What Does Data-Driven Decision Making (DDDM) Mean?
Data-driven decision making (DDDM) involves making decisions that are backed up by hard data rather than making decisions that are intuitive or based on observation alone. As business technology has advanced exponentially in recent years, data-driven decision making has become a much more fundamental part of all sorts of industries, including important fields like medicine, transportation and equipment manufacturing.
Techopedia Explains Data-Driven Decision Making (DDDM)
The idea of data-driven decision making is that decisions should be extrapolated from key data sets that show their projected efficacy and how they might work out. Businesses generally use a wide range of enterprise tools to get this data, and to present it in ways that back up decisions. This is in stark contrast to the way that decision-making had been done throughout the history of commercial enterprise, where before the presence of new complex technologies, individuals often made decisions on the basis of observation or informed guesswork.
