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Business Intelligence – Midterm

Decision Support Systems (DSS)
A conceptual framework for a process of supporting managerial decision making, usually by modeling problems and employing quantitative models for solution analysis
4 Phase Decision Making Process
1. Intelligence
2. Design
3. Choice
4. Implementation
Business Intelligence
-Combines architectures, tools, databases, applications, and methodologies.
-Enables easy access to data to provide business managers with the ability to conduct analysis
-helps transform data into information, to decisions, and finally to action
4 Major Components of BI Architecture
1. Data warehouse
2. Business Analytics
3. Business Performance Management
4. User Interface
Data warehouse
a large repository of well organized historical data
Business analytics
tools that allow transformation of data into information and knowledge
User interface
allows access and easy manipulation of other BI components (dashboard)
Decision making
the action of selecting among alternatives to attain a goal
the different between the desired and actual outcome
a simplified representation (or abstraction) of reality
Models classified by degree of abstraction (from least to most abstract)
-Iconic Models (least abstract)
-Analog Models
-Mental Models
-Mathematical Models (most abstract)
DSS Characteristics and Capabilities
-business analytics
-web analytics
-predictive analytics
business analytics
implies use of models and data to improve an organization’s performance and/or competitive posture
web analytics
use of analytics on real time web info to assist in decision making (often related to e commerce)
predictive analytics
describes the business analytics method of forecasting problems and opportunities rather than simply reporting as they occur
uncertainty and risk
as knowledge and certainty increase, risk decreases
General process of intelligence creation and use
– cost benefit analysis (ROI, TCO)
-5 W’s for analysis (who, what, where, when, why)
Successful BI Implementation
-must be aligned with the company’s business strategy, not just an exercise for IT
-must serve as a way to change the manner the company conducts business by improving its business process transforming decision-making processes to be more data driven
Data mining
the nontrivial process of identifying valid, novel, potentially useful, and ultimately understandable patterns and data stored in structured data bases.

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