Evidence based decision makingimplementation the data drivenapproach in beta company

THE MINISTRY OF FINANCE UNIVERSITY OF FINANCE AND MARKETING DEPARTMENT OF BUSINESS ADMINISTRATION QUALITY MANAGEMENT FINAL TERM ESSAY EVIDENCE-BASED DECISION-MAKING IMPLEMENTATION: THE DATA-DRIVEN APPROACH IN BETA COMPANY Ho Chi Minh city, 2022 THE MINISTRY OF FINANCE UNIVERSITY OF FINANCE AND MARKETING DEPARTMENT OF BUSINESS ADMINISTRATION QUALITY MANAGEMENT FINAL TERM ESSAY EVIDENCE-BASED DECISION-MAKING IMPLEMENTATION: THE DATA-DRIVEN APPROACH IN BETA COMPANY LECTURER: Dr To Anh Tho MEMBERS: Le Nguyen Van Anh Tran Truong Chinh Phan Vo My Han Nguyen Thanh Phuong Linh Nguyen Khoi Nguyen Ho Chi Minh city, 2022 TABLE OF CONTENTS INTRODUCTION 1.1 Reason to choose this topic 1.2 Objectives of the essay 1.3 Structure of the essay 2 LITERATURE REVIEW .4 2.1 Evidence-based decision making .4 2.1.1 Definition of Evidence-based management 2.1.2 Definition of Evidence-based decision making .5 2.1.3 Roles of evidence-based decision making .5 2.1.4 Types of evidence in evidence-based decision making 2.2 Data-driven decision making .7 2.2.1 Definition of data-driven decision making 2.2.2 The relationship between data-driven and evidence-based 2.2.3 The D3M (Dual-perspective, Data-based, Decision-making process for Maintenance service delivery) Framework .8 THE IMPLEMENTATION OF DATA-DRIVEN DECISION-MAKING IN MAINTENANCE SERVICE DELIVERY OF THE BETA COMPANY .12 3.1 The background of Beta company 12 3.2 Applying the D3M framework in Beta Company 14 3.2.1 The service stream 15 3.2.2 The Industrial Asset Stream 18 3.2.3 The Maintenance Service Delivery Stream 19 3.3 Advantages and drawbacks of the Beta’s D3M model 20 3.3.1 Advantages 20 3.3.2 Disadvantages .22 SOLUTION RECOMMENDATIONS 24 CONCLUSION 27 REFERENCES 28 LIST OF FIGURES Figure 2.1: Framework for Data-Driven Decision Making in eduction sector Figure 2.2: The D3M framework .9 Figure 3.1: Beta Company logo .12 Figure 3.2: ISO 9001:2015 certification acquired by Beta 14 Figure 3.3: Beta’s original Service Report 16 Figure 3.4: Beta’s new Service Report Changes are highlighted in green rectangles 17 BPMN Business Process Modeling Notation D3M Dual-perspective, Data-based, Decision- making process for Maintenance service delivery DDD Data-driven decision DDDM Data-driven decision making EB Evidence-based EBDM Evidence-based decision making EBMgt Evidence-based management FMEC Failure mode effect and criticality A analysis ISO International Organization for Standardization MLAS M Machine Learning Algorithm Selection Model NLP Natural language processing PSS Product-service system RPN Risk Priority Number LIST OF ACRONYMS AND ABBREVIATION INTRODUCTION 1.1 Reason to choose this topic The origins of quality management and quality assurance in a modern sense began in manufacturing organizations at about the beginning of the twentieth century but quality standards have been established since immemorial times in ancient constructions The ancient Egyptians demonstrated a commitment to quality in the construction of their pyramids The Greeks set high standards in art sandcrafts Roman-built cities, churches, bridges, and roads inspire us even today (Mitra, 2016) When competition is the “weapon” that determines the organization's success in the market, quality is considered an indispensable factor Understanding quality from the business perspective is fundamental for companies to succeed and become profitability leaders in the new global economy (Antony, 2013) Quality management pays for manufacturing and service organizations and it is the adoption of quality principles that is beneficial (Rönnbäck & Witell, 2008) As mentioned in the latest statistics of The US Department of Labor (2022), employment of Management Analysts - employees who are responsible for analyzing an organization's data to make recommendations to improve operational quality, is projected to grow 11 percent from 2021 to 2031, much faster than the average for all occupations This shows the importance of data in business operations Today's businesses often take advantage of information technology platforms that are being developed in a modern and synchronous way to collect data, including internal data (information about business operations) and data external data (information about customers, partners, competitors, etc.) These data are collected and processed by the data analysis department and then presented to superiors in the form of periodic reports From there, managers will make decisions that significantly affect the organization’s operation, such as restructuring These decisions are made based on actual data from reports rather than the personal experience or bias of the managers The trend of using evidence (including