After completing this chapter, students will be able to: Explain why competitive advantages are typically temporary, list and describe each of the five forces in Porter’s Five Forces Model, compare Porter’s three generic strategies, describe the relationship between business processes and value chains. | CHAPTER TWO DECISIONS AND PROCESSES VALUE DRIVEN BUSINESS CHAPTER TWO OVERVIEW SECTION – Decision Support Systems Making Business Decisions Metrics: Measuring Success Support: Enhancing Decision Making with MIS The Future: Artificial Intelligence SECTION – Business Processes Evaluating Business Processes Models: Measuring Performance Support: Enhancing Business Processes with MIS The Future: Business Process Management SECTION DECISION SUPPORT SYSTEMS LEARNING OUTCOMES Explain the importance of decision making for managers at each of the three primary organization levels along with the associated decision characteristics Define critical success factors (CSFs) and key performance indicators (KPIs), and explain how managers use them to measure the success of MIS projects Classify the different operational, managerial, and strategic support systems, and explain how managers can use them to make decisions & gain competitive advantage Describe artificial . | CHAPTER TWO DECISIONS AND PROCESSES VALUE DRIVEN BUSINESS CHAPTER TWO OVERVIEW SECTION – Decision Support Systems Making Business Decisions Metrics: Measuring Success Support: Enhancing Decision Making with MIS The Future: Artificial Intelligence SECTION – Business Processes Evaluating Business Processes Models: Measuring Performance Support: Enhancing Business Processes with MIS The Future: Business Process Management SECTION DECISION SUPPORT SYSTEMS LEARNING OUTCOMES Explain the importance of decision making for managers at each of the three primary organization levels along with the associated decision characteristics Define critical success factors (CSFs) and key performance indicators (KPIs), and explain how managers use them to measure the success of MIS projects Classify the different operational, managerial, and strategic support systems, and explain how managers can use them to make decisions & gain competitive advantage Describe artificial intelligence and identify its five main types MAKING BUSINESS DECISIONS Managerial decision-making challenges Analyze large amounts of information Apply sophisticated analysis techniques Make decisions quickly The Decision-Making Process The six-step decision-making process Problem identification Data collection Solution generation Solution test Solution selection Solution implementation Decision-Making Essentials Decision-making and problem-solving occur at each level in an organization Decision-Making Essentials Operational decision making - Employees develop, control, and maintain core business activities required to run the day-to-day operations Structured decisions - Situations where established processes offer potential solutions OPERATIONAL Decision-Making Essentials Managerial decision making – Employees evaluate company operations to identify, adapt to, and leverage change Semistructured decisions – Occur in situations in which a few established processes help to .
