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

2. How do we take a decision?

4. The Decision Making Steps

5. The PDCA Cycle

6. 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

7. Some Interesting Questions

9. 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?

10. Anchoring

11. Diagnostic Bias

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

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

14. For More, Visit:

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

16. 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

17. Business Intelligence

18. Benefits of Business Intelligence

19. 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.

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