Assignment 1 IT 445 1) Managers usually make decisions by following a four-step
ID: 3583830 • Letter: A
Question
Assignment 1 IT 445 1) Managers usually make decisions by following a four-step process. What are the steps? 2) According to Simon (1977), managerial decision making is synonymous with the entire management process. Give a working definition of decision making. 3) A scenario is a statement of assumptions about the operating environment of a particular system at a given time; that is, it is a narrative description of the decision-situation setting. What does a scenario describe, and what may it also provide? 4) What is the definition of a data warehouse (DW) in simple terms? 5) What is the definition of a data mart? 6) List five types of specialized charts and graphs.Explanation / Answer
Answer :
The four steps which very helpful in decision making are:
Decision making:
Decisions are made at every level of management to ensure organizational or business goals are achieved. Further, the decisions make up one of core functional values that every organization adopts and implements to ensure optimum growth and drivability in terms of services and or products offered. Trewatha & Newport defines decision making process as follows:
“Decision-making involves the selection of a course of action from among two or more possible alternatives in order to arrive at a solution for a given problem”.
Decision making process is a consultative affair done by a comity of professionals to drive better functioning of any organization. Thereby, it is a continuous and dynamic activity that pervades all other activities pertaining to the organization. Since it is an ongoing activity, decision making process plays vital importance in the functioning of an organization. Since intellectual minds are involved in the process of decision making, it requires solid scientific knowledge coupled with skills and experience in addition to mental maturity
Data Warehouse :
A data warehouse is a repository for all the data that an enterprise's various business systems collect. The repository may be physical or logical.It usually contains historical data derived from transaction data, but it can include data from other sources. It separates analysis workload from transaction workload and enables an organization to consolidate data from several sources.
Data Mart:
A data mart is a repository of data that is designed to serve a particular Business function/process.
Data warehouse is central repository while data mart is meant for some specific department .
Five different types of charts and graphs:
Flow Charts
Pie Chart
Line Graphs
Time Series Graphs
Bar Graphs
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