MIS Review Exam #2 Chapter 11: Improving Decision Making and Managing Knowledge
Describe Multi-dimensional Analysis.
- Displays two or more dimensions of the data - Uses Parameterized reports such as Pivot Tables - OLAP (Online Analytical Processing) Ex: FedEx, Health care insurers
What are the different aspects of AI?
- Expert systems - Case-based reasoning - Fuzzy logic - Neural networks - Genetic algorithms - Intelligent agents
Multi-dimensional Analysis includes what?
- Pivot Table: used to summarize and analyze large amounts of data - Pivot Chart: graphical representation of pivot table - Slicers: usual way to filter data in pivot table - Drill Down: method for accessing detailed records that were aggregated for PT. - Dashboard: mechanism for showing data in graphical form.
What are the 3 different types of decisions?
- Unstructured - Semi-structured - Structured
Describe User Interface.
- Uses data visualization: use quality discerns patterns in large amounts of data - Uses analytics to understand data - Describes how the user interacts with data Ex: stock marker blocks
What are the 6 different types of quality dimensions?
1.) Accuracy 2.) Comprehensiveness 3.) Fairness 4.) Speed (efficiency) 5.) Coherence 6.) Due Process
What are the 6 elements in the BI environment?
1.) Data from the business environment 2.) Business Intelligence Infrastructure 3.) Business Analytics Toolset 4.) Managerial Users and Methods 5.) Delivery Platform: MIS, DSS, ESS 6.) User Interface
What are the 4 stages in the Decision-making process?
1.) Intelligence 2.) Design 3.) Choice 4.) Implementation
What are the Analytics and Methods?
1.) What-If Analysis 2.) Multi-dimensional Analysis 3.) Predictive Analytics 4.) Location Analytics
Decision reflects reality
Accuracy
This allows users to create their own reports based on queries and searches.
Ad hoc query/ search/ report creation
consists of computer-based systems (both hardware and software) that attempt to emulate human behavior and thought patterns.
Artificial Intelligence (AI)
What MUST you have for pivot tables?
At LEAST one column of data with duplicate data!
A set of software tools is used to analyze data and produce reports, respond to questions managers pose, and track the progress of the business by using key indicators of performance.
Business Analytics Toolset
use to describe the infrastructure for warehousing, integrating, reporting, and analyzing data that come from the business environment.
Business Intelligence (BI)
Attempts to translate a firm's strategies (e.g., differentiation, low-cost producer, market share growth, and scope of operation) systematically into operational targets. Once the strategies and targets are identified, a set of key performance indicators is developed to measure progress toward the targets
Business Performance Management
Describe Data.
Businesses must deal with both structured and unstructured data from many sources, including big data.
Describe What-if Analysis.
Changing variables to see what the effect on the outcome is.
Decision reflects a rational process that can be explained to others and made understandable
Coherence
Decision reflects a full consideration of the facts and circumstances
Comprehensiveness
These are visual tools for presenting performance data users define.
Dashboards/Score cards
This is the ability to move from a high-level summary to a more detailed view.
Drill Down
Decision is the result of a known process and can be appealed to a higher authority
Due Process
captures human expertise in a limited domain of knowledge as a set of rules in a software system that can be used by others in the organization.
Expert System
Decision faithfully reflects the concerns and interests of affected parties
Fairness
What do Genetic Algorithms find?
Find the optimal solution for a specific problem by examining very large number of alternative solutions for that problem.
These include capabilities for linear forecasting, what-if scenario analysis, and data analysis, using standard statistical tools.
Forecasts, scenarios, models
is a rule-based technology that represents such imprecision by creating rules that use approximate or subjective values. It describes a particular phenomenon or process linguistically and then represents that description in a small number of flexible rules.
Fuzzy Logic
- Used to solve complex problems that are very dynamic and complex, involving hundreds or thousands of variables or formulas. - Can evaluate many solution alternatives quickly to find the best one.
Genetic Algorithms
provide tools to help decision makers visualize problems that benefit from mapping. GIS software ties location data about the distribution of people or other resources to points, lines, and areas on a map. - Used in location analytics
Geographic Information Systems (GIS)
What happens if a chosen solution doesn't work?
Go back to some part of the decision-making process and start over!
are interactive computer-based systems that facilitate the solution of unstructured problems by a set of decision makers working together as a group in the same location or in different locations. Ex: Skype for Business
Group Decision Support Systems (GDSS)
What type of rules do Fuzzy Logic use?
IF-THEN
The data may be stored in transactional databases or combined and integrated into an enterprise data warehouse, series of interrelated data marts, or analytic platforms.
Infrastructure
are the measures proposed by senior management for understanding how well the firm is performing along any given dimension.
Key Performance Indicators
What is a major source of profit and competitive advantage?
