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The Role of Information in Decision Making

Copyright © 2008. 7 pages.
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DOI: 10.4018/978-1-59904-843-7.ch087
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MLA

Shinnick, Edward and Geraldine Ryan. "The Role of Information in Decision Making." Encyclopedia of Decision Making and Decision Support Technologies. IGI Global, 2008. 776-782. Web. 31 Oct. 2014. doi:10.4018/978-1-59904-843-7.ch087

APA

Shinnick, E., & Ryan, G. (2008). The Role of Information in Decision Making. In F. Adam, & P. Humphreys (Eds.) Encyclopedia of Decision Making and Decision Support Technologies (pp. 776-782). Hershey, PA: Information Science Reference. doi:10.4018/978-1-59904-843-7.ch087

Chicago

Shinnick, Edward and Geraldine Ryan. "The Role of Information in Decision Making." In Encyclopedia of Decision Making and Decision Support Technologies, ed. Frederic Adam and Patrick Humphreys, 776-782 (2008), accessed October 31, 2014. doi:10.4018/978-1-59904-843-7.ch087

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Abstract

The advent of the World Wide Web and other communication technologies has significantly changed how we access information, the amount of information available to us, and the cost of collecting that information. Individuals and businesses alike collect and interpret information in their decision-making activities and use this information for personal or economic gain. Underlying this description is the assumption that the information we need exists, is freely available, and easy to interpret. Yet in many instances this may not be the case at all. In some situations, information may be hidden, costly to assimilate, or difficult to interpret to ones own circumstances. In addition, two individuals who look at the same information can reach different conclusions as to its value. One person may see it as just a collection of numbers, another sees a market opportunity. In the latter case, information is used in an entrepreneurial way to create a business opportunity. Advances in technology have created opportunities to do this by creating information systems that can support business decision-making activities. Such decision support systems are playing an increasingly important role in determining not only the efficiency of businesses but also as business opportunities themselves through the design and implementation of such systems for other markets and businesses. However all is not easy as it may first seem. Quality decision making and effective decision support systems require high quality information. The implicit assumption in talking about decision support systems is that the required information is always available. It is somewhere “out there” and must just be collated to make use of it. However, very often this is not the case. Information that is scarce or inaccessible is often more valuable and can be the very reason for many firm’s existence. The importance for firms to process information to do with its business environment on issues such as, market trends, events, competitors, and technological innovations relevant to their success is prevalent in the management and IS literature.1 The theme of this article is to analyse the role information plays in managerial decision making at individual, group, and firm level from an economics perspective. We argue that access to information is essential for effective decision making and look at problems associated with insufficient information; the effects that such information deficits have in shaping and designing markets are then explored. We start by exploring the nature of information and the issue of asymmetric information. We examine the different solutions put forward to address information deficits, such as advertising, licensing, and regulation. Finally we conclude by outlining likely future research in markets with information deficits.
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Complete Chapter List

