Society of Decision Professionals Names Pfizer as Recipient of the Raiffa-Howard Award for Organizational Decision Quality

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Award presented by the Society of Decision Professionals to recognize organizational excellence in the application of decision analysis

Corporations and government entities now have the tools to make important and complex decisions,” said Jack Kloeber, president of SDP, an association of professional practitioners.

The Society of Decision Professionals (SDP) today announced that Pfizer Inc. (NYSE: PFE) has been awarded the Raiffa-Howard Award for Organizational Decision Quality.

Pfizer was selected for application of Decision Quality principles to guide the management of its worldwide research and development portfolio. Pfizer utilizes state of the art decision tools, processes, and professional facilitation to inform the development of medicines from end to end across six different therapeutic areas. Efficient management of the portfolio has resulted in significant value for Pfizer, its customers and, most importantly, the patients who use its medicines.    

Decision analysis is the discipline incorporating decision theory, methodology, and professional practice guiding decision-making under uncertainty. “While elements of decision analysis have existed for hundreds of years, it was the work of Professor Howard Raiffa of Harvard University and Professor Ronald Howard of Stanford University beginning in 1964 that brought it into mainstream use by giving us a logical and systematic set of principles to enhance our clarity of thought and enable us to act with confidence in the face of uncertainty. Corporations and government entities now have the tools to make important and complex decisions,” said Jack Kloeber, president of SDP, an association of professional practitioners.

Larry Neal, vice-president said, “We are delighted to honor Pfizer with the Raiffa-Howard Award for their long time and successful application of Decision Quality. We are particularly excited to see the application of Decision Quality, utilized by this world class organization, to guide the development of potential new medicines that aim to improve the health and well-being of humankind.”

The Award will be presented at a special celebratory networking event on April 7, 2016. The Award ceremony is an adjacent event to the Society’s annual conference, the Decision Analysis Affinity Group (DAAG), featuring sessions on the practice of decision analysis April 6 – 8 at the Banff Park Lodge in Banff, Calgary, Canada.

The Discipline of Decision Analysis: Decision analysis emerged as a distinct academic field in 1964, building on developments in statistical decision theory and game theory by Raiffa and dynamic probabilistic systems by Howard. In that year, Raiffa began teaching the first university course in decision analysis within the Economics Department at Harvard and began preparing material for his 1968 book, Decision Analysis. Also in 1964, but independently, Howard conducted the first professional application of the field he called “decision analysis,” which he described in his 1966 paper, “Decision Analysis: Applied Decision Theory.” Since then, major corporations have adopted decision analysis to improve multibillion dollar capital decisions.

The Society of Decision Professionals (SDP) supports decision professionals to become the trusted advisors of choice for decision makers facing important and complex decisions. The Society fosters collaboration, continual learning, and networking amongst its members and other professional societies and organizations so that as a growing community we can bring clarity and insight to decision-makers.

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