identify particular opportunity or problem to be solved. You need to follow the
ID: 3813118 • Letter: I
Question
identify particular opportunity or problem to be solved. You need to follow the 4 phases of business intellegnce decision making process.• What is the problem (opportunity)?
• Classify the problem (opportunity).
• Decompose the problem (opportunity).
Hint: “The final result should properly identified the right symptoms”
d.2 Design phase: What are the different BI solutions that could be implemented to solve the problem (opportunity)? ( 2 Marks )
d.3 Choice phase: ( 3 Marks )
• The model which will be used along with any tools and functions
• Which BI solution is selected.
• The reasons behind selecting specific BI solution.
e. Work breakdown structure identifying the tasks that need to be completed to develop the DSS along with the task allocation for each team member. (2 mark)
e. Conclusions.( 1 Mark )
f. Write your list of References at least 3 refernces. ( 0.5
identify particular opportunity or problem to be solved. You need to follow the 4 phases of business intellegnce decision making process.
• What is the problem (opportunity)?
• Classify the problem (opportunity).
• Decompose the problem (opportunity).
Hint: “The final result should properly identified the right symptoms”
d.2 Design phase: What are the different BI solutions that could be implemented to solve the problem (opportunity)? ( 2 Marks )
d.3 Choice phase: ( 3 Marks )
• The model which will be used along with any tools and functions
• Which BI solution is selected.
• The reasons behind selecting specific BI solution.
e. Work breakdown structure identifying the tasks that need to be completed to develop the DSS along with the task allocation for each team member. (2 mark)
e. Conclusions.( 1 Mark )
f. Write your list of References at least 3 refernces. ( 0.5
Explanation / Answer
identify particular opportunity or problem to be solved. we need ti follow the 4 phases of business intellegence decision making process.
Understand the conceptual foundations of decision making
Understand the need for and the nature of models in decision making
Understand Simon's four phases of decision making:
1.intelligence,
2.design,
3.choice, and
4.implementation
1.what is the problem(opportunity)?
in Intellignece Phase Problem or Identification:
The intelligence or information gathering phase beings with the identification of the organizationla goals and objectives related to an issue of concern.
Example: invetory management, job selection.
Problems occur because of dissatisfaction with the status que. dissatisfaction is the result of a difference between what we desire and what is occurring.
in the first phase, one attempts to determine whether a problem exists, identify its symptoms, determine its magnitude, and explicitly define it.
The existence of a problem can be determined by monitoring and analysing the organization's productivity level. this is based on real data.
Problems classification:
problem classification is the placement of a problem in a definable catgory. this leads to a standard solution approach.
an important classification is according to the degree of structuredness evident in the problem. This ranges from totally structured to totally unstructured.
Problem Decompostion:
Many complex problems can be divided into sub-problems. Solving the simpler sub-problems may help in solving the complex problem.
some unstructured problems may have some highly struccture sub-problems. Decomposition also facilitates communication among decision makers.
Design phase: What are the different BI solutions that could be implemented to solve the problem (opportunity)?
Decision Phase:
The design phase involves finding (or developing) and analyzing possible courses of action. These include understanding the problem and testing solutions for feasibility. A model of the decision making problem is constructed, tested, and validated
Modelling involves abstracting the problem to quantitative and/or qualitative forms. For a mathematical model, the variables are identified and the relationships among them are established.
Components of Quantitative Models: All models are made up of three basic components: decision variables, uncontrollable variables, and result (outcome) variables Mathematical relationships link these components together In a non-quantitative model, the relationships are symbolic or qualitative.
Components of Quantitative Models: Result Variables Result variables are outputs. They reflect the level of effectiveness of the system. These are dependent variables.
Components of Quantitative Models: Decision Variables Decision variables describe alternative courses of action. Example: For an investment problem, the amount to invest in bonds is a decision variable. In a scheduling problem, the decision variables are people, times, and schedules.
Components of Quantitative Models: Uncontrollable Variables
In any decision making situation, there are factors that affect the result variables but are not under the control of the decision maker. Either these factors are fixed (called parameters) or they can vary. Examples: Prime interest rate, a city’s building code, tax regulations.
Components of Quantitative Models: Intermediate Results Variables
Intermediate result variables reflect intermediate outcomes. Example: Employee’s salaries is a decision variable, It determines employee’s satisfaction (intermediate variable), which determines productivity level (final outcome)
Structure of Quantitative Models: The components (i.e. decision variables, result variables, etc.) of a quantitative model are linked together by mathematical expressions.
Example: Profit = Revenue - Cost
Selection of a Principle of Choice: A principle of choice is a criterion that describes the acceptability of a solution approach. Two types: normative and descriptive Normative models: Normative implies that the chosen alternative is demonstrably the best of all possible alternatives. To find it, one should examine al alternatives and prove that the one selected is indeed the best. The process is basically optimization.
Descriptive models: They investigate alternate courses of action under different configurations of inputs and processes. Al the alternatives are not checked, only a given set of alternatives are checked.
decision Making( Choice Phase):
Choice is the critical act of decision making. The choice phase is the one in which the actual decision is made and where the commitment to follow a certain course of action is made. The choice phase includes search for, evaluation of, and recommendation of an appropriate solution to the model (problem). The boundary between the design and choice phases is often unclear.
Implementation Phase:
Implementation means putting a recommended solution to work. It does not stop at implementing a computer system. There are many issues involved, such as user expectations, resistance to change, and user training
The design phase involves generating alternate courses of actions, discussing the criteria for choices and their relative importance, and forecasting the future consequences of using various alternatives Several of these activities can use standard models provided by a DSS (e.g. financial and forecasting models)
In addition to providing models that rapidly identify a best or good-enough alternative, a DSS can support the choice phase through what-if and goal seeking analyses Different scenarios can be tested for the selected option to reinforce the final decision.
The DSS benefits implementation phase through the vividness and detail of analyses and reports This improves the communication, explanation, and justification of decisions.
conclusion:
Decision making is a critical component of business. Some decisions are obvious and can be made quickly, without investing much time and effort in the decision-making process. Others, however, require substantial consideration of the circumstances surrounding the decision, available alternatives, and potential outcomes. Fortunately, there are several methods that can be used when making a difficult decision, depending on various environmental factors. Some decisions are best made by groups. Group decision-making processes also have multiple models to follow, depending on the situation. Even when specific models are followed, groups and individuals can often fall into potential decision-making pitfalls. If too little information is available, decisions might be made based on a feeling. On the other hand, if too much information is presented, people can suffer from analysis paralysis, in which no decision is reached because of the overwhelming number of alternatives.
references:
Chapter 2: Sections 2.1 to 2.9 (except 2.3)
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