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Decision Support in Business

Decision Support in Business. What kind of decisions? What information is needed to make sound, timely decisions?. Ingredients for Sound Decision Making. Understanding political, economic, and competitive environment internal status: SWOT customer needs and values Insight and judgment

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Decision Support in Business

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  1. Decision Support in Business What kind of decisions? What information is needed to make sound, timely decisions?

  2. Ingredients for Sound Decision Making • Understanding • political, economic, and competitive environment • internal status: SWOT • customer needs and values • Insight and judgment • Information, analytical models, interactive modeling tools

  3. Information for Decision Making

  4. Where to get good information? (MIS and OLAP) • Management Information System (MIS) - original type of information system producing: • Periodic scheduled reports • Exception reports • Demand reports and responses • Push reports • Online Analytical Processing ( OLAP) -- interactively examine & manipulate data from multiple perspectives: • Discover patterns, trends, and exception conditions • Works in real-time (on demand) • Involves: Consolidation, Drill-Down, Slicing and Dicing

  5. Decision Support Systems Components • Models and software • e.g. Linear programming, multiple regression forecasting, capital budgeting present value, or your own models • Databases • Internal and external data • Analytical modeling • What-if analysis • Sensitivity analysis • Goal-seeking analysis • Optimization analysis Dataming

  6. Executive Information Systems (EIS)or Executive Support Systems (ESS) • Features of EIS • Custom-tailored presentation • GUI and graphical display • May include exception reporting and trend analysis

  7. Other Decision Support Tools • Geographic Information & Data Visualization Systems • Enterprise Information Portal (EIP) • Knowledge management (KM) systems • Group Decision Support Systems (GDSS) • Electronic Meeting Systems (EMS)

  8. Artificial Intelligence • Cognitive Science, applied to: • Expert systems • Adaptive learning systems • Fuzzy logic systems • Neural networks • Intelligent agents • Robotics – computer controlled machines with computer intelligence • Natural interfaces • Natural language and speech recognition • related toVirtual reality

  9. Expert Systems • act as expert consultant • for specific problem area • Contains • “knowledge base” and heuristics • Software (e.g. inference engine, user interface) • Built by “Knowledge engineer” starting with a shell and adding the knowledge base. • What are the business values and limitations of an Expert System?

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