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Chapter 1
Arkadiusz Januszewski
The selection of the right cost calculation method is of critical importance when it comes to determining the real product profitability (as well as... Sample PDF
Activity-Based Costing System for a Small Manufacturing Company: A Case Study
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Chapter 2
Zita Zoltay Paprika
Many management scholars believe that the process used to make strategic decisions affects the quality of those decisions. However, several authors... Sample PDF
Analysis and Intuition in Strategic Decision Making: The Case of California
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Chapter 3
John Wang, Chandana Chakraborty, Huanyu Ouyang
The challenges of evaluation and decision making are encountered in every sphere of life and on a regular basis. The nature of the required... Sample PDF
The Analytic Hierarchy Process: Structuring, Measurement, and Synthesis
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Chapter 4
Sven A. Carlsson
Commentators on decision support and decision support systems (DSS) have called for serious discussion of the discourses underpinning decision... Sample PDF
An Attention-Based View on DSS
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Chapter 5
Ricardo Colomo Palacios, Juan Miguel Gómez Berbís, Ángel García Crespo
The balanced scorecard (BSC) harnesses the potential of checking and verifying the status of a company by evaluating and carefully assessing... Sample PDF
Balanced Scorecard Concepts, Technology, and Applications
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Chapter 6
Maria Eugénia Captivo, João Clímaco, Sérgio Fernandes
In location problems we want to determine the best way to serve a set of clients, or communities, whose location and demand are known. This implies... Sample PDF
A Bi-Criteria DSS Dedicated to Location Problems
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Chapter 7
Amit V. Deokar, Omar F. El-Gayar
The complexities involved in managing intrafunctional as well as interfunctional activities have triggered many organizations to deploy large... Sample PDF
Business Process Management Systems for Supporting Individual and Group Decision Making
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Chapter 8
Sergio F. Ochoa, José A. Pino
An urgent challenge confronting society today is the vulnerability of urban areas to “eXtreme” Events (XEs) (Mileti, 1999; CWR, 2002; Godschalk... Sample PDF
Challenges for Decision Support in Urban Disaster Scenarios
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Chapter 9
Malcolm J. Beynon
The classification and ranking belief simplex (CaRBS), introduced in Beynon (2005a), is a nascent technique for the decision problems of object... Sample PDF
Classification and Ranking Belief Simplex
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Chapter 10
Thomas Madritsch, Michael May, Herwig Ostermann, Roland Staudinger
Nowadays facility management (FM) and real estate activities contribute to about 5-10% of the gross domestic product (GDP) of advanced... Sample PDF
Computer Aided Facility Management (CAFM) as a New Branch of Decision Making Support Technologies in the Field of Facility Management
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Chapter 11
Alexandre Gachet, Ralph Sprague
Finding appropriate decision support systems (DSS) development processes and methodologies is a topic that has kept researchers in the decision... Sample PDF
Context in Decision Support Systems Development
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Chapter 12
Patrick Brézillon, Jean-Charles Pomerol
Decision makers face a very large number of heterogeneous contextual cues; some of these pieces are always relevant (time period, unpredicted event... Sample PDF
Contextualization in Decision Making and Decision Support
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Chapter 13
Pascale Zaraté
The subject of our research aims to support in the most suitable way the collaborative decision-making process. Several scientific approaches deal... Sample PDF
Cooperative Decision Support Systems
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Chapter 14
Dashboards for Management  (pages 116-123)
Werner Beuschel
Dashboard system applications have been known in companies for several years. As the growing body of references shows, dashboards are now about to... Sample PDF
Dashboards for Management
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Chapter 15
John Wang, James Yao, Qiyang Chen
Today’s business environment is dynamic and uncertain. Competition among business organizations is becoming more intensified and globalized. These... Sample PDF
Data Warehousing for Decision Support
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Chapter 16
Meliha Handzic
The need to improve decision making is a longstanding concern in decision support research. As the accelerated technological development and fierce... Sample PDF
Debiasing Decision Makers Through Knowledge Management
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Chapter 17
Patrick Humphreys
The discourses established as the foundations of group decision support systems (GDSS) have been called into question not only in the interests of... Sample PDF
The Decision Hedgehog: Group Communication and Decision Support
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Chapter 18
A. Dolgui, O. Guschinskaya, N. Guschinsky, G. Levin
The design of manufacturing systems is a wide open area for development and application of decision making and decision support technologies. This... Sample PDF
Decision Making and Support Tools for Design of Machining Systems
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Chapter 19
