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Lecture 2

GMS 200-Week 2 Detailed Class Notes

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Ryerson University
Global Management Studies
GMS 200
Peter Rambert

GMSWeek 2 lecturePeter Rambert Knowledge is power Knowledge and info give a company a competitive advantage Knowledge and intellectual capital are irreplaceable resourcesAn org relies upon valuable data to enable it to respond to stakeholders specific need preferences and satisfactionsInformation seen as an intelligence pyramidDatalowest form of info Only when it can be analyzed and interpreted it becomes useful Information produced by analyzing data and it is endowed with purpose Converting data into info requires knowledge and knowledge by definition is specialized Wisdom is the result of knowledge plus character applied to difficult situations that demand a decision KnowledgeWisdomhighestThe manager focuses not on people or on action but on info as an indirect way to make things happenManagement info and analyses should have a number of characteristics as follows y info must be timely and current y it must be up to date and available when needed y it must be accurate relevant and complete y info must be presented in a format that assists in decisions y it should be precise y it should however enable the manager to obtain further details as the situation warrantsMANAGERS AS INFO PROCESSEORS y Henry Mintzberg identified 3 managerial rolesmanaging people managing information and managing action y As a manager of information the manager monitors disseminates and communicates information He is involved in giving receiving and analyzing information y As a decision maker the manager is involved using information to make decisions in order to solve problems or address opportunities
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