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BUSI 2400 (25)
Chapter 3

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Department
Business
Course
BUSI 2400
Professor
Robert Riordan
Semester
Winter

Description
BUSI 2400 –WEEK 3 – CHAPTER 3 Slide Notes Date Info & Knowledge - Date - Info - Knowledge o Explicit – knowledge that is readily codified can be written down, inspected and analysed) such as the knowledge in a textbook o Tacit – knowledge gained through experience - These two types of knowledge are complementary halves of a lifelong knowledge creation process Decision making and problem solving - Before discussing effective decision making, we need to agree on what a decision is - Arational decision is a choice that you make about what actions you will take (or not take) in a given situation after analysing the consequences of each option o Pareto optimality - is a state of allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off - Often, rational decision making occurs as part of a larger problem-solving process Types of decisions - Structured o Algorithmic o Transactional purchases (HST on purchase) - Unstructured o Can only be accurately assessed after the fact - Semi-structured o Elements of both – investment decision The Process - Consider: quality of data, info, and knowledge - Affordance: what can this data tell me? - The quality of the final output of this process (decision or solution) will be based on the quality of the inputs (the info you create and analysis you do) - The purpose of decision making is either to solve a problem or to take advantage of an opportunity Levels of Decision - Strategic - Operational - Tactical Databases: The Primary Storage Vehicle - All business info sys rely on the use and storage of data - The primary tech used to store, manage and allow efficient access of data is database - Adatabase consists of interrelated data that are stored in filed and organized so that computer programs can quickly and easily access specific pieces of data - Tables o Made up of records
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