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Dan Power

Greetings to all of my friends who work in the area of computerized decision support. This blog is a way for me to share stories from my encounters related to decision support, to comment on industry events, and to comment on other blogger's comments, especially those of my friends on the Business Intelligence Network. I'll try to state my opinions clearly and provide an old professor's perspective on how computers and information technology are changing the world. Decision making has always been my focus, and it will be in this blog as well. Your comments, feedback and questions are welcomed.

About the author >

Daniel J. "Dan" Power is a Professor of Information Systems and Management at the College of Business Administration at the University of Northern Iowa and the editor of DSSResources.com, the Web-based knowledge repository about computerized systems that support decision making; the editor of PlanningSkills.com; and the editor of DSS News, a bi-weekly e-newsletter. Dr. Power's research interests include the design and development of decision support systems and how these systems impact individual and organizational decision behavior.

Editor's Note: More articles and resources are available in Dan's BeyeNETWORK Expert Channel. Be sure to visit today!

by Daniel J. Power
Editor, DSSResources.com 

A recent Capgemini (2012) study found that 9 out of 10 business leaders "believe data is now the fourth factor of production, as fundamental to business as land, labor and capital." That report concludes "Big Data represents a fundamental shift in business decision making." Data-driven decision making refers to the collection and analysis of data to guide or make decisions. Data has been used to support structured decisions since people began collecting and recording data. High velocity data can potentially improve routine, reoccurring decisions, but the impact on unstructured strategic decisions is less certain. Some vendors broadly assert that big data and statistical analysis will be helpful for "all" decisions if we are creative in using data. Decisions are choices among options, but some choices are more complex and difficult than others and some options are ambiguous and poorly defined.

Continue reading at http://dssresources.com/faq/index.php?action=artikel&id=314

Please cite as:

Power, D. J. "What is data-driven decision making?" Decision Support News, Vol. 15, No. 23, November 9, 2014 at URL http://dssresources.com/newsletters/383.php

Posted November 9, 2014 10:57 AM
Permalink | 1 Comment |

1 Comment

With the number of internet users to surge going forward,there will an enormous amount of data generated and it would be only wise for the organization to prudently interpret these data and take business decisions.

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