Business Research and Effective Decision Making

Business Research and Effective Decision Making

Good business research leads to better decision making. Managers make strategic, tactical, and operational decisions. Through the collection of accurate data such decisions can be more effective. In order to take the right decision a manager needs to be able to identify the problem, solve it, and seek opportunities at the same time. In strategic decisions long-term goals are made. Such goal oriented decisions require strategy, tactics, information collected from decision support systems, and business intelligence.

Thesefuture goals lead managers to rely on past experience and instinct. Tactical decisions call for actions to be taken, therefore they require accurate information so the decisions are based on facts. Operational decisions are day-to-day business functions and require both strategic and tactic planning to generate effective decisions. Business intelligence is also needed for effective decision making because it gives the manager access to information through technology and resources. “By having accurate information, decisions are more likely to be based on facts, sound reasoning and intelligence” (Tiwary, 2008).

The concept of Business Intelligence system

The idea behind this article is the development of a business intelligence system that can store business information. It is the idea that the gathering of information real-time is a problem for executives forced to make decisions in a timely fashion. The subject is broken down into four different topics of concern. The topics are: concept of the system, system architecture, system lifecycle, design model, and criteria to evaluate the system.

The Business Intelligence system is responsible to gather, track, store, and analyze information. This system will allow executives to had information that can be used to set strategic goals for their companies. The system architecture is divided into three parts: data management, model management, and data...