21 Feb 2021
NO PLAGIARISM PLEASE
Using the Business Intelligence Project you started in chapter 1, and added to in chapters 2-5; insert a manual page break at the end of the document to start a new page. Add the title “Decision Making” at the top of the page.
In chapter 1 you introduced your business. Chapter 2 required you to think of the different types of data you may collect and analyze. Chapter 3 required you to look at the topic of data warehousing, and how it applies in the process of doing business. Chapter 4 focused more specifically on the Data Mining process. Chapter 5 looked at Text Mining with digital media. Chapter 6 discusses optimization and simulation in the decision making process.
Write paragraphs describing the following:
- In your business, describe a decision you would need to make where you would want to use some type of optimization tool. In regards to this decision, explain the importance of optimizing and how it will be beneficial for your business.
- Think of an example where simulation could be beneficial to your business. Explain how you could use simulation and describe the type of simulation. (There are several listed in the text. i.e. probabilistic, time-dependent/independent, discrete event, visual, etc…) Be as specific as possible in your description, including possible advantages and disadvantages of using the simulation you described.