to build robust processes that thrive regardless of external volatility.
  
  
• Actionable Data: It’s not enough to build impressive reports. The data must empower stakeholders to make better decisions, helping them reduce uncertainty while being mindful of human limitations.

Quote of the Show:

• “Data is a useful input, but it’s not a perfect symmetry of what’s going to happen in the future. To use it effectively, you must understand its limitations and how to apply it without expecting perfect outcomes.” - Sam Marks

Links:

• LinkedIn: https://www.linkedin.com/in/samhmarks/
• Website: https://www.nhl.com/bruins/

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Creators & Guests

Host

Ryan Sullivan

What is Making Better Decisions: Leaders in Data?

Dive into the dynamic world where data meets decision-making! Hosted by Ryan Sullivan, a seasoned analyst, this podcast is your go-to resource for understanding how organizations harness the potential of data to drive strategic decisions. Join us every Wednesday as we navigate the ever-evolving landscape of data-driven transformations, making every episode a journey toward smarter decisions and better outcomes. Making Better Decisions is proudly sponsored by Canopy Analytic, helping companies make better decisions using data.