Integrated Product and Process Development – Meaning, Advantages and Key Factors
Introduction Objective of any organization is to provide customer satisfaction by building product and services, which not only satisfy needs and want but also create value for them. This requires product design based on the customer feedback and production process which not only minimizes cost but also provides a competitive advantage. However, most organizations tend […]
Masters of the Universe: A Case Study of the Global Investment Banking Sector
Introduction Most of us would have heard of the globally famous Investment Banks such as Goldman Sachs, JP Morgan, and Chase Manhattan as well as Deutsche Bank. Indeed, for aspiring and working professionals alike working in these investment banks is a dream come true not only to the handsome (some would call it obscene) pay […]
What is a Process?
If you speak to a small business owner about their capability to manage a grocery store, you will constantly find that they feel that they have a shortage of time. It is not uncommon for them to erroneously omit certain activities. This negligence in turn causes bad customer service or increased costs to customers. On […]
A Comparison of Healthcare Systems around the World
The Importance of Healthcare and Examples from around the World Health and Education are social sectors that need governmental support and funding. This is especially the case in developing countries where a vast majority of the people do not have the means to afford expensive and prohibitive medical care. This is the reason why many […]
A Brief on Customs Brokerage
International trade is regulated through tariffs and trade laws established by the Country’s Federal Governments to control the imports and exports of the country. The Government invests executive powers to the Customs Departments, headed by Custom’s Commissioners to administer the policies and tariffs on all imports and exports into and out of the country. Customs […]
In the current globalized business environment, decision making is becoming more and more difficult. Some of the problems faced by business are as follows:
In today’s corporate environment, there is encouragement for diverse and inclusive work environment. Therefore, employees come together from a different background to achieve a single organizational goal. However, to achieve this target several decisions need to be made. And a good decision-making process will encounter challenges.
Some decision may be stalled due to lack of experience, in particular, area of operations. Sometimes it is difficult to pin-point pain areas and fresh pair of eyes would be required to highlight the problem. Often past experiences stop us from making a decision.
To overcome such challenges it is important to develop decision support system, team decision support tool and executive information system.
Simon’s decision-making process identifies three main steps - intelligence, design and choice. During the intelligence stage, the current business environment is scanned to identify the problem. Once the problem is identified, it needs to be considered whether the decision maker is capable of handling the problem. Investment in time is required to develop complete problem statement.
Based on information gathered, a decision model is developed, which can solve identified problems.
In the choice phase, various solutions proposed by the model are evaluated and examined. Feasibility study is carried out if the solution can be implemented in the current business scenario.
Decision support system consists of three main parts - data management system, model management system and user interface.
Data-management system contains primary as well as secondary data. This data is then fed through a model management system. Model management system will carry out simulation analyst, What-If analysis, etc. and pass on the result to end users in form of data, chart, sheets, etc.
Some decision-making process requires group involvement. Group decision support system includes tools like brain storming tools, idea ranking tools, etc.
An information system designed to facilitate top level management undertake a strategic decision is called executive information system. Executive Information systems contain both primary as well as secondary data.
The information system provides summary of information in a required format. The information system also has drill through facility to see the 2nd and 3rd tier of data.
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Communication Systems and Groupware – Information System Concepts that Apply in All Functional Areas of Business
February 12, 2025
