Decision Support News
D. J. Power, Editor
December 08, 2019 Vol. 20, No. 25
Inaugural newsletter issue May 10, 2000, this is issue 510
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1) What is the Pareto Principle?
2) Recent Decision Support News Headlines
3) Upcoming Decision Support Conferences/Call for Papers
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1) What is the Pareto Principle?
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by Daniel J. Power and Ciara Heavin
Becoming agile means a person, a group, and the organization team as a whole understands and applies the Pareto principle. In 1906, Vilfredo Pareto, an Italian economist, observed a pattern for many events and situations. The Pareto principle states that, in many situations, roughly 80% of the effects come from 20% of the causes. This principle is also sometimes stated as 80% of results are due to 20% of the effort. The Pareto principle is also called the 80-20 rule or the principle of least effort. In decision making, project management, operations, and action-taking in general, we must try to determine what the crucial 20% is in a situation.
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2) Recent Decision Support Headlines
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12/05/2019 First responders view provision of reliable real-time data as top benefit of using drones in disaster management. Check release.
12/05/2019 Global Artificial Intelligence (AI) in agriculture market to reach $2,015.7 Million by 2024. Check release.
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3) Upcoming Decision Support Conferences
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1. 2019 Pre-ICIS SIGDSA Symposium, December 14-15, 2019 in Munich, Germany. Check site.
2. HICSS 2020: Hawaii International Conference on System Sciences, Jan. 7, 2020-Jan. 10, 2020. Check site.
3. Call for Papers: IFIP WG8.3 Decision Support 2020 in Wroclaw,
Poland, June 24-26, 2020. Deadline December 15, 2019. Check release.
4. Call for Papers AMCIS 2020 SIGDSA, August 12-16, 2020, Salt Lake City, Utah. Submission begins January 6, 2020. Check release.
5. KDD 2020 will convene in San Diego, California Aug. 22-27, 2020. Check release.
6. Call for articles Journal of Business Analytics, an official journal of the Operational Research Society. The journal serves the emerging and rapidly growing community of business analytics both in academia and industry. Check https://www.tandfonline.com/toc/tjba20/current.
Order Daniel Power and Ciara Heavin's book: Decision Support, Analytics, and Business Intelligence, Third Edition, Click here
Become a Business Expert Press author
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New book: Power, D. and C. Heavin, Data-Based Decision Making And Digital Transformation, Business Expert Press, 2018 at URL Click here. EBook Price $19.95, Print Price $34.95, In Stock June 10, 2018.
Power & Heavin (2018) argue "Digital disruption is accelerating. Implementing a successful digital transformation strategy requires that senior managers make trade-off decisions to reinvent a business. Equally important all decision makers must learn to ask the right questions, use data and computer support in decision making, and increase their knowledge and skills. Creating a data-centric culture and rewarding data-based decision making leads to successful digital transformation."
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