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IMTC634 Data Science Chapter 3

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12 views

IMTC634 Data Science Chapter 3

Uploaded by

msmakkar.chief19
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Chapter 3:

Implementation of
Decision-Making and
Support
Chapter Index
S.No. Referenc Particulars Slide
e No. From - To

1 Learning Objectives 3

2 Topic 1 Concept of Decision-Making 4-6

3 Topic 2 Understanding Decision Supp 7


ort System

4 Topic 3 Techniques of Decision-Makin 8


g
5 Topic 4 Application of Data Science f 9
or Decision-Making in Key Are
as
6 Let’s Sum Up 10
Learning Objectives

 Describe the concepts of decision-making and Decision


Support System

 €Explain the need of decision-making and Decision Support


System

 €Elucidate the techniques of decision-making

 €Apply data science for decision-making in key areas


1. Concept of Decision-Making

 Decisions are inevitable and help an organization pave its way


towards better performance. These decisions could be related
to strategies, business activities or HR, and each one of them is
made in the best interest of the organization.

 The decision-making process is collective and consultative, and


has a considerable impact on the overall growth and prospects
of the organization.

 Discussions and consultations along with standard procedures


and techniques are the two main tools that maintain and
eventually facilitate decision-making.
1. Concept of Decision-Making

Types of Decisions
• The most common types of decisions that an organization usually
makes are as follows:

Programmed decisions

Non-programmed decisions

Strategic decisions

Tactical decisions

Operational decisions
1. Concept of Decision-Making

Decision-Making Process
There are 7 steps involved in decision –making process given
below in figure:
2. Understanding Decision Support
System

 Decision support systems (DSS) belong to a particular category of


information systems that support the decision-making activities.
 DSS is used to analyze business data and present an interactive
information support to all decision makers.
 DSS uses analytical models, dedicated databases, insight and
judgement of the decision maker, and an interactive, computer-
based modeling approach to sustain unstructured decisions.
 DSSs analyze raw data, documents, personal knowledge, and
business models from where useful information is gathered.
 The main goal of DSS is to reduce the costs effectively, use
assets more economically, enhance revenue, cut risks down, and
provide improvement in customer service.
3. Techniques of Decision-Making

Some important techniques of decision-making are as follows:


1. Operations research: This is the study in which scientific
methods are applied to the problems that are complicated and
cropping up in the direction and administration of a sizeable system
that comprises men, machines, raw materials, and capital in various
areas, such as business, industry, defense, and government.
2. Models: These are non-standard and non-routine decisions, where
every decision is different from the previous one.
3. Simulation: These are the long-term decisions that could set the
trend of business.
4. Game theory: These are medium-term decisions that are taken in
regard to implementing strategic decisions; for example, market
analysis for a new product or the staff required.
4. Application of Data Science for
Decision-Making in Key Areas

 Knowledge Science helps organizations, governments,


establishments, and people leverage knowledge to form
strategic choices.
 Corporations like Netflix, LinkedIn, Facebook and Google have

knowledge at the centre of their planning and competing


benefits.
 As a lot of corporations adopt knowledge as their core quality,

professionals have to be compelled to get adapted to the


changing scenario of knowledge adoption.
 The key areas or organizations in which data science is widely

used are €€economics, € telecommunications, € bioinformatics,


Let’s Sum Up

 The decision-making process is collective and consultative, and has a


considerable impact on the overall growth and prospects of the
organization.
 Discussions and consultations along with standard procedures and
techniques are the two main tools that maintain and eventually
facilitate decision-making.
 DSSs analyze raw data, documents, personal knowledge, and business
models from where useful information is gathered.
 The main goal of DSS is to reduce the costs effectively, use assets
more economically, enhance revenue, cut risks down, and provide
improvement in customer service.
 Knowledge Science helps organizations, governments, establishments,
and people leverage knowledge to form strategic choices.
THANK YOU

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