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32 Cards in this Set
- Front
- Back
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Good decision making and Problem solving skills
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They are the key to developing effective information and decision support system
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What is decision making
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1) Making a selection among alternatives
2) Matching actions to situations -- They can be goal oriented or problem solving |
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Decision
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It is a commitment to a certain course of action. They are intended for the satisfaction of a particular party -- "Beneficiaries of that action"
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4 Types of decisions
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a)Choosing between choices (A, B...)
b) Accept/Reject: Yes or no. c) Evaluation decisions: d) Construction decisions: using the information and resources available to develop a certain course of action. |
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Programmed versus Non programmed
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Programmed:
They are made using a rule, procedure, quantitative method Non programmed: Unusual or exceptional situations. They are not quantifiable. |
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3 different Approaches
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-- Optimization Model:
This tries to find the best solution. -- Satisficing model:Find a good, maybe not the best solution to the problem Heuristics: Guidelines/procedures that can be used to find a good solution. |
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3 factors of Decision Makers
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a) Individual Characteristcs
b) Group Characteristics c) Influence of cognitive: motivational factors of a decision making. |
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4 ways to use in decision tools
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a) Decision Modeling: Decision tools, influence diagrams, optimization models
b) Decision Approaches: critical thinking, system thinking c) Techniques: scneario planning, concept mapping. d) Support technologies: Databases, spreadsheets |
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Strategic Planning
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The course for decision maing. To help employees and business units achieve objectives and goals.
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3 stages of "Decision Making"
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a) Intelligence Stage: Where you identify, define potential problem or opportunities
b) Design Stage: Where you develop alternatives solutions to problems c) Choice stage: Where you select a course ofaction |
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5 Steps in Problem Solving Model
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a) Intelligence
b) Design c) Choice d) Implementation e) Monitoring |
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8 factors of Decision Making PRocess
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1) Work on the right decision problem
2) Specify the objectives 3) Create imaginative alternatives 4) Understand the consequences 4) What are the tradeoffs 5) Clarify the uncertainties 6) What about the risk tolerance 7) Linked decisions |
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Work on the right decision problem
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What triggered this decision?
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Objectives
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What information is needed?
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Create alternatives
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Make the alternatives creative and explore options
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Consequences
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Make a table with the consequence for each of the alternative
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Quality Decision
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Can increase effectiveness, efficiency, productivity.
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MIS Management Information System
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Integrated collection of people, procedures, databases, and devices.
Information needed to help managers in their decision making. (All levels of management) |
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Internal Data Source
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-- TPS and ERP
(Data warehouses and data marts) They have specific areas. |
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External Data Source
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-- Data not captured by TPS
-- Internet, Extranets -- Customers, suppliers. |
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5 Reports of "MIS" [OUTPUTS]
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-- Scheduled Reports: produced periodically
-- Key Indicator Report: summary of previous day's critical activities -- Demand Report: Information upon request -- Exception: Unusual/management action situation -- Drill Down: increasingly detailed about a situation |
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Financial Management Information System
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It provides financial information from multiple sources.
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Manufacturing Management Information System
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-- Design and engineering
-- Master production scheduling, inventory control. Monitor/control the flow of materials, products, services |
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Marketing MIS
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Product development, distribution, sales forecasting
Market research, product development |
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HUman Resource MIS
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Activities related to employees and potential employees of organization
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DSS
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organized collection of people, procedures, software, databases.
Decision making effectiveness when faced with unstructured problems |
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2 things used in DSS
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Ad-hoc DSS
Institutional DSS -- Operation, tactical, strategic |
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Database
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Data driven DSS
Vast stores of information contained in corporate database. Information inventory etc Uses Data mining and business intelligence |
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Model base
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Ability to perform quantitative analysis on internal/external data
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3 types of group decision making
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a) Groupthink: Premature harmaony
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Nominal group
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Write ideals anoymously
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Delphi
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Solicit expert opinion
No face to face |
