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Decision Management
Decision management refers to the process of designing, building, and managing automated decision-making systems that support or replace human decision-making in organizations. It integrates business rules, predictive analytics, and decision modeling to streamline and automate operational decisions. These systems combine business rules and potentially machine learning to automate routine business decisions and are typically embedded in business operations where large volumes of routine decisions are made, such as fraud detection, customer service routing, and claims processing. Decision management differs from decision support systems in that its primary focus is on automating ''operational'' decisions, rather than solely providing information to assist human decision-makers. It incorporates technologies designed for real-time decision-making with minimal human intervention. Historical background The roots of decision management can be traced back to the expert systems and mana ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Support System
A decision support system (DSS) is an information system that supports business or organizational decision-making activities. DSSs serve the management, operations and planning levels of an organization (usually mid and higher management) and help people make decisions about problems that may be rapidly changing and not easily specified in advance—i.e., unstructured and semi-structured decision problems. Decision support systems can be either fully computerized or human-powered, or a combination of both. While academics have perceived DSS as a tool to support decision making processes, DSS users see DSS as a tool to facilitate organizational processes. Some authors have extended the definition of DSS to include any system that might support decision making and some DSS include a decision-making software component; Sprague (1980)Sprague, R;(1980).A Framework for the Development of Decision Support Systems" MIS Quarterly. Vol. 4, No. 4, pp. 1–25. defines a properly termed D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expert System
In artificial intelligence (AI), an expert system is a computer system emulating the decision-making ability of a human expert. Expert systems are designed to solve complex problems by reasoning through bodies of knowledge, represented mainly as if–then rules rather than through conventional procedural programming code. Expert systems were among the first truly successful forms of AI software. They were created in the 1970s and then proliferated in the 1980s, being then widely regarded as the future of AI — before the advent of successful artificial neural networks. An expert system is divided into two subsystems: 1) a ''knowledge base'', which represents facts and rules; and 2) an '' inference engine'', which applies the rules to the known facts to deduce new facts, and can include explaining and debugging abilities. History Early development Soon after the dawn of modern computers in the late 1940s and early 1950s, researchers started realizing the immense potential th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operations Research
Operations research () (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a branch of applied mathematics that deals with the development and application of analytical methods to improve management and decision-making. Although the term management science is sometimes used similarly, the two fields differ in their scope and emphasis. Employing techniques from other mathematical sciences, such as mathematical model, modeling, statistics, and mathematical optimization, optimization, operations research arrives at optimal or near-optimal solutions to decision-making problems. Because of its emphasis on practical applications, operations research has overlapped with many other disciplines, notably industrial engineering. Operations research is often concerned with determining the extreme values of some real-world objective: the Maxima and minima, maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost). Originating in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Rules Engine
A business rules engine is a software system that executes one or more business rules in a runtime production environment. The rules might come from legal regulation ("An employee can be fired for any reason or no reason but not for an illegal reason"), company policy ("All customers that spend more than $100 at one time will receive a 10% discount"), or other sources. A business rule system enables these company policies and other operational decisions to be defined, tested, executed and maintained separately from application code. Rule engines typically support rules, facts, priority (score), mutual exclusion, preconditions, and other functions. Rule engine software is commonly provided as a component of a business rule management system which, among other functions, provides the ability to: register, define, classify, and manage all the rules, verify consistency of rules definitions (”Gold-level customers are eligible for free shipping when order quantity > 10” and “ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Predictive Analytics
Predictive analytics encompasses a variety of Statistics, statistical techniques from data mining, Predictive modelling, predictive modeling, and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events. In business, predictive models exploit Pattern detection, patterns found in historical and transactional data to identify risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision-making for candidate transactions. The defining functional effect of these technical approaches is that predictive analytics provides a predictive score (probability) for each individual (customer, employee, healthcare patient, product SKU, vehicle, component, machine, or other organizational unit) in order to determine, inform, or influence organizational processes that pertain across large numbers of individuals, such as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Machine Learning
Machine learning (ML) is a field of study in artificial intelligence concerned with the development and study of Computational statistics, statistical algorithms that can learn from data and generalise to unseen data, and thus perform Task (computing), tasks without explicit Machine code, instructions. Within a subdiscipline in machine learning, advances in the field of deep learning have allowed Neural network (machine learning), neural networks, a class of statistical algorithms, to surpass many previous machine learning approaches in performance. ML finds application in many fields, including natural language processing, computer vision, speech recognition, email filtering, agriculture, and medicine. The application of ML to business problems is known as predictive analytics. Statistics and mathematical optimisation (mathematical programming) methods comprise the foundations of machine learning. Data mining is a related field of study, focusing on exploratory data analysi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Model And Notation