A. Dolgui, O. Guschinskaya, N. Guschinsky, G. Levin
Transmission systems are crucial components of many machines and mechanisms. Ken Hurst (1998) highlights that whether you are designing power... Sample PDF
Decision-Making and Support Tools for Design of Transmission Systems
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Chapter 20
Ivan Bruha
A rule-inducing learning algorithm yields a set of decision rules that depict knowledge discovered from a (usually large) dataset; therefore, this... Sample PDF
Decision Making by a Multiple-Rule Classifier: The Role of Rule Qualities
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Chapter 21
Viviane Barbosa Diniz, Marcos R.S. Borges, José Orlando Gomes, José H. Canós
An emergency event can be chronologically divided into three phases: prevention, response, and investigation. Preventive actions attempt to... Sample PDF
Decision Making Support in Emergency Response
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Chapter 22
David Paradice
While decision choices are certainly important and warrant appropriate attention, early stages of the decisionmaking process may be even more... Sample PDF
Decision Support and Problem Formulation Activity
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Chapter 23
Hannu Kivijärvi, Markku Tuominen
Investments in new manufacturing systems are vital for the well-being of the company as they are means of achieving the objectives and goals the... Sample PDF
A Decision Support System for Evaluation of Investments in a Computer-Integrated Production System
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Chapter 24
Khaled M. Khan
Web service is becoming an important area of business processing and research for enterprise systems. Various Web service providers currently offer... Sample PDF
A Decision Support System for Selecting Secure Web Services
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Chapter 25
Udo Richard Averweg
Decision support systems (DSS) deal with semi-structured problems. Such problems arise when managers in organisations are faced with decisions where... Sample PDF
Decision Support Systems and Decision-Making Processes
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Chapter 26
Patrick Humphreys
Problem solving has been defined as the complex interplay of cognitive, affective, and behavioural processes with the aim to adapt to external or... Sample PDF
Decision Support Systems and Representation Levels in the Decision Spine
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Chapter 27
Daniel J. Power
Since the late 1960s, researchers have been developing and implementing computerized systems to support management decision makers. A number of... Sample PDF
Decision Support Systems Concept
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Chapter 28
James Yao, John Wang, Qiyang Chen, June Lu
Information systems were developed in early 1960s to process orders, billings, inventory controls, payrolls, and accounts payables. Soon information... Sample PDF
Development and Design Methodologies in DWM
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Chapter 29
Dina Neiger, Leonid Churilov
Recent research (Keller & Teufel, 1998; Klaus, Rosemann, & Gable, 2000; Powell, Schwaninger, & Trimble, 2001) has clearly demonstrated that years of... Sample PDF
Diagrammatic Decision-Support Modeling Tools in the Context of Supply Chain Management
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Chapter 30
Zhen Chen, Heng Li, Qian Xu, Szu-Li Sun
The choice of location is one of the most important decisions usually taken in the procedure of building any production system (Pavic & Babic... Sample PDF
The Disaster-Oriented Assessment of Urban Clusters for Locating Production Systems in China
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Chapter 31
Omar F. El-Gayar, Amit V. Deokar
Modern organizations are faced with numerous information management challenges in an increasingly complex and dynamic environment. Vast amounts of... Sample PDF
Distributed Model Management: Current Status and Future Directions
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Chapter 32
DS/AHP  (pages 278-285)
Malcolm J. Beynon
DS/AHP was introduced in Beynon, Curry, and Morgan (2000) and Beynon (2002a), and is a nascent method of multi-criteria decision support. Following... Sample PDF
DS/AHP
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Chapter 33
David Paradice, Robert A. Davis
Decision support systems have always had a goal of supporting decision-makers. Over time, DSS have taken many forms, or many forms of computer-based... Sample PDF
DSS and Multiple Perspectives of Complex Problems
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Chapter 34
Ran M. Bittmann, Roy M. Gelbard
The problem of analyzing datasets and classifying them into clusters based on known properties is a well known problem with implementations in... Sample PDF
DSS Using Visualization of Multi-Algorithms Voting
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Chapter 35
Norman Pendegraft, Mark Rounds
Simulation is a powerful methodology for decision support because it allows managers to experiment with models prior to implementing a policy or... Sample PDF
Dynamic System Simulation for Decision Support
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Chapter 36
Norizah Mustamil, Mohammed Quaddus
Studies have shown that organizations are putting more effort in enforcing the ethical practices in their decision making activities (Janet, Armen... Sample PDF
Ethical Decision Making: A Critical Assessment and an Integrated Model
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Chapter 37
Gloria E. Phillips-Wren, Manuel Mora, Guisseppi Forgionne
