Game Theory And Business Intelligence In Strategic Business Decisions- A Review
Game theory and business intelligence are two mature areas of research; game theory being the study of strategic decision-making brings together several disciplines such as philosophy, mathematics and psychology. On the other hand, business intelligence is a set of techniques and tools that are used to transform raw data into meaningful and useful information for business analysis purposes which can be used to create new business strategic direction. Making business decisions is a balance between data and opinion: opinion being the best possible professional judgment. The paper further looks at game theory strategies based on prisoner's dilemma concept and Cournot model that can be used for strategic decision making and gives an insight into the possibilities of using game theory to look at the past using current data and predict the future for a business.
Key words- Game theory, business intelligence, strategy, prisoner's dilemma, Cournot strategy