Module 1 Flashcards

1
Q

How can you reduce the inefficiencies in decision making?

A

By feeding accepted unbiased information into the process.

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2
Q

Stages of decision making

In which stages will good information contribute most to an effective decision?

A

1)Define the problem (i.e. ad decision situation that may deal with some difficulty or with an opportunity).
2) Construct a model that describes the real-world problem.
3) Identify possible solutions to the modeled problem and evaluate the solutions.
4) Compare, choose and recommend a potential solution to the problem.
5) Take action and observe results
All stages

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3
Q

The architecture of a DSS system

DSS system-any computerized system that supports decision making

A
-Data
• Models, manipulate data related to a specific situation
• Knowledge component
• User interface
• Users
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4
Q

1) Model-oriented DSS

2) Data-oriented DSS

A

-Quantitative or qualitative models are used to generate a recommended
solution to a problem.

-Support reporting and queries

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5
Q

How can DSS essentially support unstructured and semistructured decisions?

A
  • Unstructured Decisions
  • Increase available information
  • Customized solutions
  • Semi-Structured Problems
  • Models for the structured portion
  • Improve the Quality of the information- point out to you that there is error in the data
  • Provide range of alternative solutions along with their potential impacts- aggregate data together, create rows and shit, make it simpler
  • Structured= excel spreadsheets, have rows and columns
  • Unstructured= Word document
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6
Q

What is the fundamental purpose of BI

A
  • Enable systematic analysis
  • To convert data into meaningful information, knowledge, actionable insights
  • Purpose solutions
  • Support transactionable system
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7
Q

Describe a high level BI architexture and outline roles across BI at each level (Graphic)

A
  • Data Enivironment Warehouse, Business Analytics Environment, Performance and Strategy
  • People- Technical Staff, Business Users, Managers/ Executives
  • Tech Staff- Build the DWH, collect data, summarize, standardize, harmonize
  • Business Users- Access DWH, use user interface, analyze data, deliver results to managers
  • Managers- Ask more questions
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8
Q

How does BI support different stages of the OODA loop

A

Observation- Look at dashboards and reports to see risk and opportunity
• Orientation- Find alternatives, analysis, drill down
• Decision- Compare and select the options, Simulation and Predictive Analytics
• Action- Monitoring and Reporting

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9
Q

Applying the OODA loop to decisions in a business context. What are the main difficulties you see?

A

OODA loop- observe, orient, decide, act
main challenge is people understand things differently. Decision are made by teams and with different cultures and expectations

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