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Chapter 7 Lecture Notes

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Ryerson University
Global Management Studies
GMS 200
Sui Sui

GMS 200 Chapter 7 Lecture Information and decision making Study Questions 1. How is information technology changing in the workplace 2. What is the role of info in the management process? 3. How to managers use information to make decisions? 4. What are the steps in the decision making process? 5. What are the current issues in managerial decision making? CASE: Changes you’ll see in 2010 N 1950 a magazine called popular mechanics attempted to predict the future in an article entitled miracles you’ll see in the next fifty years Many predictions were wildly off the mark. Other guesses (Women’s movements and internet) were much closer to today’s reality retail 2020 Green Retailing Premium payments for environment friendly products more low energy products and the creating of new higher standards for ethical trading Individual Service Service will become an even more finely calibrated proposition between retailer and customer and service components will evolve increasingly from reactive to predictive Going for growth Growth in terms of the multiplicity of geographic online and format offerings with purchasing available in store online or through call centers Wont change Companies that can react swiftly to market trends and repond relevantly to new customer behaviors wil achieve high performance and growth despite marketplace conditions Question 1: How is information technology changing in the workplace Information and knowledge Knowledge worker Who are knowledge workers o People with strong knowledge in their field, as well as intellectual capital : Engineers, Doctors, Professors Can knowledge workers only be found in high tech industries? o No, they can be found also in finance industries o There is an increasing trend of knowledge workers Intellectual Capital o Shared knowledge of a workforce that can be used to create wealth Information and knowledge The productivity of knowledge and knowledge workers depends on computer and information competency How can managers to enhance the productivity of knowledge workers o High salary o Freedom o Flexibility What is the work environment that will attract the new generation of knowledge CASE: Quality of work life – Google Google is known for having informal corporate culture On fortune magazines list of best companies, Google was ranked as first in 2007 Philosophy embodies casual principles o You can make money without doing evil o You can be serious without a suit o And work should be challenging and challenge should be fun As motivation technique they use innovation time off, where engineers are encouraged to take 20 percent of their time to work on company related that interests them personally People work better when they’re involved in something they are passionate about, many cool technologies have their origins in this 20 percent time including GMAIL google NEWS and AdSense When you give employees the chance to apply their passion they can do amazing things Continuation of Question 1 . . . Electronic Commerce The process of buying and selling goods and services electronically through use of the internet o Amazon, E-bay, Craigslist What are the implications of IT within organizations Eg. Retail industry Figure 7.1: IT breaks barriers and changes organizations Suppliers -> Supply chain management is improved by IT connections Stragegic Partners -> More things are done by outsourcing and partnerships using IT Customers -> Customer relationship management s improved by IT connections People teams and departments are better connected by IT Organizations are flatter as IT replaces management Levels Question 2 : What is the roe of information in the management process? What is useful information Data Information What are the differences between data and information What are the characteristics of useful information Information needs of organizations Information exchanges with the external environment o Gather intelligence information o Provide public information Information exchanges within the organization o Facilitate decision making o Facilitate problem solving Figure 7.2 External and internal information needs of organizations Intelligence information gathered from stakeholders and external environment | V Internal Information flwos up down and arounc and across organizations | V Public information disseminated to stakeholders and external environment Internal and external information flows are essential to problem solving and decision making in organizations Basic information system concepts Information system Management information systems (MIS) Decision Support System (DSS) Is newest technology always better? Managerial advantages of IT utilization Planning advantages Organizing advantages Leading advantages
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