Business Reporting and Decision Support

Study Notes

Decision-makers use organized data to analyze trends and make decisions based on a comprehensive understanding of the situation.

Business reporting presents data and information in an easy-to-understand format for decision-makers.

Visual analytics uses graphical elements to help decision-makers quickly comprehend complex data.
Tools like Tableau and Power BI facilitate better decision-making.

BI involves collecting, analyzing, and presenting business information.
BI Analytics focuses on processing and interpreting data to extract valuable insights.
BI and analytics provide a foundation for data-driven decision support.

Increased data volume due to digital technologies leads to a data explosion.
BI tools assist in managing and extracting valuable insights from vast data.
Faster decision-making is required in a competitive business environment.
Real-time analysis enables organizations to gather and analyze data in real-time.
Better customer experiences are achieved by understanding customer needs and behaviors.
BI tools aid in delivering more relevant and targeted offerings.

Innovation involves constant development of new products and services.
Cost reduction involves streamlining operations and outsourcing.
Improved efficiency involves technological implementation and process improvement.
Enhanced customer service and stronger brand reputation are essential.

Employee training and development enhance skills and leadership.
Investment in technology improves efficiency and productivity.
Data-driven decision-making involves investing in data analytics tools and hiring data scientists.
Agile business processes enable quick adaptation to change.
A culture of innovation encourages and rewards innovative ideas.

BPM involves strategies and techniques to monitor and improve organizational performance.
Analytics tools help assess and enhance various aspects of business performance.

DSS are computer-based tools that aid decision-makers in making informed and timely choices.
DSS help individuals and organizations analyze information, evaluate alternatives, and make better decisions.

DSS are interactive, adaptable, and designed to support various decision-making processes.
DSS utilize data, models, and analysis tools to facilitate decision-making.

DSS play a vital role in improving decision-making by providing valuable insights and information.

DSS enable real-time analysis, helping organizations respond promptly to changing situations.

Decision criteria are the factors or standards used to assess and evaluate different options.
Criteria help in evaluating options and selecting the most suitable one.

Decision trees are visual tools used to map out decision options and their potential outcomes.
They help break down complex decisions into manageable steps.

Decision criteria guide decision-makers in selecting the best choice among available alternatives.
Examples of criteria include cost, time, quality, and other relevant factors depending on the context.