The Components of a Decision Support System

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(i)Data Management Component. The data management component performs the function of storing and maintaining the information that you want your Decision Support System to use. The data management component, therefore, consists of both the Decision Support System information and the Decision Support System database management system. The information you use in your Decision Support System comes from one or more of three sources:

Organizational information: One may want to use virtually any information available in the organization for your Decision Support System. What you use, of course, depends on what you need and whether it is available. You can design your Decision Support System to access this information directly from your company’s database and data warehouse. However, specific information is often copied to the Decision Support System database to save time in searching through the organization’s database and data warehouses.

External information: Some decisions require input from external sources of information. Various branches of federal government, Dow Jones, Compustat data, and the internet, to mention just a few, can provide additional information for the use with a Decision Support System.

Personal information:You can incorporate your own insights and experience your personal information into your Decision Support System. You can design your Decision Support System so that you enter this personal information only as needed, or you can keep the information in a personal database that is accessible by the Decision Support System.

(ii)Model Management Component.The model management component consists of both the Decision Support System models and the Decision Support System model management system. A model is a representation of some event, fact, or situation. As it is not always practical, or wise, to experiment with reality, people build models and use them for experimentation. Models can take various forms.

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