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Review DAC1
Chapter 9
| Question | Answer |
|---|---|
| online analytical processing (OLAP) | The manipulation of information to create business intelligence in support of strategic decision making. |
| Operational Level | employees develop, control, and maintain core business actives required to run the day to day operations. |
| Structured Decisions | which arise in situations where established processes offer potential solutions. Structured decisions are made frequently and are almost repetitive in nature. and are operational decisions. |
| Six steps of decision process | Problem Identification Data Collection Solution Generation Solution Test Solution Selection Solution Implementation |
| Neural Network | category of AI that attempts to emulate the way the human brain works. |
| Analytics | science of fact-based decision making |
| managerial level | employees are continuously evaluating company operations to hone the firm's abilities to identify, adapt to and leverage change. |
| semi structured decisions | they occur in situations in which a few established processes help to evaluate potential solutions, but not enough to lead to a definite recommended decision. |
| Strategic Level | managers develop overall business strategies, goals. and objectives as part of the company's strategic plan. |
| unstructured decisions | occurring in situations in which no procedures or rules exist to guide decision markers toward the correct choice. They are infrequent, extremely important, and typically related to long-term business strategy. |
| model | simplified representation or abstraction of reality. Models help managers calculate risks, understand uncertainty, change variables, and manipulate time to make decisions. |
| Source documents | original transaction record. Inputs for TPS |
| Online transaction processing (OLTP) | capture of transaction and event information using technology to process, store or update existing information. |
| Transaction Processing System (TPS)* | basic business system that serves the operational level (analysts) and assists in making structured decisions. |
| Decision Support System | model information using OLAP, which provides assistance in evaluating and choosing among different courses of action. DSSs enable high level managers to examine and manipulate large amounts of details. |
| Sensitivity Analysis | a special case of what if analysis, is the study of the impact on other variables when one variable is changed repeatedly. |
| Optimization analysis | extension of goal-seeking analysis finds optimum value for a target variable by repeatedly changing other variables, subject to special constraints |
| Granularity | refers to the level of detail in the model or the decision-making process. The greater the granularity the deeper the level of detail of data. |
| Slice and dice | The ability to look at information from different perspectives. Could display all product sales during a given promotion. |
| Expert Systems | Are Computerized advisory programs that imitate the reasoning processes of experts in solving difficult problems. Typically, they include a knowledge base to each particular situation. Are the most Common form of AI in business arena. |
| Drill Down | enables users to view details, and details of details of information. Reverse of consolidation can view regional or all the way down to individual salesman |
| Mutation | process within a genetic algorithm of randomly trying combinations and evaluating the success (or failure) of the outcome. |
| Augmented reality ** | is viewing of physical world with computer- generated layers of information added to it. |
| Fuzzy Logic | Mathematical method of handling imprecise or subjective information. |
| Goal- seeking analysis | finds the inputs necessary to achieve a goal such as a desired level of output. It is the reverse of what if and sensitivity analysis. |
| What if Analysis | Checks the impact of a change in a variable or assumption on the model? |
| Input | Transaction processing system |
| Process | What-if sensitivity, goal seeking, optimization |
| Output | Forecasts, simulations, ad hoc reports. |
| Executive Information system ( EIS) | Specialized DSS that supports senior-level executives and unstructured, long-term non-routine decisions requiring judgment evaluation, and insight |
| Visualization | Produces graphical displays of patterns and complex relationships in large amounts of data. |
| Consolidation | aggregation of data from simple roll-ups (next level up) to complex groupings of interrelated information. |
| Steps in Decision-making process | Problem identification Data collection Solution generation Solution Test Solution selection Solution implementation |
| Three Primary types of MIS decision-making systems | Transaction Processing System Decision Support System Executive Information Systems |
| Genetic Algorithm | Artificial intelligence system that mimics the evolutionary, survival-of the fittest process to generate increasingly better solutions to a problem. |
| Expert Systems | Playing Chess |
| Neural Network | example Credit card companies checking for fraud. Lending themselves to massive parallel processing Learning and adjusting to new circumstances on their own. |
| Genetic -Algorithm | Investment companies in trading decisions |
| Intelligent Agents | Environmental scanning and competitive intelligence |
| Virtual Reality | Working virtually around the globe. |
| Digital dashboard | What tracks KPIs and CSFs by compiling information from multiple sources and tailoring it to meet user needs. |
| Analytical information | encompasses all organizational information, and its primary purpose is to support the performance of managerial analysis or semi structured decisions. |
| Transactional Information | Contains all the information contained within a single business process or unit of work, and its primary purpose is to support the performance of daily operation or structured decisions. |
| Strategic Level | managers develop overall business strategies, goals and objectives as part of the company's strategic plan. |
| Common DSS ( Decision support systems) analysis techniques | What if analysis Sensitivity Analysis Goal-Seeking analysis Optimization analysis |
| Three levels of management | Operational - lowest Managerial Middle Strategic highest |
| Managerial level | Semi structured Short term, Daily monthly, yearly time frames middle managerment and director employee types |
| Operational level | lowest |
| Augmented Reality | Viewing of the physical world with computer-generated layers of information added to it. |
| What does fuzzy logic assign as values to vague or ambiguous information? | 0 and 1 |
| Digital Dashboard | List of outstanding alerts Graph of Stock Market prices List of KPIs |
Created by:
smcdo11