An Introduction to Decision Support System (DSS)
A decision support system (DSS) is defined as the method used to represent data in a different perception as to ease making decisions based on it. It is not that simple to make the right judgement in the business world. It needs to be based on the quality of the data and proceed with a scan through the data and analysing it to find ways for business solutions and strategies. DSS is available now in a computer software form together with a human component that can execute a large size of data and select among the many choices.
Although many people think that the decision support system is just an extra tool for the business, most of the companies have actually started to implement this system as part of their daily operation activities. These companies often download and analyse large sales data, sales forecasts and budget sheets and go ahead to update their strategy once the current results have been analysed and evaluated in full detail.
The main goal of the decision support system is to collect the data, then analyse and shape the collected data to try to make the right decisions or plan for strategies based on the result of the analysis. It does not really matter whether people, databases or even computers are involved in the decisions making as it is just a simple procedure of gathering raw unstructured data to aid in the process of decision making.
One should be reminded that the computers and artificial intelligence is the one behind the screen that is assisting to program all these data. Even so this is happening; it is yet dependable on us humans to execute the operations. We have to pick and choose the correct data, analyse and comprehend the data to come up with a usable hypothesis.
Questions and Answers
The secret to making effective decisions is to limit the data overwhelm and to ensure that all the data you utilise to guide you when making any decisions, is correctly analysed and processed before you even see it. It is also crucial that you turn the volume up on your own leadership intuition and that you once again learn to trust your experience and follow your gut feel. Flex your decision making muscle as often as possible. Become decisive and trust yourself.
Making the right decision every time is probably the toughest challenge faced by any company director. Unless 'up to the minute' business information is available at their fingertips the average company director simply has to rely on guesswork. Okay, these may be 'educated' guesses but, believe it or not, there is a much better way to run a business.
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Data-driven management yields better results for business and getting started is easier than you may think, writes Mr. Dhiraj Rajaram, CEO of Mu Sigma, provider of analytics services such as marketing analytics, risk analytics and supply chain analytics.
All of us have to make decisions on problems ranging on a continuum from the very simplest to the most difficult in life. It is with this thought in mind that I developed "2PFCA" decision making technique. I hope that it will be of assistance to my readers for organizing and analyzing (SPs) for logical decision makings.
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