Lecture 1 – The process of decision making

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Presentation transcript:

Lecture 1 – The process of decision making MIS 460 Lecture 1 – The process of decision making

How do we take a decision?

The Decision Making Steps

The PDCA Cycle

Things a Decision Support System Should Have Support of semi-structured and unstructured problems Support managers at all levels Support individuals and groups Support for independent and/or sequential decisions Support all decision phases: intelligence, design, choice and implementation User-friendly, interactive and ease of use Effectiveness, not efficiency Humans control the process Modeling and analysis Data access

Some Interesting Questions

You and your friend have a program to attend at 6 PM You and your friend have a program to attend at 6 PM. Both of you work in different offices. You start at 5 30 and she starts at 5 30, and it takes each of you approx. 30 mins to travel to the program. You two want to enter the program together. What are the chances?

Anchoring

Diagnostic Bias

Where do you have a higher chance of dying – A) A plane, B) A car?

A bat and a ball costs 100 taka. The bat costs 90 taka more than a ball. What does each one cost?

For More, Visit: https://www.youtube.com/watch?v=wEwGBIr_RIw

A good decision support system.. Has means of handling biases, through: Information Check Questions Time Delays Choice Architecture Important Tip – Make the homer think!!

Why Need DSS? Speedy computations Improved communication and collaboration Increased productivity of group members Improved data management Managing giant data warehouses Quality support Agility support Overcoming cognitive limits in processing and storing information Using the Web Anywhere, anytime support

Business Intelligence

Benefits of Business Intelligence

Business Analytics End users can work with the data and information in a data warehouse by using a variety of tools and techniques known as Business Analytics (BA). These tools and techniques fit into three categories: Reports and queries: BA include both static and dynamic reporting, all types of queries, discovery of information, multidimensional view, drill-down to details and so on. Advanced analytics: It includes many statistical, financial, mathematical and other models that are used in analyzing data and information. Data, text and Web mining: Process of searching for unknown relationships or information in large databases or data warehouses using intelligent tools.

Hope I got you hooked to the subject! END OF CLASS Hope I got you hooked to the subject!