Decisions and Processes Value Driven Business

Question: 1. What are the similarities and differences between sensitivity analysis, what-if analysis, and goal seeking analysis? Provide business examples of when you would use each.2. What is artificial intelligence and what are the five main types of AI and their uses. 3.In what ways are business process improvements, streamlining and reengineering different? How are they used in a company and what benefits do they create? 4. Classify the different operational support systems, managerial support systems, and strategic support systems, and explain how managers can use these systems to make decisions and gain competitive advantages. 5. Discuss the importance of decision making for managers at each of the three main organizational levels and apply business process reengineering to a real life example. In your discussion, be sure to analyze the associated decision characteristics and motivations for use. 5. Discuss the importance of Decision Making? Answer: 1: Similarities and differences between sensitivity analyses, what-if analysis and goal seeking analysis. Business Examples Sensitivity analysis is the particular study which states how uncertainty in a particular output of specific mathematical system is apportioned to separate sources of the uncertainty in inputs. Sensitivity analysis is useful for different purposes as well such as testing robustness of results of a specific model in significant presence of uncertain scenarios (Yeung, 2010). Sensitivity analysis is also done to understand the relationship among input concerned output variables of a particular model or system. The function of what-if analysis is completely different than that of sensitivity analysis. It is basically the process of altering values in different cells to observe how these changes affect the possible outcome of different formulas on worksheet (Cornell, 2006). If goal seeking analysis is discussed, it is the process to calculate bit backward for obtaining a certain input which would result into given output. As far example is concerned about, Tesco, one of the leading retai l brands in United Kingdom, use all these analyses to conduct their business. 2: What is artificial intelligence and what are the five main types of AI and their uses Artificial Intelligence is basically the particular intelligence which is exhibited by software or machines. Its an academic study which discusses goal to create intelligence. Artificial intelligence (AI) is the study to design intelligent agents where intelligent agent is the particular system which perceives its own environment and implement appropriate actions to maximize systems chances for getting success(Berlatsky, 2011). AI research study is supremely specialized and technical and subdivided into separate fields which fail to interact and communicate among each other. As different subfields of artificial intelligence are discussed here, it is mainly of five types. The five main areas where artificial intelligence works are intelligence systems, demons, knowledge, agents and expert systems. All of these are different types of intelligence software which are implemented by different business organizations to get success in their respective fields (Harris, 2011). 3: Business process improvements, streamlining and reengineering and their uses Several business organizations use process of business improvements, streamlining and reengineering to perform business activity of the organization in proper manner. Business process improvement is the systemic method to assist a business organization to optimize companys underlying procedures to get more effective outcomes (Brocke and Rosemann, 2010). Different business organizations implement several business process improvement (BPI) steps to get desired result of the organization. However streamlining is completely different process than that of business process improvement (BPI). Each and every business organization want to standardize their regular business activities in a particular fashion so that it can achieve certain desired business goals within stipulated period of time. This process is basically called as streamlining process (Lyons, 2012). Several business organizations also implement methods of reengineering in their business. Reengineering process primarily refers t o conduct different sets of troubleshooting in the business. To conduct different business activities, companies may face different issues in the business. Business companies conduct reengineering processes to troubleshoot those business issues of the organization with good effect. 4. Classification of different operational support systems, managerial support systems and strategic support systems Different business organizations implement several operational support systems to assist various management functions such as service provisioning, network inventory, network configuration and most importantly fault management of the organization. Business operations support systems (OSS) also assist in different telecommunication service system of the organization. OSS has its own data as well as service responsibilities (Kyriazoglou, 2010). On the other hand, managerial support systems help management or governing body of the organization in different management or decision-making aspects. It generally extends information retrieval capacities of the organization with the help of query analysis function to search a particular database which generates various what-if scenarios and other objectives as well within the organization. 5. Discuss the importance of decision making for managers At main organizational levels, managers of the business organization should take proper decisions to conduct few aspects of the organization properly. Those aspects are proper utilization of resources, facing and mitigating different business issues, growth and development of the business, achieving business objectives, increasing efficiencies of manpower group, facilitating corporate innovation, motivating employees as well(Mancini, et.al., 2013). Business managers should take proper decisions to utilize resources of the business. Generally in a business organization, there are mainly six resources which are men, materials, money, methods, machines and markets (Marburger and Peterson, 2013). Eventually managers of the business entities should take proper decisions to utilize all these six resources with best possible effects. Business managers should also take decisions in such a way so that business organizations should attain its business objectives within stipulated period. As f ar as examples are concerned, Tesco, one of the leading retail brands in United Kingdom, have formed their governing body or management group in such a way so that it can use all available resources properly. References: Berlatsky, N. (2011).Artificial intelligence. Detroit: Greenhaven Press. Brocke, J. and Rosemann, M. (2010).Handbook on business process management 2. Berlin: Springer. Cornell, P. (2006).Beginning Excel what-if data analysis tools. Berkeley, CA: Apress. Harris, M. (2011).Artificial intelligence. New York: Marshall Cavendish Benchmark. Kyriazoglou, J. (2010).IT Strategic and Operational Controls. Ely. Lyons, R. (2012).Streamlining digital signal processing. Hoboken, N.J.: Wiley. Mancini, D., Vaassen, E. and Dameri, R. (2013).Accounting information systems for decision making. Berlin: Springer. Marburger, D. and Peterson, R. (2013).Economic Decision Making Using Cost Data. USA: Business Expert Press. Yeung, D. (2010).Sensitivity analysis for neural networks. Heidelberg: Springer.