Managing Information Overload
Spreadsheets
http://en.wikipedia.org/wiki/Spreadsheet
A spreadsheet is a computer application that simulates a paper worksheet. It displays multiple cells that together make up a grid consisting of rows and columns, each cell containing either alphanumeric text or numeric values. A spreadsheet cell may alternatively contain a formula that defines how the contents of that cell is to be calculated from the contents of any other cell (or combination of cells) each time any cell is updated. Spreadsheets are frequently used for financial information because of their ability to re-calculate the entire sheet automatically after a change to a single cell is made. Spreadsheets are particularly useful when it comes to decision making as they have specific features that make viewing information easy. There is the opportunity to create charts and graphs simply and quickly so people can view information in a more user friendly way. Spreadsheets also allow information to be ordered into ascending or descending groups. Negative numbers are shown in red and comments can also be added to cells.
Simulation Software
http://en.wikipedia.org/wiki/Simulation_software
Simulation software is based on the process of imitating a real phenomenon with a set of mathematical formulas. It is, essentially, a program that allows the user to observe an operation through simulation without actually performing that operation. Simulation software is used widely to design equipment so that the final product will be as close to design specs as possible without expensive in process modification.Simulation software allows many scenarios to be tested this means time and money is saved. Simulation software is valuable as actions that are uncertain can be tested and the outcomes and consequences can be reported.
Data Mining Tools
http://en.wikipedia.org/wiki/Data_mining
Data mining is the process of extracting patterns from data. As more data are gathered, with the amount of data doubling every three years, data mining is becoming an increasingly important tool to transform these data into information. It is commonly used in a wide range of profiling practices, such as marketing, surveillance, fraud detection and scientific discovery. While data mining can be used to uncover patterns in data samples, it is important to be aware that the use of non-representative samples of data may produce results that are not indicative of the domain. Similarly, data mining will not find patterns that may be present in the domain, if those patterns are not present in the sample being "mined".
Exception Reporting Tools
Exception Reporting Tools are able to find abnormalities in data. This is useful in decision making as it means abnormal data can be checked. In the long term this saves money and makes information more reliable.
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