Answered: Discuss how business intelligence and…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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First, read a Content on Data and How Information Supports Decision Making, paying particular attention to the Levels of Decision Making. For this discussion, we will use a retail business as an example. The retail business will consist of corporate headquarters, regions (oversees several stores in a geographic area), and individual stores. Each of these aligns with one of the three levels of decision makers in an organization. Select one of the levels of decision making and identify one decision that a manager at that level might make. The decision must relate to the retail business and what it does. Then, explain what information a manager at that level might get from the IT systems, such as inventory management or customer information system, to aid in making that decision.
Describe a problem or decision you might face in your personal or professional life and share which decision-making method from chapter 3 of your textbook you would use to resolve it. Why is it important to ask questions when problem-solving? Why do many employers specifically seek employees who are excellent problem-solvers?
Give an explanation of the importance of knowledge management in an organization's decision-making process, along with supporting justification.
What are the key elements of effective decision-making, and how can managers develop the skills required to make sound decisions in a wide range of contexts?
Your Task For each scenario, discuss the following: - What is the issue (there may be more than 1)? - Who are the parties affected? - List and explain 2 alternatives for handling each situation o Discuss 2 pros and 2 cons for each alternative - What is your conclusion? Discuss the best way to handle each situation - use reasoning to justify your decision Situation You are the owner of a small craft store. When doing the scheduling, you put Judi on the Friday shift. On Tuesday, Judi comes to you and says that she cannot work. You remind Judi that she needs to tell you the days she is unavailable at least one week in advance. You insist that she work on Friday. At 7:00 a.m. on Friday, Judi calls in sick. You must take Judi's shift-giving up your only day off. When making deliveries for the store, you see Judi eating lunch on Friday in a local restaurant.
Give examples of heuristics that you use in decision making.

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Discuss how business intelligence and business analytics can help support decision-making. Explain with one detailed example