Decisions and Artificial Intelligence in Management Systems

These flashcards cover terminology and key concepts related to decision-making processes and the role of artificial intelligence in management systems.

Types of Decisions

Unstructured, structured, and semi-structured decision types that vary in their complexity and the clarity of their solutions.

Decision-Making Process

The four main stages include Intelligence, Design, Choice, and Implementation.

Business Intelligence

Strategies, technologies, and practices for the collection, integration, analysis, and presentation of business information to support business decision-making.

Expert Systems

AI systems that capture human expertise in a limited domain by expressing knowledge as a set of rules.

Machine Learning

A type of AI where computers improve performance by learning patterns from data.

Neural Networks

Systems that mimic the way biological brains process information, useful for complex problem-solving.

Genetic Algorithms

Optimization techniques that simulate evolutionary processes to find the best solutions among many alternatives.

Natural Language Processing

Software that processes human language for voice or text understanding and interaction.

Operational Intelligence

Real-time data analytics that support day-to-day decision-making through monitoring and usage of IoT data.

High-Velocity Automated Decision Making

Decision-making processes managed by algorithms to make rapid decisions, often seen in automated trading systems.

Quality of Decisions

Measured by six dimensions: Accuracy, Comprehensiveness, Fairness, Speed, Coherence, and Due process.