Information Technology and the Future Lab # 1: Creating a Decision Support Tool
ID: 3748363 • Letter: I
Question
Information Technology and the Future Lab # 1: Creating a Decision Support Tool In this hands-on work, you will use Excel to create a simple Decision Support System (DSS). You can learn more about these systems in your text. This class of system is needed when the decision is not structured. It supports decision makers at any level of management and can support several interdependentand/or sequential decisions. These systems can be adapted to changing conditions, are easy to construct and uses models and graphics. One of the most useful characteristics of these systems is the ability to conduct scenario, or "what-if" analysis REQUIRED .Selecta problem for the DSs, and clearly define the problem . Determine a minimum of three (3) possible solutions or Courses of Action (COA). Each COA must be clearly defined. Choose 5-10 criteria that will be used for the decision process. Each criterion must be defined. Set a scale for each criterion ranging from 1-5. You must define the scale for each criterion (i.e. a ranking of 1 will be given when...). You may choose to use "1" as highest, or "5" as highest, just be consistent Weight each criterion for its importance to your decision. You must explain the rationale behind your weights. . . . DELIVERABLES: .Lab Report: o Introduction to the problem o Discussion of the COAs that will solve the problem o The criteria used for decision making o The weights used for each criterion and the rationale behind those weights o The final decision you will make based on the results of your analysis . The spreadsheet solution (as a separate file)Explanation / Answer
A decision support system s a information system that supports decision-making activities of businesses. DSS helps the management to plan at operational and strategic level and help senior management to make decisions about problems that change in dynamic pace.
Excel is a spreadsheet but is also DSS as
1. There are add-ins like solver, statistical tools etc.
2. These tools along with spreadsheet helps you to devise a support system for management
3. You can store lot of unstructured data in Spreadsheet
4. Then these tools help you to analyse the data and generate statistical parameters as well as final outcome through solvers
5. Solver is powerful tool to solve decision problems where multiple constraints and decision variables are there.
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