Discuss how business intelligence and business analytics can help support decision-making. Explain with one detailed example
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Discuss how business intelligence and business analytics can help support decision-making. Explain with one detailed example
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- Discuss the different roles played by the qualititative and quantitiative approaches to managrial decision making. Why it is important for a manager or decision maker to have a good understanding of both of these approaches to decision making?Differentiate between extensive decision making and Limited decision making ? Give an example of each?What are the limitations and criticisms of decision theory as a framework for decision- making? Are there alternative theories or approaches that address these limitations?
- Could there be any possible negative impacts of business intelligence on decision making processes?What principles form the basis of the rational decision-making model and what are its major dimensions? What is the difference between that and the bounded rational approach to decision-making.Miriam and Devon are both upper-level managers, but have very different decision-making styles. Please name and describe in your own words four decision making processes that could be used to guide their decision making. In addition, provide and explain in your own words 10 ways in which their decision could, in general, be derailed or hindered, and explain each.
- Explain the steps of decision-making process using an example. What is the difference between rational decision making, bounded rationality and intuitive decision making?In the realm of decision-making, cognitive biases also play a significant role in shaping patterns. People often rely on mental shortcuts or heuristics to simplify complex information and arrive at judgments more efficiently. While these cognitive shortcuts can be helpful in certain situations, they can also lead to systematic errors in decision- making. Understanding and mitigating these biases are essential for improving the overall quality of decisions. Moreover, decision-making patterns are influenced by organizational structures and leadership styles. Hierarchical structures may involve a top-down decision-making pattern, where decisions flow from leadership to lower levels, while flat or decentralized structures may encourage a more collaborative and participatory approach. Recognizing these contextual factors is crucial for designing decision-making processes that align with the organization's goals and values. Question: How can organizations create awareness and strategies to…What are some common biases that can affect decision making, and how can decision makers overcome them?