In business analysis, the Decision Model and Notation (DMN) is a standard published by the Object Management Group.OMG standard "Decision Model and Notation (DMN)"current version/ref> It is a standard approach for describing and modeling repeatable decisions within organizations to ensure that decision models are interchangeable across organizations. The DMN standard provides the industry with a modeling notation for decisions that will support decision management and business rules. The notation is designed to be readable by business and Information technology, IT users alike. This enables various groups to effectively collaborate in defining a decision model: * the business people who manage and monitor the decisions, * the business analysts or functional analysts who document the initial decision requirements and specify the detailed decision models and decision logic, * the technical Software developer, developers responsible for the automation of systems that make the decision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Artificial Intelligence
Artificial intelligence (AI) is the capability of computer, computational systems to perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. It is a field of research in computer science that develops and studies methods and software that enable machines to machine perception, perceive their environment and use machine learning, learning and intelligence to take actions that maximize their chances of achieving defined goals. High-profile applications of AI include advanced web search engines (e.g., Google Search); recommendation systems (used by YouTube, Amazon (company), Amazon, and Netflix); virtual assistants (e.g., Google Assistant, Siri, and Amazon Alexa, Alexa); autonomous vehicles (e.g., Waymo); Generative artificial intelligence, generative and Computational creativity, creative tools (e.g., ChatGPT and AI art); and Superintelligence, superhuman play and analysis in strategy games (e.g., ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service-oriented Architecture
In software engineering, service-oriented architecture (SOA) is an architectural style that focuses on discrete services instead of a monolithic design. SOA is a good choice for system integration. By consequence, it is also applied in the field of software design where services are provided to the other components by application components, through a communication protocol over a network. A service is a discrete unit of functionality that can be accessed remotely and acted upon and updated independently, such as retrieving a credit card statement online. SOA is also intended to be independent of vendors, products and technologies. Service orientation is a way of thinking in terms of services and service-based development and the outcomes of services. A service has four properties according to one of many definitions of SOA: # It logically represents a repeatable business activity with a specified outcome. # It is self-contained. # It is a black box for its consumers, meaning ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Process Management
Business process management (BPM) is the discipline in which people use various methods to Business process discovery, discover, Business process modeling, model, Business analysis, analyze, measure, improve, optimize, and Business process automation, automate business processes. Any combination of methods used to manage a company's business processes is BPM. Processes can be structured and repeatable or unstructured and variable. Though not required, enabling technologies are often used with BPM. As an approach, BPM sees processes as important assets of an organization that must be understood, managed, and developed to announce and deliver value-added products and services to clients or customers. This approach closely resembles other total quality management or continual improvement process methodologies. ISO 9000:2015 promotes the process approach to managing an organization. ...promotes the adoption of a process approach when developing, implementing and improving the effe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Intelligence
Decision intelligence is an engineering discipline that augments data science with theory from social science, decision theory, and managerial science. Its application provides a framework for best practices in organizational decision-making and processes for applying computational technologies such as machine learning, natural language processing, reasoning, and semantics at scale. The basic idea is that decisions are based on our understanding of how actions lead to outcomes. Decision intelligence is a discipline for analyzing this chain of cause and effect, and decision modeling is a visual language for representing these chains. A related field, decision engineering, also investigates the improvement of decision-making processes but is not always as closely tied to data science. Origins and technologies Decision intelligence is based on the recognition that, in many organizations, decision-making could be improved if a more structured approach were used. Decision intellige ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Operations Research
Operations research () (U.S. Air Force Specialty Code: Operations Analysis), often shortened to the initialism OR, is a branch of applied mathematics that deals with the development and application of analytical methods to improve management and decision-making. Although the term management science is sometimes used similarly, the two fields differ in their scope and emphasis. Employing techniques from other mathematical sciences, such as mathematical model, modeling, statistics, and mathematical optimization, optimization, operations research arrives at optimal or near-optimal solutions to decision-making problems. Because of its emphasis on practical applications, operations research has overlapped with many other disciplines, notably industrial engineering. Operations research is often concerned with determining the extreme values of some real-world objective: the Maxima and minima, maximum (of profit, performance, or yield) or minimum (of loss, risk, or cost). Originating in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
