Mis & Decision Making
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Decision making involves selecting a course of action from various options. Business decision making models include SWOT analysis, buyer decision processes, and cost-benefit analysis. The decision making process involves phases like intelligence gathering, problem definition, alternative identification, choice, and implementation. Management information systems, decision support systems, executive support systems, and group decision support systems can provide information and tools to support decision making. Intelligent techniques like artificial intelligence and expert systems are also used for decision support.
Mis & Decision Making
- 1. MIS & Decision MakingBy ArunMishra
- 2. DECISION MAKINGDecision making is the developing concepts leading to the selection of a course of action among variations. Every decision making process produces a final choiceIt can be an action or an opinion. It begins when we need to do something but we do not know whate.g. Decision to raise a Purchase Order
- 3. Decision making in business and managementIn general, business and management systems should be set up to allow decision making at the lowest possible level.Several decision making models or practices for business include:SWOT Analysis - Evaluation by the decision making individual or organization of Strengths, Weaknesses, Opportunities and Threats with respect to desired end state or objective.Buyer decision processes - transaction before, during, and after a purchaseCorporate finance:The investment decisionThe financing decisionThe dividend decisionworking capital management decisionsCost-benefit analysis - process of weighing the total expected costs vs. the total expected benefits
- 4. Types of DecisionsUnstructured/ NonprogrammedStructured/ ProgrammedSemi-structured
- 5. Information Requirements of Key Decision-Making Groups in a Firm
- 6. The Decision-Making ProcessPhases of Decision Making ProcessIntelligence
- 7. Design
- 8. Choice
- 9. ImplementationStages in Decision Making
- 10. Phases of Decision Making ProcessIntelligence gatheringDefinition of problemData gathered on scopeConstraints identifiedDesign phaseAlternatives identified and assessedChoiceSelection of an alternativeImplementationTesting the selected alternative.
- 11. Typical Inputs and OutputsInputs: Information from the TPSOutputs: hard and softcopy reportsScheduled reportsOn-demand reportsKey-indicator (business fundamentals)Exception reports
- 12. MIS Support to Decision Making Process
- 13. Functional Perspectives of MISFinancial MISWill integrate information from multiple sourcesFunctionsCostingP&L reportingAuditingFunds management
- 14. Functional Perspectives of MISManufacturingDesign and EngineeringMaster Production SchedulingInventory ControlMaterials PlanningManufacturing and Process ControlQuality Control
- 15. Functional Perspectives of MISMarketingMarket researchWeb-based market researchPricing
- 16. Functional Perspectives of MISTransportation and LogisticsRoute and schedule optimizationHuman ResourcesAccounting
- 17. Systems for Supporting DecisionsManagement information systems (MIS)
- 19. Executive support systems (ESS)
- 20. Group-decision support systems (GDSS)
- 21. Intelligent techniquesManagement Information Systems (MIS)Help managers monitor and control a business
- 22. Produce regular reports on performance, such as monthly or annual sales
- 23. Sometimes highlight exceptional conditions
- 24. Reports often available onlineDecision Support Systems (DSS)Support semi-structured and unstructured problem analysis
- 25. CharacteristicsData from multiple sources internal and external to organizationPresentation flexibilitySimulation and what-if capabilitySupport for multiple decision approachesStatistical analysis
- 26. Components of DSSDSS database
- 28. Models
- 30. DSS user interfaceExamples of DSSDSS for pricing decisions in FMCG & Pharma Companies.
- 31. DSS for customer relationship management in BanksGroup Decision-Support Systems (GDSS)Very interesting fieldHow can information technology improve how decisions are made by groups?Interactive, computer-based systems that facilitates solving of unstructured problems by a set of decision makersUsed in conference rooms with special hardware and softwareSupport increased meeting sizes with increased productivity
- 32. Group Decision-Support Systems (GDSS)ApplicationsWhere time is criticalWhere participants are geographically dispersedWhere authority obstructs communicationMilitaryBusinessGovernment
- 33. Group Decision-Support Systems (GDSS)Common characteristicsMeeting moderation/facilitationSigned and anonymous commentsStructured deliberationsPresentation periodComment periodAutomated collation of comments“Voting”Face-to-face and remote
- 34. Executive Information SystemsWhat information does a chief executive of board member require?High level with drill downKey business and industry dataStructured and unstructured informationStructured: ordersUnstructured: Industry newsfeedGraphical
- 35. Executive Information SystemsGive senior executives a picture of the overall performance of an organization
- 36. Enable an executive to zoom in on details or zoom out for a broader view
- 38. Digital dashboardIntelligent Systems for Decision SupportArtificial intelligence (AI)
- 39. Expert systems
- 41. Intelligent agentsIntelligent Agents in P&G’s Supply Chain NetworkIntelligent agents are helping Procter & Gamble shorten the replenishment cycles for products, such as a box of Tide.