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Lecture

Chapter 13.docx

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Department
Global Management Studies
Course
GMS 200
Professor
Sui Sui
Semester
Winter

Description
Chapter 13: Information and Decision Making  Information management a generation ago  Information was stored in filing cabinets not hard drives.  No desktop or PC, no word procession, no email, no voice mail,...  In 1965, Gordon Moore, Intel's co-founder, predicts that computer-processing power would double and its cost would drop by 50% about every two years.  Today, computer hardware and software are an integral part of managing business information.  Information and knowledge  The productivity of knowledge and knowledge workers depends on computer and information competency.  Date: Raw facts and observations  Information: Data made useful for decision making  Look at figure 13.1 Internal and external information needs of an organization  Look at figure 13.2 Information technology is breaking barriers and changing organizations.  How does Facebook make money?  Facebook was founded by Mark Zuckerberg with his college roommates.  As of September 2012, Facebook has over 1 billion active users.  How does Facebook make money?  The majority of Facebook's business is advertising.  "Social marketing" is a much more fine-grained and effective way of targeting potential customers than relying on the traditional demographics approach.  Managerial advantages of IT utilization:  Planning advantages.  Better and more timely access to useful information.  Organizing advantages.  More ongoing and informed communication among all parts of the organization.  Leading advantages.  Improved communication with staff and stakeholders.  Controlling advantages.  More immediate measures of performance results.  E.g., Wall-Mart "open the box".  Performance deficiency  performance opportunity  Problem solving  The process of identifying a discrepancy between actual and desired performance and taking action to resolve it.  A decision  A choice among possible alternative course of action.  Study Question 2: How do managers use information to make decisions?  Problem-solving approached or styles:  problem avoiders.  problem solvers.  problem seekers.  Figure 13.4 Three environments for managerial decision making problem solving.  Certain environment  Alternative courses of action and their outcomes are known to decision maker  Risk environment  Decision maker views alternatives and their outcomes in terms of probabilities.  Uncertain environment  Decision maker doesn't know all alternatives and outcomes, even as probabi
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