Class Notes (836,147)
Canada (509,656)
GMS 200 (1,248)
Sui Sui (123)

Chapter 13.docx

3 Pages
Unlock Document

Global Management Studies
GMS 200
Sui Sui

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
More Less

Related notes for GMS 200

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.