Decision Support Systems - Application Case 2

1.Capabilities of a wiki that are not available in email:

• information sharing for users, freely update information
• wiki allows to provide feedbacks from users
• different ways of communication

2.Applications of wikis in finance and operations:

• can improve the communications
• provides status update for users
• organize meeting agendas
• external communications with clients
• can act as a medium to collect resources

Administration and Security of Data Warehouse

1. Steps to ensure the security of data warehouse

• Isolate sensitive databases: maintain an accurate inventory of all databases deployed across the enterprise and identify all sensitive data residing on those databases.
• Eliminate vulnerabilities: continually assess, identify and re-mediate vulnerabilities that expose the database.
• Enforce least privileges: identify user entitlements and enforce user access controls and privileges to limit access to only the minimum data required for employees to do their jobs.
• Monitor for deviations: implement appropriate policies and monitor any vulnerabilities that cannot be re-mediated for any and all activity the deviates from authorized activity.
• Respond to suspicious behavior: alert and respond to any abnormal or suspicious behavior in real time to minimize risk of attack.

Benefits of Data Warehouse

1. Benefits of data warehouse

• Enhances data quality and consistency - Insights will be gained through improved information access.  Managers and executives will be freed from making their decisions based on limited data and their own "gut feelings".  Decisions that affect the strategy and operations of organizations will be based upon credible facts and will be backed up with evidence and actual organizational data.
• Saves time - Since business users can quickly access critical data from a number of sources, all in one place, they can rapidly make informed decisions on key initiatives. They won't waste precious time retrieving data from multiple sources.
• Generates a high ROI - Companies that have implemented data warehouses and complementary BI systems have generated more revenue and saved more money than companies that haven't invested in BI systems and data warehouses. According to a 2002 International Data Corporation (IDC) study "The Financial Impact of Business Analytics", analytics projects have been achieving a substantial impact on a business' financial status.
• Increased query and system performance - Data warehouses are purposely designed and constructed with a focus on speed of data retrieval and analysis.  Moreover, a data warehouse is designed for storing large volumes of data and being able to rapidly query the data.

Methods in Data Mining

Classification

In data mining classification perhaps considered being the most used method for problem solving. Classification studies the patterns of historical data (a set of information - like characteristics, variables, features - on a variety of characteristics of the items that have been labeled previously) for the purpose of placing new instances (objects) into groups or classes. For example classifications can be used to predict weathers, frauds, communications, and other class labeled conditions. However when the condition type to be predicted is in a numerical data it cannot be called classifications instead of regression.

What Is A Decision Table?

Decision table is a way or method used for decision making to model complicated business logic which leads to improving business. Using a decision table software offers many benefits over paper methods. First, it makes editing and re-editing easy. Contemporary decision table tools can also give added value by supporting features like conditions, actions, rules highlighting, table layout, reporting, etc. And of course, when it comes to working with a software, it makes sharing, discussion and management of work much easier.

Describe DSS Characteristics and Capabilities

Characteristics and capabilities of a DSS

1. A DSS provides support for decision makers at all management levels, whether individuals or groups, mainly in semi-structured and unstructured situations, by bringing together human judgement and objective information.

2. DSS supports several interdependent and/or sequential decisions.

3. DSS supports all phases of the decision-making process-intelligence, design, choice, and implementation-as well as a variety of decision making processes and styles.

Brief History of Business Intelligence

Business intelligence evolved from the Decision Support System (DSS) that began in 1990s and developed throughout the mid 1980s. DSS originated in the computer-aided models created to assist with decision making and planning. From DSS, data warehouses, Executive Information Systems, OLAP and business intelligence came into focus beginning in the late 80s.

Hans Peter Luhn first used the term BI in 1958 as "the ability to apprehend the interrelationships of presented facts in such a way as to guide action towards a desired goal". The term then gained traction under the context of Decision Support Systems in the 1960s. During the 1970s, computer hardware prices remained extremely high and computer processing is power limited. The largest firms generally owned few mainframe-based systems that were reserved for operational data entry only. Frustration at reliance on paper reports and inflexible reporting systems led to further theory developments as business journals began to explore management decision systems, strategic planning systems and decision support systems.