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Chapter 13 - Information and Decision Making.docx

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Global Management Studies
GMS 200
Shavin Malhotra

Chapter 13: Information and Decision Making Data: raw facts and observations Information: data made useful and meaningful for decision making - The management process of planning, organizing, leading and controlling is driven by information - Managers need good information, and they need it all the time - Management meets the test of these five criteria: o Timely—the information is available when needed; it meets deadlines for decision-making and action o High quality—the information is accurate and it is reliable; it can be used with confidence o Complete—the information is complete and sufficient for the task at hand; it is as current and up to date as possible o Relevant—the information is appropriate for the task at hand; it is free from extraneous or irrelevant materials o Understandable—the information is clear and easily understood by the user; it is free from unnecessary detail Information technology: helps us acquire, store, and process information Information systems: use IT to collect, organize, and distribute data for use in decision-making Management information systems: meet the information needs of managers in making daily decisions Planning advantages of IT: better and more timely access to useful information, involving more people in the planning process Organizing advantages of IT: more ongoing and informed communications among all parts, improving coordination and integration Leading advantages of IT: more frequent and better communication with staff and diverse stakeholders, keeping objectives clear Controlling advantages of IT: more immediate measures of performance results, allowing real-time solutions to problems Managers as Problem Solvers: - Problem solving: the process of identifying a discrepancy between an actual and a desired state of affairs and then taking action to resolve it - Decisions: choice among possible alternative courses of action The Decision-Making Process: Step 1: Identify and define the problem Step 2: Generate and evaluate alternative courses of action Step 3: Decide on a preferred course of action Step 4: Implement the decision Step 5: Evaluate results Televisions on Display “The Decoy Effect”: change consumer behaviour (they behave differently), people may also think about the brand 36 inch Panasonic - $800 42 inch Toshiba - $1340 50 inch Philips - $1480 Discrimination - UC Berkeley in the fall of 1973 - 8442 men and 4321 women applied - 44% of men and 35% of the women were admitted - The quality of the applicants was the same - Is this discrimination? It depends on the acceptance rate for each program offered at this university. Statistical paradox - The Simpson’s Paradox The numbers will give you a different picture The numbers must be broken up to understand the whole paradox Aggregate numbers affect the correlated numbers Stock Predictions - One stock broker provides monthly predictions that correctly predicted 7 of the 9 downturns in the economy over the past 3 years - Is he an expert? Had a 50/50 chance to be accurate Class “Linda” Problem - Linda is thirty one years old, single, outspoken, and very bright - She majored in Philosophy - As a student she was deeply concerned with issues of discrimination and social justice and also participated in antinuclear demonstrations - Rank of the probability of a description of Linda today: - Bank Teller: higher probability - Bank
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