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Decision support systems
5.1
1. A decision support system is an information system in which a user use's in order to assist in making a decision by providing information, models, and analysis tools.
. Three types of software tools, which are used in a DSS, are databases, spreadsheets, and expert systems.
. A model is a representation of some aspect of the real world. It may be in the form of a formula for calculating the cost of a new product in order to make a profit.
4. Interactivity is an important factor in a DSS, as it allows the user to choose the sequence and content of the information to be displayed therefore allowing the DSS to make decisions based on the data entered by the user.
5. A DSS consists of three components. They are Data management (collect and organise data), Model management (data into information), and Dialogue management (users enter requests).
6. Data management is the basis of collecting and organising data, while model management is the use of using models to turn this data that into the appropriate information.
7. Dialogue management is the basis of the interactivity in a DSS. It allows the user to enter a request for data in a convenient manner, while also allowing the user to search, focus on the relevant facts, and help apply a model.
8. Structured situations are those that have decisions which are automated, where as unstructured systems do not use a method to reach a decision, they require a human intuition as a basis for finding the a solution.
. Structured situations are those where the decisions are automated, and this decision is reached using an algorithm. In these situations the best solutions are known, the objective is clearly defined, and the information necessary to make a decision is also easy to identify. These situations do not require a DSS.
10. A Semi-structured situation follows a method in order to reach a decision, however the correct decision is not guaranteed. In this type of situation there is some indication of the path to take, yet some of the information related may not be available, lack precision or be uncertain. It is a combination of both structured and unstructured situation. Most situations are semi-structured and can use a DSS.
11. An algorithm is not used in an unstructured situation because there are too many factors or not enough knowledge about the situation in order to reach the best solution, as the outcome is unpredictable.
5.
1. Two semi-structured situations where a DSS is regarded to be useful are in banking and fingerprint matching.
. When bank officers approve a set of loans they use there own DSS. All relevant information is entered into this DSS, which then allows a list of loan options to be shown, which can then be compared against each other. The DSS assists by screening the applicants so that consistent decisions are made, while also providing advice to customers on an appropriate type of loan.
. An AFIS is an automated fingerprint identification system, which is a database system used to help fingerprint experts to match prints.
4. In an AFIS, the role of an expert is to witness all phases of fingerprint identification and to make a decision and use judgement regarding the degree of similarity between two prints.
5. Two unstructured situations where a DSS would be useful include predicting stock prices and managing disaster relief.
6. A DSS predicts future stock prices by storing data on share prices in a database or spreadsheet. This data and a model based on different parameters are then used by the DSS to predict future stock prices.
7. GIS is a geographic information system, which is capable of assembling, storing, manipulating, and displaying geographically referenced information.
8. Four types of DSS are spreadsheets, databases, expert systems, and neural networks.
. Spreadsheets help with decision making by using a technique called 'what-if' predictions, which is the process of making changes to the data and observing their effects
10. The type of data entered into a spreadsheet consist of; labels- text entered into a cell that provides an explanation of the spreadsheet, values- numbers stored in the spreadsheet which calculations are carried out on, formulas- instructions to perform a calculation.
11. The features of a spreadsheet that make them easy to use and suitable for a DSS include; editing- data is completed on the spreadsheet or using the formula bar, workbook- one or more spreadsheets used to organise information into a single file, template- document created for repeated use to save time and effort, macro- series of commands stored in a file that can be executed by pressing a few keys, chart- graphical representation of the numerical data.
1. Databases are an important component of most DSSs as they enable users to access large amounts of data in order to make a decision
1. A data warehouse is a database that collects information from different data sources and is a storage area of raw data that can be analysed to assist in making decisions, where as a data mart is a small version of a data warehouse and stores data about a specific topic or area.
14. Expert systems are those systems that provide information and solve problems that would otherwise require a person experienced in that field, and make decisions based on the knowledge of an expert.
15. The main advantage of an expert system is that their cost is relatively low when compared to the expense of paying an expert or team of specialists.
16. A neural network is an information system that works like the human brain and is capable of learning. It consists of a large number of processors connected together to from a network and act like cells in the brain.
17. Financial firms, insurers, marketers, manufacturers, and stock market firms are using neural networks.
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