Economic Data On Business Decision Making

Economic Data On Business Decision Making

Summary of article A: (The value of US government data to US business Decisions)

 Hughes-Cromwick & Coronado (2019) state that the US Government is one source of economic and financial data used by businesses in the country. Data is presented as a public good and available to various stakeholders, including business personnel.

Organizations and individuals in the management of various organizations within the country can access this data with each, and by using it, they can make informed business decisions that enhance the business’s performance. The government data presented in this case is free and easily accessible for anyone within the country, as no transaction is required. This makes government data one of the critical components for business operations and decision-making within the country. The data has been used in multiple industries within the country. These industries include automotive industries, energy-based industries, and financial service-based industries.

Data from the government can help enhance the decision-making within these industries. That is a great move, one that has been reflected in enhanced decision-making, such as self-driving cars.

Summary of article B: Managing extracted Knowledge from prominent Social media Data for Business decision making

He, Wang & Akula (2017) claimed that social media is a source of economic data for the organization. In general, one of the emerging trends in economic and business data is big data, which organizations can exploit for their gain. According to He, Wang & Akula (2017), an organization can combine big data, social networking, and knowledge management. Such a combination is enhanced by a framework they suggested, and by using the framework, organizations can achieve economic or business data. The organization can use such data to make decisions right, which would be tremendous and advocated by the organization.

Summary of Article C: Big Data Sources and Methods for Social and economic analyses

 According to Blazquez & Domenech (2018), big data can be taken as a source of economic data for organizations. Digital media has enabled access to and the collection of big data. Various data from the public, individuals, organizations, and government is available, but in amorphous form. This limits the use of big data making it difficult to obtain economic data from this big data. Blazquez & Domenech (2018) proposed a technique that could be used to access this data and make it useful for economic data. The economic data obtained from this would then be used by organizations in their decisions making. This would be great for present-day organizations, especially considering that most of them depend on big data to make informed decisions.

Summary of Article D: An emerging online business decision-making Architecture in a dynamic economic environment

Lin, Chang, & Hsu (2019) argued that business data could be entered into an organization and used for an automatic decision-making system. This would be achieved by using a customized decision support system (Lin et al., 2019). Such a presentation would help the organization avoid a dramatic decrease in corporate profit, which is known to be present, causing detrimental effects to the organizational operations and its success. To achieve this, the organization needs to customize its decision support system by using multiple ways, including extreme support vectors for the envelopment of data, its analysis and specifications, and the use of dynamic fuzzy c-means. Also, in addition to these two, extreme support vector machines should be included. With the customized decision support system, one only needs to enter data at different time levels. Such customization will help get economic data from the data that has been entered and use it to customize decision-making within the organization.

References

 Blazquez, D., & Domenech, J. (2018). Significant Data sources and methods for social and economic analyses. Technological Forecasting and Social Change, 130, 99-113.

He, W., Wang, F. K., & Akula, V. (2017). Managing extracted knowledge from prominent social media data for business decision-making—Journal of Knowledge Management.

Hughes-Cromwick, E., & Coronado, J. (2019). The value of US government data to US business Decisions. The Journal of Economic Perspectives, 33(1), 131-146.

 Lin, S. J., Chang, T. M., & Hsu, M. F. (2019). An emerging online business decision-making architecture in a dynamic economic environment. Journal of Intelligent & Fuzzy Systems, 37(2), 1893-1903.

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Read Hughes-Cromwick & Coronado’s (2019) article on the value of economic data in business decisions. Summarize the article’s findings and locate additional peer-reviewed articles that provide industry examples of the value of economic data in their specific decisions.

Economic Data On Business Decision Making

Provide a 600 to 800-word summary (formatted according to APA guidelines) of the new
research in this area from a minimum of five new peer-reviewed journal articles and identify
questions that need exploring in future research.
Your discussion should be organized in a three-paragraph format:
Introductory Paragraph: gives an overview and definition of the topic you chose. At the end of
the Paragraph, it gives an idea of how your forum is organized.
Current Trends Paragraph: In this Paragraph, you will discuss the themes you found in
the research from the five articles related to your topic. This Paragraph should be a synthesis of the
research and not just a listing of annotated summaries.
Future Research Paragraph: In this Paragraph, you will discuss areas of future research by
referencing the five articles you identified. The future research areas should be based on the
findings of the authors of those articles rather than general ideas you may have.
*A reference section should then be included at the end of your discussion