IS 2080C Prof Rapien Week 5 Notes
IS 2080C Prof Rapien Week 5 Notes IS 2080C
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This 3 page Class Notes was uploaded by Brady Zuver on Wednesday September 21, 2016. The Class Notes belongs to IS 2080C at University of Cincinnati taught by Prof.Rapien in Fall 2016. Since its upload, it has received 20 views. For similar materials see IS 2080C in Business at University of Cincinnati.
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Date Created: 09/21/16
IS 2080C Professor Rapine Week 5 Notes Chapter 5 1. Managers and Decision making a. Managers have 3 basic roles i. Interpersonal ii. Informational iii. Decisional b. Decision Making Process i. Decision: A choice among two or more alternatives that individuals and groups make, are diverse and made continuously ii. Phases of the decision making process 1. Intelligence Phase: examine a situation and then identify and define the problem or opportunity 2. Design Phase: Decision makers construct a model for addressing the situation, validate the model by using test data 3. Choice Period: involves selecting a solution or course of action that seems best suited to resolve the problem 4. Implementation Phase: is successful if the proposed solution solves the problem or seizes the opportunity, if fails returns to previous phases c. Why managers need IT support for business decisions i. Number of alternatives constantly increasing ii. Most decisions need to be made under time pressure iii. More complex decisions (affecting more people because of “flat” world) iv. Decision makers can be in different locations and so is the information v. Uncertainty in the decision environment (stand up and own your decision) vi. Group decision making d. Decision stalysis Framework i. 1 Dimension: Problem Structure 1. Highly Structured Highly Unstructured ii. 2ndDimension: Nature of Decision 1. Operational, Management, Strategic Planning iii. 3 Dimension: Support Needed 2. What is Business Intelligence? a. Refers to applications and technologies to access, consolidate and analyze vast amounts of data to help make better business decisions b. Scope of BI i. Small organizations may be limited to excel spreadsheets 1. Beginning to get into similar actions as large companies ii. Larger organizations use Data mining, predictive analysis and dashboards c. How Organizations Use BI d. A broad category of applications, technologies, and processes of gathering, storing, accessing and analyzing data to help make better business decisions i. Develop few, related BI Applications 1. Data Mart used by most companies ii. Develop infrastructure to support enterprise-wide BI 1. Enterprise Data Warehouse such as 3M’s integration a. Each product ran separately b. Command Strips, Post-it notes each individual i. Consolidated information to improve efficiency and save over $1 billion in the first couple years iii. Support organizational transformation 1. Enterprise data warehouse ex. Harrah’s Casino Total Rewards program 2. Change the way the company works 3. BI Applications for Data Analysis a. Multidimensional Analysis or Online Analytical Processing (OLAP) i. Provides a look at what is happening or what has happened 1. Likes, dislikes, sales etc. ii. Enables users to analyze multidimensional data from multiple perspectives 1. Consolidation (roll up), drill down, slicing and dicing b. Data Mining i. The process of searching for valuable info in a large database, data warehouse or data mart 1. Previous behavior is a good predictor of future behavior 2. Determining if there are correlations ii. Datamining achieves two operations: 1. Predicting trends and behaviors 2. Identifying previous trends and relationships iii. What can be done with data mining? 1. Classification 2. Clustering (Beer and Diapers) a. Put Diapers and Beer close to increase convenience of getting both 3. Association Rule Discovery a. Finding things that are purchased in association to one another 4. Sequential Pattern Discovery 5. Regression a. Using what has been done in the past to predict the future 6. Deviation Detection a. 4. Decision Support Systems a. Decision Support System: Combines models and data to analyze semi structured problems and some unstructured problems that involve user involvement b. Sensitivity Analysis i. See if this changes by x, how much will this other value change ii. The change of one part of decision making and how it affects other parts c. What-If Analysis i. What if we get more people, can we handle it ii. Makes predictions regarding input data, based on the assessment of uncertain futures d. Goal-Seeking Analysis i. What do I need to do in order to… (Varies by company) ii. Calculates the number of inputs needed to reach a desired output 5. Business Intelligence Applications for Presenting Results a. Dashboards i. CFS (Critical Success Factors) ii. Key Performance Indicators iii. Trend Analysis b. Data Visualization i. Geographic information Systems 1. Integrates and displays data using digitalized maps ii. Reality Mining 1. GIS and GPS used together that allows analysts to extract info from usage pattern of mobile phones and wireless devices
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