BUSINESS INTELLIGENCE AND BUSINESS DECISIONS
Q. 3. Design BI System fraud detection. Explain all steps from data collection to decision making.
Ans : Steps From Data Collection to Decision Making:
(1) Data Collection (2) Data Analysis
(3) Interpretation (4) Decision Making
(1) Data Collection: Data collection is concerned with the accurate acquisition of data; although methods may differ depending on the field, the emphasis on ensuring accuracy remains the same. The primary goal of any data collection endeavour is to capture quality data or evidence that easily translates to rich data analysis that may lead to credible an conclusive answers to questions that have been posed.
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(2) Data Analysis: Analysis of the data includes simple query and reporting, statistical analysis, complex multidimensional analysis, and data mining Data analysis and data mining are a subset business intelligence (BI), which also incorporate data warehousing, database management systems and Online Analytical Processing (OLAP).
(3) Data Interpretation: Data interpretation is part daily life for most people. Interpretation is the process of making sense of numerical data that he been collected, analyzed, and presented.
(4) Decision Making : Data driven making (DDDM) involves making decisions that are backed up by hard data rather than making decisions that are intuitive or based on observation alone.
Q.4 What is Business Intelligence ? Write down the components of BI .
Or Why DSS are considered crucial for the long-term success of any business ?
Or What do you understand by Business Intelligence ?
Ans: Business Intelligence: Business intelligence (BI) is a set of theories, methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information for business purposes. BI represents the tools and systems that play a key role in the strategic planning process of the corporation. These systems allow a company to gather, store, access and analyze corporate data to aid in decision-making. BI can handle large amounts of information to help identify and develop new opportunities. Generally these systems will illustrate business intelligence in the areas of customer profiling, customer support, market research, market segmentation, product profitability, statistical analysis, and inventory and distribution analysis. Making use of new opportunities and implementing an effective strategy can provide a competitive market advantage and long-term stability.
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Most companies collect a large amount of data from their business operations. To keep that information, a business would need to use a wide range of software programs, such as excel, access and different database applications for various departments throughout their organization. Using multiple software programs makes it difficult to retrieve information in a timely manner and to perform analysis of the data. BI technologies provide historical, current and predictive views of business Operations. Common functions of business intelligence technologies are reporting, Online Analytical Processing, Analytics, Data mining, Data Warehousing, Business Process Reengineering and Benchmarking.
Components of BI: The main components of business intelligence are:
(1) Data Warehouse: Holds data obtained from internal sources as well as external sources. The internal sources include various operational system
(2) Business Analytics: Creates a report as and when required through queries and rules. Data mining also another important aspect of business analytics.
(3) Business Performance Management: Business Performance Management is a linkage of data wit business objectives for efficient tracking. Th business performance is then broadcasted to executive decision-making body through dashboard and share-point.
Q.5. Explain the concept of decision support system ?
Or Discussion DSS ?
Or What are characteristics of the Decision support system ?
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