Decision support system (DSS)

Definition

A Decision Support System (DSS) is a computer-based application that collects, organizes, and analyzes business data to facilitate quality business decision-making for managers, analysts, and other business professionals. It combines the use of models or analytical techniques with data retrieval and analysis tools to provide insight on complex decision-making scenarios.

Related terms

Business Intelligence (BI): BI involves technologies and strategies used by enterprises for data analysis of business information, serving as the foundation upon which DSS systems are built.

Data Mining:

Data mining is the process of discovering patterns and knowledge from large amounts of data; it's an integral component of DSS that helps unearth insights which might not be immediately apparent.

Predictive Analytics:

Predictive analytics uses statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data, often utilized within DSS for forecasting