Group 3 - Decision support system.pdf

GROUP 3 TABLE OF CONTENTS What is Decision Support System(DSS) The components of DSS The characteristics of DSS Types of DSS The fields where DSS may be applied Real life example at the end  DECISION SUPPORT SYSTEM (DSS) Is a computer-based tool des...

GROUP 3 TABLE OF CONTENTS What is Decision Support System(DSS) The components of DSS The characteristics of DSS Types of DSS The fields where DSS may be applied Real life example at the end  DECISION SUPPORT SYSTEM (DSS) Is a computer-based tool designed to aid individuals and organizations in making informed decisions. It integrates data, models, and analytical tools to solve complex problems. The primary purpose of a DSS is to provide timely and relevant information & facilitate analysis to help decision-makers evaluate potential outcomes. COMPONENTS OF DECISION SUPPORT SYSTEM  DATA MODELING AND USER MANAGEMENT ANALYSIS TOOLS INTERFACE This involves gathering, DSSs use various models, The user interface allows storing, and organizing algorithms, and analytical decision-makers to interact relevant data from various techniques to process data and with the DSS. sources. generate insights. Database Management Communication and Knowledge Base System (DBMS) Collaboration Tools A DBMS manages the This component stores storage and retrieval of DSSs often support domain-specific data for the DSS. It ensures communication and knowledge, rules, and data integrity, security, collaboration among team guidelines for decision- and efficient access to the members. making. required information.  1. INTERACTIVE 2. SUPPORT FOR DECISION MAKING DSSs provide an interactive interface that allows users to The primary purpose of a DSS is manipulate data, adjust parameters, to assist decision-makers in and explore different scenarios. making informed choices. CHARACTERISTICS OF DECISION SUPPORT SYSTEM 3. MODELING AND 4. USER-FRIENDLY ANALYSIS INTERFACE DSSs incorporate various models, DSSs offer user-friendly algorithms, and analytical tools interfaces that make it accessible to process data and generate to non-technical users. insights.  TYPES OF DSS Model-driven DSS Data-driven DSS These systems use These DSSs focus on data analysis mathematical and analytical and visualization to aid decisions. models to support decision- They help users explore patterns, making. They rely on data trends, and relationships in data inputs and algorithms to through charts, graphs, and generate predictions, reports. Business intelligence and simulations, and optimization data visualization tools fall into solutions. this category.  TYPES OF DSS Document-driven DSS Knowledge-driven DSS These systems incorporate expert These DSSs manage and knowledge and rules to support provide access to textual decisions. They can answer queries, information relevant to provide advice, and offer decision-making. They can recommendations based on organize documents, reports, predefined rules and expertise. and research papers, making Medical diagnosis systems and legal them easily accessible to users. advisory systems are examples APPLICATION OF DSS: Business Management: Aids in strategic planning, resource allocation, and performance analysis for businesses. Healthcare: Supports medical professionals in diagnosis, treatment planning, and patient management. APPLICATION OF DSS: Finance: Used for financial forecasting, risk assessment, portfolio management, and investment analysis. Supply Chain Management: Assists inventory management, demand forecasting, and logistics optimization. EXAMPLE: Consider a retail company called ABC, aiming to optimize its inventory management. Using a Decision Support System (DSS), the company can analyze historical sales data, current market trends, and supplier information. The DSS employs predictive analytics to forecast demand for different products in various seasons. It also considers lead times, production costs, and storage expenses.  CONCLUSION Decision Support Systems (DSS) are powerful tools that enhance decision- making across various sectors by integrating data, models, and analytical tools. They provide critical support for strategic planning, operational efficiency, and competitive advantage by offering real-time data access, scenario simulation, and predictive analytics. With components such as data management, modeling tools, user interfaces, and knowledge bases, DSSs are versatile and adaptable to different fields. THANK YOU! Members: Elizabeth Leynes Chexie Mae Manlangit Rheamae Quiapo REFERENCE: https://www.wallstreetmojo.com/decision-support-system/? fbclid=IwY2xjawFLNchleHRuA2FlbQIxMAABHezdcfBhLfxzxX597ao9rPzE1zvPvajGVbJ2b1RfWFfqaxTZRRV9peMTtQ_aem_O91jBDB2TUuC6ngQZFSRnw