Understand what is DSS - Answer- Decision Support Systems; a conceptual framework for a process of supporting managerial decision making, usually by
... [Show More] modeling problems and employing quantitative models for solution analysis
What is business intelligence - Answer- a personal support tool to a shared tool across the organization
Describe the 4 major components of a BI architecture - Answer- 1. Data warehouse is a large repository of well-organized historical data
2. Business analytics are the tools that allow transformation of data into information and knowledge
3. Business performance management (BPM) allows monitoring, measuring, and comparing key performance indicators
4. User interface (ex. dashboards) allows access and easy manipulation of other BI components
Describe the four-phase decision making process - Answer- 1. Intelligence: involves searching for conditions that call for a decision
2. Design: involves inventing, developing and analyzing possible alternative
3. Choice: involves selecting a course of action
4. Implementation: involves adapting the course of action
Learn how to make elevators go faster - Answer- What is the real problem: time it takes for the elevator to get to the floor
What is the difference between actual and perceived? Actual is what happened, perceived is how you think or feel something has happened
Simon's 4 phases of decision making - Answer- Intelligence, Design, Choice, Implementation
Intelligence (Simons 4 phases of decision making) - Answer-
Design (Simons 4 phases of decision making) - Answer-
Choice (Simons 4 phases of decision making) - Answer-
Implementation (Simons 4 phases of decision making) - Answer-
The 4 Types of Models - Answer- iconic (scale), analog, mental, mathematical (quantitative)
Iconic Models - Answer- low degree of abstraction
Analog Models - Answer- numbers
Mental Models - Answer- look at things and put a picture in our mind
Mathematical (quantitative) Models - Answer- High degree of abstraction, numbers
3 Types of Analytics - Answer- Business, Web, & Predictive
Business Analytics - Answer- implies the use of models and data to improve an organization's performance and/or competitive posture
Web Analytics - Answer- Implies using business analytics on real-time web information to assist in decision making, often related to e-commerce
Predictive Analytics - Answer- describes the business analytics method of forecasting problems and opportunities rather than simply reporting them as they occur
Data - Answer-
Information - Answer-
Analytics and Genetic Testing - Answer- more information will help us to get better predictions; variable identification; static analysis; dynamic analysis
Certainty models - Answer- assume knowledge; all potential outcomes are known; may yield optimal solution
Uncertainty - Answer- several outcomes for each decision; probability of each outcome is unknown; knowledge would lead to less certainty
risk analysis (probabilistic decision making) - Answer- probability of each of several outcomes occurring; level of uncertainty/risk
business intelligence (in general) - Answer- help capture, understand, and harness data to support decision making in order to improve business operations; manager need the right information at the time in the right place
Process of Intelligence Creation - Answer- important to use return on investment and total cost of ownership measure to estimate cost-benefit ratio
How can enterprises maximize their BI investments?
What functionality do enterprises need and what are they using today?
What are some of the hidden costs associated with BI initiatives?
the 5 W's - Answer- who, what, where, when & why [Show Less]