Functions of decision support systems

Assignment Help Management Information Sys

Reference no: EM133261079

Assignment:

The speed at which decision support systems (DSS) are eyolying, it is pretty clear that they are going to help companies in strategic or unstructured decision-making. The next-gen smart DSS will be more capable of helping decision makers in making strategic decisions that affect the bottom line of a business in long run. More companies are relying on data to help them identify challenges, capitalise on opportunities and make timely decisions that could affect their bottom line. Peoples' Choice Bank is no exception. Management at Peoples' Choice Bank have recently decided to implement a data-driven decision support system. It relies on data mining to provide patterns and information about the data being assessed.

The bank could rely on data-driven decision support systems to make decisions about their seryices and products. Managers might find data-driyen decision support systems most helpful when analysing current and historical data to report on the conditions of a department or the business. CEOs, managers and staff might use a data-driven DSS. In your role as the D88 analyst, your task is to report on various aspects of the new data-driven D88. Answer ALL the questions in this section.

Question 1. Any typical D88 consists of three main components, namely database, software system and user interface. The data-driven DSS relies on data mining to provide patterns and information about the data being assessed. The software component of the DSS consists of various mathematical and analytical models that are used to analyse the complex data, thereby producing the required information. Elaborate on the at least FIVE (5) commonly used mathematical and statistical models utilised by the software component of the DSS.

Question 2. In a world with increased competition and eyer-eyolying customer expectations, companies are using data now more than ever to make more informed business decisions. This approach to using data has been integrated into almost every industry, with financial services being one of the frontrunners. The 1ralue of data and analytics lies in the ability to solve real- world problems through precise integration of data, statistics, mathematics and technology. However, to harness the power of data and make informed data-driven decisions, a data culture remains a prerequisite and must exist at the heart of an organisation. Discuss how Peoples' Choice Bank can bene?t from a data-driven culture.

Question 3. A management information system (MIS) does exist in Peoples' Choice Bank. Management at the bank are confused regarding the functions of an MIS and DSS. Provide a report to management highlighting on any FIVE (5) key differences between the implemented MIS and the soon-to-be installed data-driven DSS.

Reference no: EM133261079

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