Academy Europe big logo
  • September 26, 2022
  • Last Update March 12, 2022 2:43 pm
  • Hannover

5. INFORMATION SYSTEMS FOR DECISION MAKING

  1. INFORMATION SYSTEMS FOR DECISION MAKING

MIS is employed for communicating, but the last word goal is to use these tools to assist make better decisions. during this way, the software used for managerial higher cognitive process should be supported characteristics of the individual, the task being performed, and the way information is presented.

Jane Carey and Charles Kacmar demonstrate the variability of things that enter deciding which technology is best fitted to a selected decision-making situation. These tools and processes have a spread of functions and purposes, starting from managing customers through customer relationship management software, to knowledge management functions (sharing and disseminating the “institutional memory” of the organization), to shipping and tracking the company’s products or services.

Decision support systems (DSS), for instance, are information systems that quickly provide relevant data to assist people make decisions to choose a specific course of action. as an example, a DSS tool may be ready to simulate a situation and predict various outcomes based on known variables. what’s going to the revenue of an airline tend the possible number of flights completed (taking into consideration weather delays and other unforeseen obstacles), what percentage passengers will be on each flight, what number of seats they’re sold, at which price, and so on. A DSS can take into consideration all of those variables and come up with various revenue projections supported the possible outcomes.

These tools can be complicated to work out initially, but prove to be invaluable within the future for the quantity of your time and monetary resources saved.

Executive information systems (EIS) allow managers to access the company’s primary databases utilized specifically by top managers.

These systems will be highly customized and typically cater to a particular industry. for instance, one such system describes itself as:

The first comprehensive decision-support system designed for property/casualty companies. you’ll be able to project financial results, discover and mitigate unacceptable risks, optimize reinsurance structures, test alternative investment strategies, allocate capital and reveal the sources important within your company. Don’t spend it slow building models, spend it refining strategies. Financial decision-making requires reliable and thorough projections of the macro-economy and financial markets. [Our tool] is the most comprehensive economic scenario generator, incorporating individual security classes, inflation indices and macro state variables. It models historical relationships across markets, for realistic simulations that provide stress-testing that simpler models can’t achieve.

admin
administrator

Related Articles

Leave a Reply

Your email address will not be published.

AfrikaansArabicChinese (Simplified)DutchEnglishFrenchGermanGreekHindiItalianJapaneseKoreanPolishPortugueseRussianSpanishTurkish