Podcast
Questions and Answers
Which of the following best describes the primary function of a Decision Support System (DSS)?
Which of the following best describes the primary function of a Decision Support System (DSS)?
- To automate routine tasks.
- To eliminate human decision-making.
- To support decision-making in structured situations.
- To support decision-making in unstructured situations. (correct)
Which phase of the decision-making process involves identifying that a problem needs to be addressed?
Which phase of the decision-making process involves identifying that a problem needs to be addressed?
- Design
- Intelligence (correct)
- Implementation
- Choice
Which type of system is specifically designed to analyze spatial information?
Which type of system is specifically designed to analyze spatial information?
- Supply Chain Management (SCM)
- Customer Relationship Management (CRM)
- Enterprise Resource Planning (ERP)
- Geographic Information System (GIS) (correct)
How do businesses leverage Geographic Information System (GIS) software?
How do businesses leverage Geographic Information System (GIS) software?
Which of the following is a typical application of predictive analytics in the business world?
Which of the following is a typical application of predictive analytics in the business world?
What is the primary purpose of predictive analytics?
What is the primary purpose of predictive analytics?
What is the main goal of text analytics?
What is the main goal of text analytics?
A hotel chain wants to understand customer preferences from online reviews. Which type of analytics would be most helpful?
A hotel chain wants to understand customer preferences from online reviews. Which type of analytics would be most helpful?
Which of the following is the broadest, overarching term for the concept of machines imitating human thinking?
Which of the following is the broadest, overarching term for the concept of machines imitating human thinking?
In what area can artificial intelligence potentially replace human decision making?
In what area can artificial intelligence potentially replace human decision making?
What is a key function of an expert system?
What is a key function of an expert system?
Expert systems are particularly useful for addressing what types of problems?
Expert systems are particularly useful for addressing what types of problems?
What characteristic defines a neural network?
What characteristic defines a neural network?
How does fuzzy logic handle information?
How does fuzzy logic handle information?
How do genetic algorithms find solutions?
How do genetic algorithms find solutions?
Genetic algorithms are MOSTLY used for...
Genetic algorithms are MOSTLY used for...
An agent-based technology is described as...
An agent-based technology is described as...
Which statement BEST describes 'biomimicry'?
Which statement BEST describes 'biomimicry'?
How would you describe 'Swarm Intelligence'?
How would you describe 'Swarm Intelligence'?
What are 'lots of analytics'?
What are 'lots of analytics'?
Flashcards
Decision Support System (DSS)
Decision Support System (DSS)
A highly flexible and interactive system designed to support decision making when the problem is not structured.
Geographic Information System (GIS)
Geographic Information System (GIS)
A DSS designed to analyze spatial information.
Predictive Analytics
Predictive Analytics
Highly computational data-mining technology that uses information and business intelligence to build a predictive model.
Text Analytics
Text Analytics
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Artificial Intelligence
Artificial Intelligence
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Expert System
Expert System
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Neural Network (Artificial Neural Network/ANN)
Neural Network (Artificial Neural Network/ANN)
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Fuzzy Logic
Fuzzy Logic
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Genetic Algorithm
Genetic Algorithm
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Agent-Based Technology (Software Agent)
Agent-Based Technology (Software Agent)
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Biomimicry
Biomimicry
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Swarm Intelligence
Swarm Intelligence
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Study Notes
- Analytics, Decision Support, and Artificial Intelligence provide the brainpower for business
Decisions and Decision Support
- First, find or recognize the problem, need, or opportunity
- Then, consider ways of solving the problem
- Examine the merits of each solution and choose the best one
- Finally, put the chosen solution into action and monitor the results
Decision Support Systems (DSS)
- DSS is a highly flexible and interactive system
- Designed to support decision-making when the problem is not structured
- DSS helps analyze, but require knowledge of how to solve the problem and use the results
Geographic Information Systems (GIS)
- GIS is a DSS designed to specifically analyze spatial information
- Spatial information is any information in map form
- Businesses use GIS software to analyze information, generate business intelligence, and make decisions
- Google Earth is an example of a GIS
Predictive Analytics
- Predictive analytics uses highly computational data-mining technology
- Uses information and business intelligence to build a predictive model for a given business application
- Used in insurance, retail, healthcare, travel, financial services, CRM, SCM, and credit scoring
Text Analytics
- Text analytics uses statistical, AI, and linguistic technologies
- Used to convert textual information into structured information
- Gaylord Hotels uses text analytics to make sense of customer satisfaction surveys
Types of Analytics
- Web analytics
- HR analytics
- Marketing analytics
- CRM analytics
- Social media analytics
- Mobile analytics
Artificial Intelligence (AI)
- AI makes machines imitate human thinking and behavior
- Can replace human decision-making in some instances
- Includes expert systems, neural networks and fuzzy logic, genetic algorithms, and agent-based technologies
Expert Systems
- Expert (knowledge-based) system is an AI system
- Applies reasoning capabilities to reach a conclusion
- Used for diagnostic problems (what’s wrong?) and prescriptive problems (what to do?)
Neural Networks and Fuzzy Logic
- Neural network (artificial neural network or ANN)
- An AI system capable of finding and differentiating patterns
- Fuzzy logic handles imprecise or subjective information, like “short” or “tall”
Genetic Algorithms
- Genetic algorithm is an AI system that mimics the evolutionary, survival-of-the-fittest process
- Generates increasingly better solutions to a problem
- Takes millions of solutions and determines the optimal one
Agent-based Technologies
- Agent-based technology (software agent)
- Software that acts on your behalf (or on behalf of another piece of software)
- Performs tasks assigned to it
Biomimicry & Swarm Intelligence
- Biomimicry learns from ecosystems and adapts their characteristics to human and organizational situations
- Swarm (collective) intelligence leverages collective behavior of groups of simple agents
- Agents devise solutions to problems as they arise, eventually learning to create coherent global patterns
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