Decision support systems (DSSs) have been researched extensively over the years with the purpose of aiding the decision maker (DM) in an... Sample PDF
Evaluation of Decision-Making Support Systems
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Chapter 38
Giusseppi Forgionne, Stephen Russell
Contemporary decision-making support systems (DMSSs) are large systems that vary in nature, combining functionality from two or more classically... Sample PDF
The Evaluation of Decision-Making Support Systems' Functionality
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Chapter 39
Margaret W. Wood, David C. Rine
For leaders, decision making is a charge that cannot be escaped. For those who prefer to avoid this responsibility, the startling truth is that not... Sample PDF
Exploring the Risks That Affect Community College Decision Makers
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Chapter 40
David Sammon
Enterprise resource planning (ERP) packages can be described as the most sought after means of organisational transformation and IT innovation since... Sample PDF
An Extended Model of Decision Making: A Devil's Advocate Workshop
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Chapter 41
Simon Woodworth, Joe Cunningham
This article discusses how Small to Medium Enterprises (SMEs) apply information systems (IS) to facilitate decisions concerning their supply chains.... Sample PDF
Facilitation of Supply Chain Decision Processes in SMEs, Using Information Systems
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Chapter 42
G. Kouamou, C. Pettang
The interest in urban planning and development is a major preoccupation in the two last decades. In fact, the urban development is the act of... Sample PDF
A Federative Approach of Decision-Making Aid in Urban Development
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Chapter 43
Fátima C.C. Dargam
Generation and most of all sustainability of organizational success rely heavily on proper decision making and on the application of knowledge... Sample PDF
Finite-Base Revision Supporting Knowledge Management and Decision Making
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Chapter 44
Fuzzy Decision Trees  (pages 382-390)
Malcolm J. Beynon
The first (crisp) decision tree techniques were introduced in the 1960s (Hunt, Marin, & Stone, 1966), their appeal to decision makers is due in no... Sample PDF
Fuzzy Decision Trees
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Chapter 45
P. Serra, R. A. Ribeiro, R. Marques Pereira, R. Steel, M. Niezette, A. Donati
In the aerospace field, where satellites and spacecraft contain numerous components that require constant, yet indirect, surveillance of large... Sample PDF
Fuzzy Thermal Alarm System for Venus Express
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Chapter 46
Games of Strategy  (pages 402-409)
Geraldine Ryan, Seamus Coffey
We think strategically whenever there are interactions between our decisions and other people’s decisions. In order to decide what we should do, we... Sample PDF
Games of Strategy
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Chapter 47
John Wang, Dajin Wang, Aihua Li
Within the realm of multicriteria decision making (MCDM) exists a powerful method for solving problems with multiple objectives. Goal programming... Sample PDF
Goal Programming and Its Variants
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Chapter 48
Alexey Petrovsky
Ordering and classification of objects by their properties are among the typical problems in multiple criteria decision aiding (MCDA). The... Sample PDF
Group Verbal Decision Analysis
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Chapter 49
Frédéric Adam, Jean-Charles Pomerol, Patrick Brézillon
In this article, a newspaper company which has implemented a computerised editorial system is studied in an attempt to understand the impact that... Sample PDF
How Groupware Systems Can Change How an Organisation Makes Decisions: A Case Study in the Publishing Industry
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Chapter 50
Marcelo Índio dos Reis, Marcos R.S. Borges, José Orlando Gomes
All emergency management phases demands knowledge that is embedded in procedures and also in the minds of people who handle them. Specifically in... Sample PDF
Identifying Resilient Actions in Decision Making During Emergencies
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Chapter 51
Fergal Carton
Multinational companies faced with an uncertain world are notorious for centralising control of their far flung empires to the extent that local... Sample PDF
The Impact on Decision Making of Centralisation in a Multinational Manufacturing Company: The Materials Purchasing Function
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Chapter 52
Manual Mora, Ovsei Gelman, Guisseppi Forgionne, Francisco Cervantes
This article reviews the literature-based issues involved in implementing large-scale decision-making support systems (DMSSs). Unlike previous... Sample PDF
The Implementation of Large-Scale Decision-Making Support Systems: Problems, Findings, and Challenges
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Chapter 53
John McAvoy, Tom Butler
Agile software development (ASD) is now widely used in the software development industry; accordingly, it has been the focus of research with... Sample PDF
Ineffective Decision Making in Adopting an Agile Software Development Methodology
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Chapter 54
Peter O’Donnell, Rob Meredith
This article examines the application of a modeling technique called influence diagramming to decision support system (DSS) analysis. Influence... Sample PDF
Influence Diagrams as a Tool for Decision Support System Design
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Chapter 55
