Intelligence in decision making involves scanning the environment, either intermittently or continuously. It include monitoring the results of the implementation phase of a decision making process.
Problem or opportunity
The intelligence phase begins with the identification of organizational goals and objectives related to an issue of concern and determination of whether they are being met. Problem occurs because of dissatisfaction with the status quo.
Dissatisfaction is the result of a difference between what people desire or expect and what is occurring. In this first phase, a decision maker attempts to determine...
Decision Making Process Phases
Decision making phases involves 4 major phases: intelligence, design, choice and implementing. The decision making process starts with the intelligence phase. In this phase, the decision maker examines reality, identifies and defines the problem. Problem ownership is established as well. In the design phase, a model that represents the system is constructed.
This is done by making assumptions that simplify reality and writing down the relationships among all the variables. The model is then validated and criteria are determined in a principle of choice for evaluation of the alternative courses of action that are...
Business Intelligence Architecture
Business intelligence (BI) has four major components: a data warehouse, business analytics, business performance management and a user interface. Data warehouse and its variants is the cornerstone of any medium-to-large BI system. Originally the data warehouse included only historical data that were organized and summarized so end users could easily view or manipulate data and information. Notice that the data warehousing environment is mainly the responsibility of technical staff, while the analytic environment also known as business analytic is the realm of business users. Any user can connect to the system...
Computerized Decision Support System
When managers want make a decision they need considerable amounts of relevant data, information and knowledge. Processing these, managers must be done quickly, frequently in real-time and usually requires some computerized support system.
1. Speedy computationsA computer enables the decision maker to perform many computations quickly and at a low cost. Timely decisions are critical in many situations, ranging from a physician in an emergency room to a stock trader on the trading floor. With a computer thousands of alternatives can be evaluated in the seconds.
2. Improved communication and collaborationMany...
Business Intelligence Today and Tomorrow
In today’s highly competitive business the quality and timeliness of business information for an organization is not just a choice between profit and loss, it may be a question of survival or bankruptcy. No business organization can deny the inevitable benefits of BI. Recent industry analyst reports how that in the coming years millions of people will use BI visual tools and analytics everyday. Today’s organizations are deriving more value from BI by extending actionable information to many types of employees, maximizing the use of existing data assets.
Producers, retailers, governments, special agencies and others...
The Major Characteristics of Business Intelligence
Enterprise software systems are designed as transaction processing tools and today the main job is to optimize an informed decision making process for users at all levels of the organizational hierarchy. Recent trends seem to indicate that access to key operational data is no longer the purview of executives alone. Many executives of manufacturing and service companies today are allowing (and even encouraging) low level managers, supervisors and analysts on the shop floor and in distribution centers access to operational performance data to enable better and more timely decision making by those employees.
You’re...
The 10 Myths of Entrepreneurship
Myth 1: Entrepreneurs are doers, not thinkersReality: Although entrepreneurs are action oriented, but they are also a thinkers
They make careful plan & strategy.
Entrepreneur will try to come out with alternative action towards a solution.
In the era of globalization & hyper-competition, entrepreneurs need to be good thinkers.
Myth 2: Entrepreneurs are born, not madeThe idea that the characteristics of entrepreneurs cannot be taught or learned. Entrepreneurs are born with special traits or characteristics.
Traits such as include aggressiveness, initiative, drive, a willingness...
Rise and Fall
2007 was the year when Apple revolutionized the smartphone market. Mobile phones no longer required buttons and images could easily be magnified or reduced with two fingers. But where was Nokia the, market leader among mobile phone manufacturers, when the revolution begins? Though Nokia is still the largest mobile phone manufacturer in the world...
How important is your Virtual Identity?
Is that person with more than 500 friends, innumerable photos, scores of witty status message, fan pages and likes really you? Who is doing what, who is seeing whom, who attended what concert, who bought a new phone, who hates his/her job, who is eating what food, who hates Mondays, who is going where. Some people tend to chronicle every minute spent. Is this information we really can’t live without?
Nevertheless these days we are not only bombarded with such information but also willingly contribute to it ourselves. There is a need to stand out. One can easily gauge an individual’s personality by simply looking...
What happens to your Virtual Identity after you’re dead?
Having created a virtual identity and almost living an alternative life in digital space it is natural to wonder what would happen once our physical lives come to an end. We think about what will happen to our material belongings but the fate of our digital existence isn’t well understood or controllable. The legal backdrop of most popular...
Crooks Crack mTAN Technique
A customer must confirm every transaction for online banking using a TAN (transaction number). The financial institutions use different procedures for conveying the TAN safely to the customer from the bank. In the case of mTAN (mobile transaction number), the bank sends the TAN via SMS to the stored cell phone number. This procedure, which was apparently the safest propagated procedure, has been cracked by the hackers.
For this the hackers use the banking-based TrojanerZeus. The security service provider S21sec has now invented a new ciariant which goes one step further, a fake version would appear on the browser...
Domain Privacy Protection
What is domain privacy protection? Privacy protection is covering your contact information such as full name, mailing address and phone number from publicly available to anyone by replaces with Domain Privacy Protection Service contact details. When buying a domain name the person or organization contact information is necessary to fulfil the registration...
History of Business Intelligence
The term of business intelligence (BI) was coined by the Gartner Group in the middle 1990s. However the concept is much older; it has its roots in the Management Information System (MIS) reporting system of the 1970s. During that period reporting system were static, two dimensional and had no analytical capabilities. The concept of executive information system (EIS) emerged in the early 1980s. This concept expanded computerized support to top level managers and executives.
Some of the capabilities introduced were dynamic multidimensional (adhoc or on demand) reporting, forecasting and prediction, trend analysis,...
Business Intelligence Definitions
Business intelligence (BI) is a technology which is based on data warehouse and it is provides a strategic advantage. BI system has four major components which is that combination of data warehouse, business analytics; a collection of tools for manipulating, mining and analyzing the data in the data warehouse, applications and methodologies.
BI’s major objective is to enable interactive access (sometimes in real-time) to data to enable manipulation of data and give business managers and analysts the ability to conduct appropriate analysis.
By analyzing historical and current data, situations and performances, decisions...
Decision Makers
In small organizations decisions are often made by individuals especially at lower managerial level. There may be conflicting objectives even for a sole decision maker. A decision maker needs data and detailed analysis and understanding of the data in order to make a good decision. For example, in an investment decision an individual investor may consider the rate of return on the investment, liquidity and safety as objectives. Finally decisions may be fully automated.
Most major decisions in medium sized and large organizations are made by groups. Obviously there are often conflicting objectives in a group decision...
Decision Making
Decision making is a process of action of selecting the best among alternatives from two or more potential solutions for decision situation which is problem solving or opportunity exploiting and the purposes for attaining a goal or goals. A problem occurs when a system does not meet its established goals, does not yield the predicted results or does not work as planned. Managerial decision making is synonymous with the whole process of management.
Management is a process by which organizational goals are achieved using resources. The resources are considered inputs and attainment of goals is viewed as the output...