Module 1

Question 1

How can you reduce the inefficiencies in decision making?

Answer 1

By feeding accepted unbiased information into the process.

Question 2

Stages of decision making

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

Answer 2

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

Question 3

The architecture of a DSS system

DSS system-any computerized system that supports decision making

Answer 3

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

Question 4

1) Model-oriented DSS

2) Data-oriented DSS

Answer 4

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

-Support reporting and queries

Question 5

How can DSS essentially support unstructured and semistructured decisions?

Answer 5

• 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

Question 6

What is the fundamental purpose of BI

Answer 6

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

Question 7

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

Answer 7

• 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

Question 8

How does BI support different stages of the OODA loop

Answer 8

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

Question 9

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

Answer 9

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