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BI overview - Coggle Diagram
BI overview
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Business environment
The Business Pressures–Responses–Support Model illustrates how organizations can leverage computerized support to navigate these challenges
Types of analytics
Descriptive analytics helps organizations understand current trends, predictive analytics forecasts future outcomes, and prescriptive analytics provides recommendations for optimal decision-making
Case Studies
The application of analytics is illustrated through case studies, such as Magpie Sensing, which uses real-time data to manage vaccine supply chains effectively
Evolution of BI
The transition from traditional DSS to modern BI systems is highlighted, noting that BI encompasses a broader range of tools and methodologies designed to facilitate data-driven decision-making
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Technological Support
The document discusses the importance of technology in supporting decision-making processes, emphasizing the role of data management, collaboration tools, and advanced analytics in enhancing organizational performance
Structured, Unstructured, and Semistructured Decisions
Structured decisions are routine and have known procedures for obtaining solutions, while unstructured decisions are fuzzy and complex, lacking clear solution methods. Semistructured decisions fall in between, having both structured and unstructured elements
Cognitive Limits
human mind's limited ability to process and store information, which can hinder decision-making.
Mental models
internal representations or frameworks that individuals use to understand the world around them. These models help people interpret information and make predictions based on their experiences and knowledge.
Cognitive Biases
Systematic patterns of deviation from norm or rationality in judgment. They can lead individuals to make decisions based on flawed reasoning or incomplete information. The document notes that "people sometimes find it difficult to recall and use information in an error-free fashion due to their cognitive limits," indicating that cognitive biases can exacerbate these limitation
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