Here’s the presentation from Dr. Lakshmi Mohan’s class on Business Intelligence.
Download the PowerPoint presentation.
Perhaps the most important lesson we learnt during this lecture is the concept of “Satisficing.” Satisficing means, to select a satisfactory decision with limited information in a limited time instead of searching for the best solution entailing more time and information. A good Decision Support System (DSS) can give you information in great depth, but it’s up to you to draw the line somewhere. It’s prudent to not fall into the “analysis paralysis” trap in striving for the ideal decision – there usually isn’t one, because a business environment is quite complex and dynamic. The trick is to know when to stop drilling down and this knowledge comes with experience, as you become responsible for more and more decisions.
That said, I believe that decision making is the most important trait an individual must have. And remember, when you own the choices (or decisions) you make, you also own their consequences.
What do you think?