GMS 200 Lecture Notes - Bounded Rationality, Satisficing, Rationality

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Shavin Malhotra

Document Summary

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. 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. Problem solving: the process of identifying a discrepancy between an actual and a desired state of affairs and then taking action to resolve it.