Uses of DSS in FinancialManagement In the words of Steven Berger. Financial Management is strategising the organisation’s financial directions as well as the performance of its dayto-day financial operations. . summarizing. It helps in recording. analysing and reporting on the financial transactions of the organisation. classifying. .Functions It provides online availability of funds position and balances. It instantly calculates more than a dozen important aspects to indicate the financial health of a company. it does the cost benefit analysis. . It forces the top management to rationalize the policies related to depreciation. Day to day record keeping is automatically done by the accounting module. It can easily compare the financial health of a company with its competitors or among various divisions or lines of business. For any new business opportunity. inventory and inflation. it studies the fluctuant. nonlinear and chaotic characteristics of the stock options and helps avoid manual errors during analysis. . For a company investing in stock market. It can indicate the production department about the amount of inventory the company can hold without losing on liquidity front. It allows for careful financial planning and tax planning. It is not possible to analyse the portfolio of a company at any point of time. . However this has become possible with the portfolio management tool in DSS. It gives managers the ability to analyse present market and economic trends to forecast the future trends and make informed decisions regarding the business and its operations. Uses of DSS in Production Production Management refers to application of management functions to the production in the factory. . Optimally plan. and supervise all processes of production. sequence. Institutionalise lean manufacturing and six sigma processes and monitor production to drive continuous improvement. . implement. Identify and solve exceptions and deviations in performance in an economical way and in real time. schedule. Develop members of staff efficiency and build a superior class job atmosphere. It tracks and matches the purchase order. inventory receipts and invoices generated by the vendors. . management and analysis of production related data becomes easier especially in very large production houses. Capturing. It also helps in order tracking from time of acceptance of an order till order fulfillment. It maintains the revenue cycles from invoice till cash receipt. it can decide the optimum mix of the product using linear programming technique. In case of a company having more than one product. Use of data related to past trends in production and forecasting techniques instead of primarily informed. . intelligent assumptions to predict about future production needs. In case the production requirement is fluctuating from time to time. monitoring and control of inventory. . procurement. it helps in planning. Scheduling and Controlling the time required in finishing a project. It uses techniques like PERT and CPM to help a project manager in Planning. It helps in deciding the optimum order quantity and reorder level for each of the stock item using inventory control tool. It complies with environmental. Six Sigma: A systematic method for improving the operational performance of an organization by eliminating variability and waste. health and safety standards. . Keeps a record of production decisions taken for future reference. especially the time needed to complete each task. Programme Evaluation and Review Technique: PERT is a method to analyse the involved tasks in completing a given project. and identifying the minimum time needed to complete the total project. Linear Programming: A mathematical technique used to obtain an optimum solution in resource allocation problems. such as production planning. . e. Critical Path Method: It is a project managemnt technique which analyses what activities have the least amount of scheduling the flexibility (i. . are the most mission critical) and then predicts project duration schedule based on the activities that fall along the ‘critical path’.. Activities that lie along the critical path cannot be delayed without delaying the finish time for the entire project.