ITM 309 Chapter Notes - Chapter 2: Expert System, Online Transaction Processing, Operations Support System
19 Sep 2016
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Managerial decision making challenges: managers need to analyze large amounts of info, managers need to make decisions quickly, managers must apply sophisticated analysis techniques, such as porter"s strategies or forecasting, to make strategic decisions. Decision making process: problem identification, data collection, solution generation, solution test, solution selection, solution implementation. Analytics: the science of fact-based decision making. Operational level: employees develop, control, and maintain core business activities required to run day to day operations: considered structured decisions. Managerial level: employees are continuously evaluating company operations to hone the firm"s abilities to identify, adapt to, and leverage change: considered semi-structured decisions. Strategic level: managers develop overall business strategies, goals, and objectives as part of the company"s strategic plan: considered highly unstructured decisions. Critical success factors (csf"s): the crucial steps companies perform to achieve their goals. Key performance indicators (kpi"s): quantifiable metrics a company uses to evaluate progress towards csf"s.
