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IMTC634 - Data Science - Chapter 3

This document discusses concepts related to decision making and decision support systems. It describes the decision making process and different types of decisions. It also explains techniques used in decision making like operations research, models, and simulation. Finally, it discusses how data science can be applied for decision making in key areas like economics, telecommunications, and healthcare.

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Invictus Indians
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34 views11 pages

IMTC634 - Data Science - Chapter 3

This document discusses concepts related to decision making and decision support systems. It describes the decision making process and different types of decisions. It also explains techniques used in decision making like operations research, models, and simulation. Finally, it discusses how data science can be applied for decision making in key areas like economics, telecommunications, and healthcare.

Uploaded by

Invictus Indians
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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. Reference Particulars Slide
No. From - To

1 Learning Objectives 3

2 Topic 1 Concept of Decision-Making 4-6

3 Topic 2 Understanding Decision Support Sys 7


tem

4 Topic 3 Techniques of Decision-Making 8

5 Topic 4 Application of Data Science for Deci 9


sion-Making in Key Areas

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, engineering, healthcare,
ICT, logistics and process industry.
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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