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Chapter 7

Chapter 7

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Ryerson University
Global Management Studies
GMS 200
Sui Sui

Chapter 7/Lecture 2 Information and decision making Case: Changes you’ll see in 2020 • In 1950, a magazine called “popular mechanics” attempted to predict the future in an article entitled, “miracles you’ll see in the next fifty Years” • Many predictions were wildly off the mark other guesses were much closer to today’s reality • Green retailing o Premium payments for enviro-friendly products, more low energy production and the creation of new, higher, standards for ethical trading • Individualized service o Service will become an even more finely-calibrated proposition between retailer and customer. And service components will evolve increasingly from reactive predictive • Going for growth o Growth in terms of the multiplicity of geographic, online and format offerings, with purchasing available in store, online or through call centers • What we can predict won’t change o Companies that can react swiftly to market trends and respond relevantly to new customer behaviors will achieve high performance and growth despite marketplace conditions Sources: http://www. Accenture.com “Retail in 2020” LECTURE QUESTIONS 1. How is information technology changing the workplace? a. Information and knowledge i. Knowledge worker • Can knowledge workers only be found in high-tech industry? ii. Intellectual capital • Shared knowledge of a workforce that can be used to create wealth www.notesolution.com b. Information and knowledge i. The Productivity of knowledge and knowledge workers depends on: • Computer and information competency ii. How can managers enhance the productivity of knowledge workers? iii. What is the work environment that will attract the new generation of knowledge workers? c. Electronic commerce i. The process of buying and selling goods and services electronically through use of the internet d. What are the implications of IT within organizations? i. FIGURE 7.1: information techonolgy is breaking barriers and changing organizations www.notesolution.com Case. Quality of work life – Google • Google is known for having an informal corporate culture • Google’s corporate philosophy embodies such casual principles as: o You can make money without doing evil o You can be serious without a suit o Work should be challenging and the challenge should be fun • As motivation technique, Google uses a policy often called innovation time off, where google engineers are encouraged to take 20% of their time to work on something company-related that interests them personally People work better when they’re involved in something they’re passionate about, and many cool technologies have their origins in 20 percent time, including Gmail, Google news, Orkut, and AdSense originated from these independent endeavors. 2. What is the role of information in the management process? a. What is useful information? i. Data: raw facts ii. Information: organized data iii. What are the characteristics of useful information? • Timely: available when needed; it meets deadlines for decision making • High quality: accurate and reliable; can be used with confidence • Compete: sufficient for the task at hand; as up-to-date as possible • Relevant: appropriate for the task at hand; free from irrelevant material • Understandable: clear and understood by users; free from unnecessary details b. Information needs of organizations i. Information exchanges with the external environment: • Gather intelligence information • Provide public information www.notesolution.com ii. Information exchanges within the organization: • Facilitate decision making • Facilitate problem solving iii. Figure 7.2 EXTERNAL AND INTERNAL INFORMATION NEEDS OF ORGANIZATIONS c. Basic information system concepts: i. Information systems: use IT to collect, organize and distribute data for use in decision making ii. Management information systems: meet the specific information needs of managers in daily decisions. iii. Decision support system: interactive information system that allows users to organize and analyse data for problem solving iv. Groupware (group DSS) : software that favilitates gourp collaboration and problem solving. v. ...Is newest technology always better? vi. intranets and corporate portals: use the web for communication and data sharing within an organization vii. Extranets and enterprise portals: use the web for commincation and data sharing between an organization and its environment. viii. d. Managerial advantages of IT utilization i. Planning advantages : better and more timely access to useful information, involving more people in the planning process ii. Organizing advantages: more ongoing and informed communication among all parts, improving coordination and integration. iii. Leading advantages: more frequent and better communication with staff and stakeholders, keeping objectives clear. iv. Controlling advantages: more immediate measures of performance results, www.notesolution.com allowing real-time soluations to problems. Case: Lululemon Athletica • A self described yoga inspired athletic apparel company, produces a clothing line and runs international clothing stores • 2007 sea
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