Cristina Casado Lumbreras, Ricardo Colomo Palacios, Juan Miguel Gómez Berbís
In the present study, we focus on the influence of emotions and the emotional consequences of decisionmaking processes. Specifically, we have... Sample PDF
The Influence of Emotions in Making Hard Decisions in Organizational Contexts
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Chapter 56
Ramon Brena, Carlos Chesñevar
Information and knowledge (IK) are each day more valuable assets in modern organizations (Atkinson, Court, & Ward, 1998; Carrillo, 1998; Liebowitz &... Sample PDF
Information Distribution Decisions Supported by Argumentation
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Chapter 57
Dina Neiger, Leonid Churilov
Historically, diagrammatic representations of processes have been widely used to effectively communicate complex and interrelated ideas and concepts... Sample PDF
Integration of Diagrammatic Business Modeling Tools
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Chapter 58
Gloria E. Phillips-Wren
Internet-based, distributed systems have become essential in modern organizations. When combined with artificial intelligence (AI) techniques such... Sample PDF
Intelligent Agents in Decision Support Systems
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Chapter 59
Ilya Ashikhmin, Eugenia Furems, Alexey Petrovsky, Michael Sternin
Verbal decision analysis (VDA) is a relatively new term introduced in Larichev and Moshkovich (1997) for a methodological approach to discrete... Sample PDF
Intelligent DSS Under Verbal Decision Analysis
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Chapter 60
R.A. Ribeiro, I.L. Nunes
The objective of this article is to discuss the usability and suitability of having graphical visualization tools for decision support in Space... Sample PDF
Interfaces Usability for Monitoring Systems
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Chapter 61
Pandian Vasant, Hrishikesh S. Kale
Fuzzy logic (FL) is a mathematical technique for dealing with imprecise data and problems that have many solutions rather than one. Although it is... Sample PDF
Introduction to Fuzzy Logic and Fuzzy Linear Programming
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Chapter 62
Peer-Olaf Siebers, Uwe Aickelin
When designing systems that are complex, dynamic, and stochastic in nature, simulation is generally recognised as one of the best design support... Sample PDF
Introduction to Multi-Agent Simulation
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Chapter 63
Knowledge Based DSS  (pages 565-575)
Michel R. Klein
“A knowledge based DSS is a computer information system that provides information and methodological knowledge (domain knowledge and decision... Sample PDF
Knowledge Based DSS
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Chapter 64
James D. Jones
Knowledge representation is a field of artificial intelligence that has been actively pursued since the 1940s.1 The issues at stake are that given a... Sample PDF
Knowledge Representation to Empower Expert Systems
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Chapter 65
Camille Rosenthal-Sabroux, Michel Grundstein, Fernando Iafrate
The concept of information system covers two notions: on the one hand, the reality of the evolving organization that collects, communicates, and... Sample PDF
A Knowledge Worker Desktop Model (KWDM) Applied to Decision Support System
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Chapter 66
James D. Jones
“Expert systems” are a significant subset of what is known as “decision support systems” (DSS). This article suggests a different paradigm for... Sample PDF
Logic Programming Languages for Expert Systems
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Chapter 67
Stephan Scheuerer
Decision support systems (DSSs) provide modern solution techniques that help the decision maker to find the best solution to a problem. These... Sample PDF
Metaheuristics: Heuristic Techniques for Combinatorial Optimization Problems
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Chapter 68
Osvaldo García de la Cerda, Renato Orellana Muermann
In the last decades organizational transformation has become a fundamental strategy for survival. It is a multi dimensional change of relationship... Sample PDF
Metasystemic Re-Engineering: An Organizational Intervention
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Chapter 69
Joanna Lumsden
Artifact selection decisions typically involve the selection of one from a number of possible/candidate options (decision alternatives). In order to... Sample PDF
A Method for Systematic Artifact Selection Decision Making
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Chapter 70
Arkadiusz Januszweski
Changes that occur in the environment of a given company and a constantly growing competition make the managers enhance the management system. The... Sample PDF
The Method of Appraising Needs and Possibilities of Activity-Based Costing Implementation
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Chapter 71
Frada Burstein, J. Cowie
The wide availability of advanced information and communication technology has made it possible for users to expect a much wider access to decision... Sample PDF
Mobile Decision Support for Time-Critical Decision Making
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Chapter 72
Peer-Olaf Siebers, Uwe Aickelin, Helen Celia, Chris Clegg
Intelligent agents offer a new and exciting way of understanding the world of work. Agent-based simulation (ABS), one way of using intelligent... Sample PDF
Multi-Agent Simulation and Management Practices
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Chapter 73
Csaba Csáki
During the history of decision support systems (DSSs)— in fact, during the history of theoretical investigations of human decision-making... Sample PDF
