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Terms in this set (48)What are three managerial decision-making challenges 1. analyze large amounts of information What are the three levels of decision making in an orginization - strategic, Operational decision making employees develop, control and maintain core business activities required to run the day-to-day operations. Preformed by lower management, analysts and staff structured decisions situations where established processes offer potential solutions. Most operational decisions Managerial decision making employees evaluate company operations to identify adapt to, and leverage change. Preformed by middle management, managers, directors. Semi structured decisions Most managerial decisions. Occur in situation in which a few established presses help to evaluate potential solutions, but not enough to lead to a definite recommended decision. Strategic decision making managers develop overall strategies, goals and objectives. Preformed by senior management, presidents. Unstructured decisions occurs in situation in which no procedures or rules exist to guide decision maker toward the correct choice. It occurs in strategic decision making. The granularity of information The finer the information the more raw the information, the coarser the information the more summarized the information. At the bottom of the pyramid (analysts) use finer information and the higher up the pyramid (managers and execs) use coarser information. Analytical vs transaction information processes transactional processes are used my people at the bottom of the pyramid (analysts) and the higher up the pyramid the more analytical the information becomes. Metrics Measurements that evaluate results to determine whether a project is meeting its goals Common types of metrics KPIs- key performance indicators, Benchmark Baseline values the system seeks to attain Benchmarking A process of continuously measuring system results, comparing those results to optimal system performance (benchmark values) and identifying steps and procedures to improve system performance. OLTP Online transaction processing- is capturing of transaction and event date using information systems to (1) process data, (2) store data and (3) update existing data to reflect the new data. OLAP Online analytical processing is the analysis of summarized or aggregated information sourced from transaction processing systems data, and sometimes external information to create business intelligence. Business intelligence Describes information that people use to support their analytical and strategic decision-making efforts. Consolidation the aggregation of information and features roll-ups to complex grouping of interrelated information Drill down enables users to view details and details of details of information. Viewing monthly, weekly, daily or hourly information Slice and dice the ability to look at information from different perspectives. One slice of information could display all product sales during a given promotion, another slice could display a single product's sales for all promotions. KPIs key performance indicators- the quantifiable metrics a company uses to evaluate progress toward critical success factors. Efficiency metrics Focuses on the extent to which a firm is using its resources in an optimal way. Measure the performance of Is itself and such as throughput, transaction speed, and system availability. Effectiveness metrics Focuses on how well a firm is achieving its goals and objectives. Measures the impact IS has on business processes and activities, including customer satisfaction and customer conversation rates. Throughput the amount of information that can travel through a system at any point transaction speed the amount of time a system takes to perform a transaction system availability the number of hours a system is available for users
web traffic includes a host of benchmarks such as the number of pages viewed, the number of unique visitors and the average length of viewing time. Response time the time it takes to respond to interactions such as a mouse click Usability the ease with which people perform transactions and or find information customer satisfaction measured by such benchmarks as satisfaction surveys, customer retention percentages, and increasing revenue per customer. conversion rates the number of customers and organization touches for the first time and persuades to purchase a product/service. financial such as return on investment, cost/benefit analysis, and break even analysis. TPS transaction processing system. Basic business system that serves the operational level and assists in making structure decisions. DSS decision support system. Models information to support managers and business professionals during the decision-making process Three quantitative models used by DSS 1. what-if analysis The interaction between TPS and a DSS the TPS supplies transactional data to the DSS. The DSS summarizes and aggregates the information from the many different TPS systems, which assists managers in making informed decisions. Why do you need interaction between a TPS and EIS the EIS needs information from the TPS to help executives make decisions. Without knowing order information, inventory and shipping information from the TPS, it would be very difficult for the CEO to make strategic decisions for the organization EIS executive information systems AI artificial intelligence- simulates human intelligence such as the ability to reason and learn. Intelligent system various commercial applications of artificial intelligence. Customer facing processes result in a product or service that is received by an organization's external customer Business facing processes are invisible to the external customer but are essential to the effective management of the business Business process a standardized set of activities that accomplish a specific task, such as processing a customer's order Business process improvement attempts to understand and measure current processes and upgrade them. It is a cyclical activity. Metrics at the end are feedback for a new round of improvements BPR business process re-engineering- the analysis and redesign of workflow within and between enterprises. A true BPR effort does more for a company than simply improve it by performing a process better, faster and cheaper. Process change spectrum No benefit, small magnitude of change: automate. Business process modeling The activity of creating a detailed flow chart or process map of a work process showing its inputs, tasks and activities in a structured sequence. Business process model a graphic description of a process, showing the
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