This essay focuses on Business analytics and Decision modelling. There are a number of approaches to decision modeling with companies offering different methodologies. There is also a forthcoming standard.

 Business analytics and Decision modelling.

You need to do task 3 which is only 300 words task. Also task 1 the word count should be reduce. All refrence should be APA7

• Identify the potential for analytics to improve decision-making.

There are a number of approaches to decision modeling with companies offering different methodologies. There is also a forthcoming standard, the Object Management Group’s Decision Model and Notation, now in beta. This standard, like the Business Process Model and Notation, does not focus on methodology but on standardizing the way decision models should be represented. This will give users of any compatible decision modeling approach access to a broad community and a vehicle for sharing expertise more widely.

At the core of any decision model, and of the DMN standard, are a few key concepts:

• The most effective way to define a decision is to specify the question that must be answered to make the decision along with the range of possible answers.
• Any decision requires information, data, to be available when it is being . This might be data about the transaction the decision relates to, reference data or other supporting information.

• To make a decision also requires knowledge, know-how, that explains how that decision should be made.

• This might be based on policies, regulations, best practices, domain expertise or data analysis. It can be describe or it can be specify exactly using decision tables and business rules for instance.
• Decisions can be decompose, broken down into their component decisions. The answers from the component decisions are information that must be input to the parent.
• The information
• and knowledge require to make these sub-decisions can likewise be specify and they too can be decompose. This allows even very complex decisions to be broke down until they can be precisely specify.

Decision modeling applies these basic concepts to produce decision models or decision requirement models. These models are a network of decisions, input data or information objects and knowledge sources or representations. As a process model is to workflow or a data model is to information, a decision model is to decision-making: A clear and unambiguous way to describe decision-making by breaking down that decision-making into a set of simple concepts.