The Mythical Decision Maker: Models of Roles in Decision Making
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Chapter 74
Brad Morantz, Thomas Whalen, G. Peter Zhang
In building a decision support system (DSS), an important component is the modeling of each potential alternative action to predict its consequence.... Sample PDF
Neural Network Time Series Forecasting Using Recency Weighting
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Chapter 75
Chris Schlueter Langdon
In 1991 “Terminator 2” revolutionized the use of computers for digital effects or computer-generated imagery (CGI) in movies (Wikipedia.org, 2006).... Sample PDF
Next Generation Analytics and Dynamic Decision Support: AutoMarketSIM and Vehicle Sales Decay Navigation
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Chapter 76
Manual Mora, Francisco Cervantes, Guisseppi Forgionne, Ovsei Gelman
Making organizational decisions is a critical and central activity to successful operations of profit and nonprofit-based organizations (Huber... Sample PDF
On Frameworks and Architectures for Intelligent Decision-Making Support Systems
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Chapter 77
Tan Yigitcanlar, Jung Hoon Han, Sang Ho Lee
In today’s information society, electronic tools, such as computer networks for the rapid transfer of data and composite databases for information... Sample PDF
Online Environmental Information Systems
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Chapter 78
Tan Yigitcanlar, Omur Saygin
Countless factors affect the inner workings of a city, so in an attempt to gain an understanding of place and making sound decisions, planners need... Sample PDF
Online Urban Information Systems
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Chapter 79
João Carlos Namorado Clímaco, João Carlos Soares de Mello, Lidia Angulo Meza
Data envelopment analysis (DEA) is a non-parametric technique to measure the efficiency of productive units as they transform inputs into outputs. A... Sample PDF
Performance Measurement: From DEA to MOLP
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Chapter 80
Luis Antunes, Ana Respício, João Balsa, Helder Coelho
Public policies are concerned with the definition of guidelines that promote the achievement of specific goals by a society/community of citizens.... Sample PDF
Policy Decision Support Through Social Simulation
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Chapter 81
Geraldine Ryan, Edward Shinnick
The organisation of the workplace is evolving. In many industries, mass production by large, vertically integrated, hierarchically organised firms... Sample PDF
The Power of Incentives in Decision Making
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Chapter 82
N. Chugunov, G. Shepelyov, M. Sternin
The complexity and interdisciplinary nature of modern problems are often coupled with uncertainty inherent to real-life situations. There is a wide... Sample PDF
Probabilistic Methods for Uncertainty Quantification
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Chapter 83
PROMETHEE  (pages 743-750)
Malcolm J. Beynon
PROMETHEE (preference ranking organization method for enrichment evaluation) introduced in Brans, Mareschal, and Vincke (1984) and Brans, Vincke... Sample PDF
PROMETHEE
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Chapter 84
Malcolm J. Beynon
This article concerns itself with qualitative comparative analysis (QCA), introduced in Ragin (1987), it is a technique that attempts to identify... Sample PDF
Qualitative Comparative Analysis
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Chapter 85
Todd McElroy
Decisions, decisions, decisions, we are constantly faced with them everyday. Should I get out of bed or sleep 10 more minutes? Should I hit the... Sample PDF
Rational Decision Making, Dual Processes, and Framing: Current Thoughts and Perspectives
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Chapter 86
Bernadette Power
An understanding of human decision making is a fundamental step toward the development of effective intelligent decision support systems (Newell &... Sample PDF
Real Options Reasoning as a Tool for Managerial Decision Making
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Chapter 87
Edward Shinnick, Geraldine Ryan
The advent of the World Wide Web and other communication technologies has significantly changed how we access information, the amount of information... Sample PDF
The Role of Information in Decision Making
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Chapter 88
Rough Set Theory  (pages 783-789)
Malcolm J. Beynon
Rough set theory (RST), since its introduction in Pawlak (1982), continues to develop as an effective tool in classification problems and decision... Sample PDF
Rough Set Theory
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Chapter 89
Dorrie DeLuca, Joseph S. Valacich
As cost constraints and expanding geographic and temporal boundaries move organizations toward virtual team work for increasingly complex tasks... Sample PDF
Situational Synchronicity for Decision Support
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Chapter 90
Software Agents  (pages 798-806)
Stanislaw Stanek, Maciej Gawinecki, Malgorzata Pankowska, Shahram Rahimi
The origins of the software agent concept are often traced back to the pioneers of artificial intelligence—John Mc Carthy, the creator of LISP... Sample PDF
Software Agents
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Chapter 91
Chad Lin, Koong Lin
An executive information system (EIS) provides senior management with easy access to information relevant to their needs. It can spread horizontally... Sample PDF
A Study of Information Requirement Determination Process of an Executive Information System
