The full form of DSS is: DECISION SUPPORT SYSTEM
What is DSS?
Decision support systems help organizations and businesses to make a well-strategized decision based upon the previously accumulated information or data.
They consist of Interactive Software help which by using these data analytical models.
A DSS doesn’t help in zeroing down on a decision but helps map out trends, patterns, predictions etc.
What is the Financial Decision Support System?
FDSS consists of interactive software which helps in making decisions on structures as well as non-structured problems with various analytical tools in the field of finance.
FDSS is mainly used by top-level management to make a more logical decision which benefits their enterprise.
What are the main components of the Decision Support System?
The main components of DSS are:
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The Database
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The Model
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The User Interface
What are the benefits of Decision Support System?
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Improves the quality of decisions
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Saves time in decision making
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Improves the effectiveness and speed of decision making
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Helps automate the process of administration
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Cost and time saving
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Promotes learning of new concepts
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Improves collaboration among the decision-makers
What are the types of DSS?
Following are some common types of DSS:
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Status Inquiry System- Helps in taking mid-level management decisions
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Accounting System - To keep a tab on accounts or finance-related processes
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Information Analysis System - Transcript is generated based on the previously accumulated data
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Data Analysis System - Studying the accumulated data to uncover the underlying pattern or trend
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Model Based System - Optimization models which help in creating a structure for operations