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Info Systems Notes for the Final (power point from teacher with notes from student expandingon book)Case 10 (Lab)Chapter 1Chapter 2Chapter 3Case 13 (Lab)Chapter 4Chapter 5Case 16 (Lab)Midterm Review Slides and Examples Questions*Chapter 6A decision is simply a choice among alternatives.Examples:deciding on a college majordeciding on a restaurant for dinnerdeciding on a new product to launchGood decision making requires good information and the skills and tools to appropriately analyze the relevant informationDecision making can be seen as choosing alternative inputs (decision variables) based on target outputs with varying levels of information about the process that generates outputs from inputsExample: You are a CEO at a electronics company and your target output is to increase revenuesYou are considering to introduce a new product (a smartwatch) to achieve the target output (higher revenue). Hence, your input is whether or not to introduce a smartwatch. You need to gather information on how the values of input (smartwatch/no smartwatch) will effect the output (revenue)While deciding on a College Major the alternatives for decision making are: A.Various costsB.Different majorsC.Starting salariesD.Long-term prospectsStructured or Programmed Decisions: Decisions that are routine and repetitive, and often have a well-defined procedure Example: Manager of a fast food restaurant needs to decide on the number of hamburger buns to buy for tomorrowTarget Output: Very low probability (<5%) that the restaurant will run out of hamburger buns tomorrowInput: Potential number of hamburger buns (decision variable)Process Information: Effect of the day of the week and month on salesEffect of local events on salesEffect of weather on salesConstraints on the number of hamburger bunsManager could programa spreadsheet that would output the probability of a stockout given a certain number of hamburger buns for each dayInfo Systems Notes for the Final (power point from teacher with notes from student and expansion on book)* = Not on the Mid Term
Unstructured or Non-programmed Decisions: Decisions that are novel and do not have a preexisting procedureExample:Decision to introduce a new smartwatch by an electronics companySemi-structured Decisions: Decisions that have some elements that are structured and other elements that are unstructuredExample:Planning annual compensation for employees in a large companySome structured decisions can be automated leading to what is called automated decisions making.