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Chapter 92
Liam Doyle
Supply chains have become have become increasingly important as organisations have moved from competing on a stand-alone basis to recognizing that... Sample PDF
Supply Chain Information Systems and Decision Support
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Chapter 93
Hannu Kivijärvi, Markku Tuominen, Kalle Elfvengren, Kalle Piirainen, Samuli Kortelainen
In modern day business, management of uncertainty in the environment has become a vital part in building success. The increasing speed of changes in... Sample PDF
A Support System for the Strategic Scenario Process
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Chapter 94
C.W. Holsapple
This article develops the notion of decisional episodes as a basis for understanding ways in which decisions can be supported. Grounded in and... Sample PDF
Supporting Decisional Episodes
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Chapter 95
Mattias Strand, Sven A. Carlsson
It has become increasingly important for firms to monitor the competitive forces affecting their business and competitiveness (Arnott & Pervan... Sample PDF
Syndicate Date Suppliers: Their Business Environment, the Industry, and Their Core Business Process
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Chapter 96
Robert Fitzgerald, John Findlay
This article reports on a new breed of tool that supports both higher-level thinking and, more importantly, human- to-human interaction in the form... Sample PDF
Team Learning Systems as a Collaborative Technology for Rapid Knowledge Creation
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Chapter 97
Hanan Yaniv, Susan Crichton
Getting a large audience to actively participate in a lecture is a challenge faced by many lecturers. The value of active participation is well... Sample PDF
ThinkClick: A Case Study of a Large Group Decision Support System (LGDSS)
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Chapter 98
Hanan Yaniv
People make decisions all the time. They make decisions alone; they make decisions together with others. Some fields have been focusing on the... Sample PDF
ThinkTeam: GDSS Methodology and Technology as a Collaborative Learning Task
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Chapter 99
Pat Finnegan, Jeremy Hayes
The electronic business landscape is confusing for many new entrants, and many of them face the paradox that hesitation would run the risk of being... Sample PDF
Towards a Framework for Assisting Decision-Makers Assess the Potential of E-Business Models
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Chapter 100
Giusseppi Forgionne, Stephen Russell
All decision-making support systems (DMSS) provide both input and output feedback for the user. This feedback helps the user find a problem solution... Sample PDF
Unambiguous Goal Seeking Through Mathematical Modeling
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Chapter 101
Georg Peters
One of the main challenges in decision making is how to deal with uncertainty and vagueness. The classic uncertainty concept is probability, which... Sample PDF
Uncertainty and Vagueness Concepts in Decision Making
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Chapter 102
David Sammon
Non-decision making (NDM) has received limited attention in the research literature. However, this is surprising bearing in mind that the concept of... Sample PDF
Understanding Non-Decision Making
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Chapter 103
David Sammon
The relevance of decision-making theory in improving understanding has been called into question especially when attempting to understand... Sample PDF
Understanding Sense-Making
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Chapter 104
Frédéric Adam, Jean-Charles Pomerol
Many researchers have noted the high levels of abstraction required by the representation and conceptualisation of organisational decisions when... Sample PDF
Understanding the Influence of Context on Organisational Decision Making
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Chapter 105
Jean-Charles Pomerol, Frédéric Adam
Herbert Simon is unique in our discipline in terms of the far-reaching impact which his work has had on management and the understanding of... Sample PDF
Understanding the Legacy of Herbert Simon to Decision Support Systems
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Chapter 106
Giusseppi Forgionne, Stephen Russell
Decision-making support-system (DMSS) research has been based largely on case and field studies of real organizations or entities and laboratory... Sample PDF
The Use of Simulation as an Experimental Methodology for DMSS Research
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Chapter 107
Frédéric Adam
Network analysis, a body of research that concentrates on the social networks that connect actors in society, has been found to have many... Sample PDF
Using Network Analysis for Understanding How Decisions are Made
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Chapter 108
Zhen Chen, Ju Hong, Heng Li, Qian Xu
This article presents the knowledge-oriented information visualization (KIV) approach to facilitating the utilization of building rating systems at... Sample PDF
Web-Based Decision Support for Knowledge Sharing and Management in Intelligent Buildings Assessment
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Chapter 109
Tan Yigitcanlar, Ori Gudes
Decision support systems (DSS) have evolved rapidly during the last decade from stand alone or limited networked solutions to online participatory... Sample PDF
Web-Based Public Participatory GIS
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Key Terms in this Chapter

