Research the different tools and technical software used in managerial decision-making. Evaluate and compare two or three types. Write a paper with your audience being the CEO and Board of Directors that discusses the two types and your recommendation of the one to purchase. Give examples and specifics that may convince top management to go with your choice. You may use the previous companies you have written about or a company you are familiar with for examples.
Support your paper with the required reading articles for this week and two other researched sources.
Applying information technology as a tool for decision-making is one of the most important tools a manager can have. Information technology can provide decision support systems known as (DSS) and artificial intelligent agents known as (AI) to dig into data and make data-driven decisions. Technology can reduce hours of work otherwise compiled through a manual task. Another benefit from information technology is the vast amount of information with fast response time.
Knowledge based or evidence based decisions are providing organizations with reliable and predictable information to make precise decisions to meet organizational goals. This area of decision-making is utilized in many industries by managers. For example, the medical industry is continually striving to meet higher standards set by regulators. Vehicles and housing are constantly set to meet higher standards in emissions and solar efficiency. The list goes on into nearly every industry. Technology plays a paramount part of the ability to keep up with changing times.
In the article for this week’s reading Ahang, C., Shou, G., Lu, Q. and Chang. F. (2017) describe pre-existing knowledge buried in manufacturing enterprises as being an immense help to decision-makers for product innovation. Using technology and graph-based decisions are utilized to create knowledge maps and knowledge navigation that generates information on products during various stages of the lifecycle.