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Decision Making

XYZ

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Aamina Khatoon
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9 views5 pages

Decision Making

XYZ

Uploaded by

Aamina Khatoon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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A **framework for decision support in a business** is a system or structure that helps people in a

company make better decisions. It combines data, tools, and processes to guide decisions. Here's a
simple way to think about it:

1. **Data Collection**: Gather relevant information, such as sales data, customer feedback, market
trends, etc.

2. **Data Analysis**: Use tools and methods (like reports, charts, or software) to analyze the data and
find patterns or insights.

3. **Decision-Making Tools**: These are the systems or tools that help turn the analysis into actionable
decisions. This could include:
- **Forecasting models** (predicting future trends)
- **What-if analysis** (exploring different scenarios)
- **Risk assessment tools** (measuring potential risks)

4. **Collaboration**: Involve key stakeholders or team members to discuss the findings and make
decisions together.

5. **Action and Follow-up**: After making a decision, implement it and track the results to see if it
works. If needed, adjust the decision based on new information.

In simple terms, it’s a system that helps a business make smarter decisions by using data, tools, and
collaboration.
A **framework for decision support in a business** is a set of steps or tools that help people in a
company make good decisions. Here’s how it works in simple terms:

1. **Collect Information**: Gather all the important facts and data, like sales numbers or customer
opinions.

2. **Look at the Data**: Use tools (like charts or reports) to understand the data and find patterns or
trends.

3. **Make Tools to Help Decide**: Use things like calculators, predictions, or risk checklists to help
decide what to do next.

4. **Work Together**: Involve the right people to discuss the options and make a decision together.

5. **Take Action and Review**: Once the decision is made, put it into action and keep track of how it’s
working. If needed, change things based on results.

In short, it’s a process that helps businesses make smart choices by using information, tools, teamwork,
and review.
A **Management Support System (MSS)** is a set of tools or software that helps managers make
decisions and solve problems in a business. It takes data from different areas of the company and
presents it in an easy-to-understand way, so managers can make informed choices.

Here's a simple breakdown of how it works:

1. **Collects Data**: MSS gathers information from various sources like sales, customer feedback,
financial reports, etc.

2. **Organizes Data**: It organizes that data into reports, charts, or dashboards that make it easier for
managers to see trends and important details.

3. **Supports Decision-Making**: It helps managers by providing information that answers questions


like, “What’s happening in the business?” or “What should we do next?”

4. **Helps with Planning**: It can also help managers predict future outcomes based on past data and
trends, making it easier to plan for the future.

In short, a **Management Support System** helps managers make better decisions by providing useful
information in a clear and organized way.
A **Management Support System (MSS)** is a tool that helps managers make better decisions in a
business. It gathers important information, organizes it, and shows it in a simple way so managers can
understand it easily.

Here’s how it works:

1. **Collects Information**: It gets data from different parts of the business, like sales or customer
feedback.

2. **Organizes the Data**: It arranges the information into easy-to-read reports or charts.

3. **Helps Managers Decide**: It helps managers see the important details and make smart choices
based on that information.

4. **Plans for the Future**: It can also show trends or make predictions, helping managers plan ahead.

In short, an MSS makes decision-making easier for managers by giving them clear and useful
information.

The **attributes** of a **Management Support System (MSS)** are the key features that make it
useful for managers in making decisions. Here are some simple attributes:

1. **Data Collection**: It gathers data from different sources like sales, customer feedback, and
performance reports.

2. **Data Organization**: It organizes the collected data in a way that is easy to understand, like charts,
graphs, or tables.

3. **Real-Time Information**: It provides up-to-date information so managers can make decisions


based on the most current data.

4. **User-Friendly**: It is easy for managers to use, even if they aren’t experts with technology.

5. **Decision Support**: It helps managers make better decisions by giving them relevant, clear, and
important information.

6. **Forecasting**: It can predict future trends or outcomes based on past data, helping managers plan
ahead.

7. **Customizable**: It can be adjusted to fit the specific needs or preferences of different managers or
departments.

8. **Reports and Analysis**: It helps generate detailed reports or analyze the data to spot trends,
opportunities, or problems.

These attributes make an MSS an important tool for managers, helping them make better decisions and
plan effectively for the future.

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