Principal: Principal is a person who authorises an agent to act to create a relationship (usually of a legal nature) with a third party.

Agent: Agent is a person that acts on behalf of a principal.

Moral Hazard: Moral hazard concerns the problem of hidden effort, which can result in increased risk of a negative outcome because the person who caused the problem does not suffer the full cost of that lack of effort.

Transaction Cost: Transaction costs is a cost incurred when undertaking an exchange in the marketplace.

Public Interest: Public interest refers to instances that are for the “common good” and is used to justify government involvement in a market economy.

Principal-Agent Problem: Principle-agent problem concerns the difficulties that can arise when there exists incomplete or asymmetric information between a principal and an agent. Attempts are then made to align the interests of the agent with those of the principal.

Screening: Screening is a mechanism where an uninformed agent can obtain the hidden information of another agent as a way to combat the adverse selection problem.

Regulation: A regulation is a rule or restriction instigated by governments or their administrative agencies, with the force of law supporting its enforcement.

Asymmetric Information: Asymmetric information occurs when one party to a transaction has more information than another and can use this information for its own advantage.

Adverse Selection: Adverse selection concerns the problem of hidden information that can adversely affect the efficiency of a market, such as in insurance where unhealthy people are more likely to seek health insurance.

Market Failure: Market failure are situations where markets do not operate efficiently in the organisation, production, or allocation of goods and services to consumers.

Risk Equalisation: Risk equalisation is a scheme by which an insurance firm(s) is compensated for taking on more risky consumers by another insurance firm(s) which has less risky consumers.

Signalling: Signalling is a process by which one agent conveys information about itself to another party.

Intellectual Property: Intellectual property is a term used to refer to the object of a variety of laws that provide exclusive ownership rights to certain parties.