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explain how information technology supports decision-making through…

- - - - Understanding and interpreting data is also critical in providing support for choosing strategic paths or projects in a company.
    - - provides storage and retrieval functions.
        even more important development is the ability to analyse that data.
        
        These models also incorporate probability analysis to evaluate the likelihood of certain events taking place, as well as the most likely outcomes of those events. This is where business analytics—supported by IT—can be used to evaluate new strategic options. . #
        
        Examples of applied analytics range from supporting decisions about the best marketing mix of products to making strategic acquisitions of competitors. Analytics can also help to determine strategic fit and select the best strategic option for the organisation, ensuring that qualitative assessments are supported and validated by quantitative analysis
- - - - Analytics can also help with specific decisions such as whether to attempt an acquisition of a competitor and, if so, the price that should be offered.
      - While this still occurs, companies use analytics of external and internal data to find out more about their competitors.
        
        merger: Such business analytics should lead to more effective negotiation and to better integration if the acquisition is approved and implemented.
  - - - There are several approaches for evaluating which options are the most appropriate and will have the greatest impact and result in the organization fulfilling its vision and mission. The following are some approaches to evaluate strategic options and fit:
        • Value/effort assessment tool;
        • Weighted criteria evaluation tool;
        • Evaluation using business analytics; and
        • Risk assessment, and ‘what-if’ analysis