Knowing how to do things effectively and efficiently in ways that other organizations cannot duplicate
Human knowledge must be modeled or represented in a form that a computer can process. Expert systems model human knowledge as a set of rules that collectively are called the what?
Knowledge Base
Refers to the set of business processes developed in an organization to create, store, transfer, and apply knowledge.
Knowledge Management
Describe managerial methods and users.
Managers impose order on the analysis of data by using a variety of managerial methods that define strategic business goals and specify how progress will be measured.
What level of management uses Semistructured decisions?
Middle Management
Many decisions deal with how to run the business on a day-to-day basis. These are largely operational decisions, and this type of business activity monitoring is called
Operational Intelligence
Structured decisions are part of what level of management?
Operational/ lower Level
Super-user managers and analysts employ to identify and understand patterns in business information that may be useful for semistructured decision making.
Pivot Table
use statistical analysis, data mining techniques, historical data, and assumptions about future conditions to predict future trends and behavior patterns. Variables that can be measured to predict future behavior are identified.
Predictive Analytics
These are predefined reports based on industry-specific requirements
Production Reports
when only part of the problem has a clear-cut answer provided by an accepted procedure Ex: Design a marketing plan, develop a departmental budget, design a new corporate website
Semistructured Decisions
Unstructured decisions are part of what level of management?
Senior Level
Decision making is efficient with respect to time and other resources, including the time and resources of affected parties, such as customers
Speed (efficiency)
are repetitive and routine, and they involve a definite procedure for handling them so that they do not have to be treated each time as if they were new. - Ex: restock inventory, determine overtime eligibility, offer credit to customers determine special offers to customers
Structured
Describe Delivery Platform: MIS, DSS, ESS
The results from BI and analytics are delivered to managers and employees in a variety of ways, depending on what they need to know to perform their job.
What is the Inference Engine?
The strategy used to search through the collection of rules and formulate conclusions
Genetic Algorithms are based on what?
They are based on techniques inspired by evolutionary biology such as inheritance, mutation, selection, and crossover (recombination).
Describe the Choice stage of the Decision-making process.
This consists of choosing among solution alternatives.
Describe the Intelligence stage of the Decision-making process.
This consists of discovering, identifying, and understanding the problems occurring in the organization—why the problem exists, where, and what effects it is having on the firm.
Describe the Design stage of the Decision-making process.
This involves identifying and exploring various solutions to the problem.
Describe the Implementation stage of the Decision-making process.
This involves making the chosen alternative work and continuing to monitor how well the solution is working.
are those in which the decision maker must provide judgment, evaluation, and insight to solve the problem. - non-routine - no agreed upon procedure for making them Ex: Expanding McDonalds into India , approve capital budget, decide long-term goals
Unstructured decisions
Business people often learn quicker from a visual representation of data than from a dry report with columns and rows of information. - Today's business analytics software suites feature data visualization tools, such as rich graphs, charts, dashboards, and maps.
User Interface
What are Parameterized reports?
Users enter several parameters to filter data and isolate impacts of parameters. For instance, you might want to enter region and time of day to understand how sales of a product vary by region and time.
What are Intelligent Agents?
are software programs that work in the background without direct human intervention to carry out specific, repetitive, and predictable tasks for an individual user, business process, or software application. Ex: shopping bots
What are Neural Networks?
are used for solving complex, poorly understood problems for which large amounts of data have been collected.
Intelligence Techniques consist of what?
expert systems, case-based reasoning, genetic algorithms, neural networks, fuzzy logic, and intelligent agents
When is the Inference Engine Useful?
for dealing with problems of classification in which there are relatively few alternative outcomes and in which these possible outcomes are all known in advance
What is a Balanced Scorecard?
is a framework for operationalizing a firm's strategic plan by focusing on measurable outcomes of four dimensions of firm performance: financial, business process, customer, and learning and growth
Describe Business Analytics
it focuses more on tools and techniques for analyzing and understanding data.
What is Case-based Reasoning (CBR)?
knowledge and past experiences of human specialists are represented as cases and stored in a database for later retrieval when the user encounters a new case with similar parameters. Ex: used in medical diagnostic systems, customer support
Neural Networks do what?
learn patterns from large quantities of data by sifting through data, searching for relationships, building models, and correcting over and over again the model's own mistakes.
Agent uses ________________ to accomplish tasks or make decisions on the user's behalf.
limited knowledge base
Knowledge management increases the:
of the organization to learn from its environment and to incorporate knowledge into its business processes and decision making.
Describe Location Analytics.
the ability to gain business insight from the location (geographic) component of data, including location data from mobile phones, output from sensors or scanning devices, and data from maps.
Location Analytics helps a company determine what?
which people to target with mobile ads about nearby restaurants and stores or quantify the impact of mobile ads on in-store visits.