data) for decision-making is not new, but the development of technology has pushed it to become a trend for companies to follow Today, mechanical products play an essential role in the formation of the Fourth Industrial Revolution because they appear in all production lines in all spheres of life, which has laid the foundation for modern electronics production With the development of technology on a global scale, the quality of mechanical products keeps improving while the renewal cycles become shorter Besides producing new products, proper recovery of Document continues below Discover more fQroumản: trị Chất lượng 22345 Trường Đại học Tài… 185 documents Go to course ôn tập quản trị chất lượng 23 100% (4) mechanical products can avoid wasting resources and prevent environmental damage (Chen, Yi, Jiang, & Zhu, 2016) Mechanical product characteristics often have many details, so in the process of warranty or maintenance, decision-makers need to consider many criteria As ÔN TẬP QUẢN TRỊ before, machine maintenance information is simply recorded and making decisions based mainly on experience, which causes many undesirable results WiCthHthẤeTloLngƯ-eỢstaNbliGshed 17 industry combined with the development of theories of quality management throughou1t00% (3) history, the quality management methods in European manufacturers are constantly being improved to optimize operational processes, quality control and product maintenance Beta is an example of a company that applied the data-driven decision-making framework into their Speaking-lop - ôn maintenance service delivery process In this essay will analyze how Beta collects the main tập Tiếng Anh evidence, which is data (through reports) to improve the qu2ality of maintenance-related decisions of mechanicians The essay will also identify the advanatagQesuaannd dtirsiadvantages of 60% (10) kinh doanh the process, and give out solution recommendations 1.2 Objectives of the essay This essay will refer to the decision-making theories combined wÔitNh aTreẬalPcaQseTstRudI yCoHf ẤT Beta company to illustrate the application of evidence-based decision-making (EBDM) in LƯỢNG - abvv organizations, toward the following objectives: Quản trị 100% (1) - Generalizing EBDM theory and related decision-making frameworks and methods Chất lượng - Analyzing improvements in the reporting process for decision-making at Beta Company - Analyzing warranty decision-making process based on accuraCteodartraerceptoirotend aatlBeta Company Administration Criminology 96% (114) - Assessing the advantages and disadvantages of this process - Proposing solutions to diminish the drawbacks and strengthen Beta maintenance service quality to create a perfect process English - huhu 1.3 Structure of the essay The layout of the essay consists of chapters: 10 Led hiển thị 100% (3) Chapter 1: Introduction Chapter 2: Literature review Chapter 3: The implementation of data-driven decision-making in maintenance service delivery of the beta company Chapter 4: Solution recommendation Chapter 5: Conclusion LITERATURE REVIEW 2.1 Evidence-based decision making 2.1.1 Definition of Evidence-based management In order to address the definition of evidence-based management and evidence-based decision-making, it is important to understand the meaning of the term “evidence” first Evidence is stated as a fact, organized body of information, or observation, which is presented to support or justify beliefs or inferences (Goodman & Royall, 1988) Evidence is also required about ethical issues of educational or health care practice, such as whether it is right or warrantable to undertake a particular educational activity or health care intervention (Davies, 1999) In terms of Evidence-based management (EBMgt), it is the systematic use of the best available evidence to improve management practice (Reay, Berta, & Kohn, 2017) Evidence- based management is about making decisions through the conscientious, explicit, and judicious use of four sources of information: practitioner expertise and judgment, evidence from the local context, a critical evaluation of the best available research evidence, and the perspectives of those people who might be affected by the decision Moreover, EBMgt fundamentally is something performed by practitioners, not scholars (Briner, Denyer, & Rousseau, 2009) It focuses on the effective oversight of staff and resources within organizations The management literature outlines eight specific actions that should be taken when implementing an evidence-based (EB) framework: - Use data to identify needs - Examine studies and research - Use professional wisdom - Consider contextual constraints - Make the best choice according to the information - Monitor and assess implementation - Evaluate outcomes - Revise and improve