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Chapter 7

Chapter 7

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Department
Global Management Studies
Course
GMS 200
Professor
Shavin Malhotra
Semester
Winter

Description
GMS200 CHAPTER 7 – INFORMATION AND DECISION MAKING Society “third wave” of development – information-driven, digital, networked, continuously evolving Information technology : use of electronic devices that aid in creation, management, and use of information important key to performance in new world (more info about more things, available to more people, quickly than before) (always have to find new and faster ways of sharing critical information and leveraging knowledge resources) Productivity is a measure of output from a production process, per unit of input Knowledge worker: add value to organizations through intellect. Add to intellectual capital Intellectual capital: the collective brainpower or shared knowledge of a workforce (also called collective brainpower, share knowledge of a workforce that can be used to create wealth) Drunker called“Productivity of knowledge and knowledge workers” depends on two must have competencies 1. COMPUTER COMPETENCY – ability to understand computers and to use them to their best advantage 2. INFORMATION COMPETENCY – ability to use technology to locate, retrieve, evaluate, organize, and analyze information for decision making Electronic commerce is buying and selling goods and services through use of the Internet B2C = Business-to-consumer chapters-indigo, dell, engage in e-reatialing, selling directly to customers over the Internet (business-to-business e- commerce) B2B businesses use the Internet to collaborate and make transactions with one another STAGES OF DEVELOPMENT IN E-COMMERCE: 1. Secure an online identity: posted home page…web address 2. Establish a Web presence: firms use home page for advertising, promotion 3. Enable e-commerce: enage in e-commerce w/ websites, allow visitors to order products online 4. Provide e-commerce and customer relationship management: use their websites to serve customers who check orders or inventory levels online 5. Utilize a service application model: firms use advanced websites to serve business functions, such as financial and operations management IT breaks down barriers, b/w organizations and key elements in the external environment 1 www.notesolution.com GMS200 CHAPTER 7 – INFORMATION AND DECISION MAKING o people working in different departments, levels, physical locations can more easily communicate and share information o organization can operate with fewer middle managers whose jobs otherwise would be to facilitate these information flows computers do the job create opportunities for competitive advantage by faster decision making, better use of timely info and better coordination of decisions and actions IT plays important role in customer relationship management (preferences, needs, satisfactions) Manages and control costs in all aspects of supply chain management from initiation of purchase, to logistics and transportation, to point of delivery and ultimate use Allows for outsourcing and other business contracts to be continuously and efficiently monitored (more things done by outsourcing and partnerships using IT) Instant messaging i: instantaneous communication b/w people online at the same time Peer-to-peer file sharing (P2P c)o:nnects PCs directly to one another over the Internet (swap music, video files) …way for workers to share info, collaborate Data:raw facts and observations Information:data made useful for decision making (Information is useful if… ….) 1. Timely- available when needed (meets deadlines for decision making) 2. High quality – accurate, reliable 3. Complete – sufficient for task at hand, up-to-date 4. Relevant – appropriate for task at hand (free from extraneous/irrelevant materials) 5. Understandable – clear, free from unnecessary detail Ability of IT to gather and move information quickly allows top levels to stay informed while freeing lower levels to make speedy decisions and take the actions they need to best perform their jobs Intelligence information: gathered from stakeholders and external eniv.ternal information- flows up, down, around, across organizations (essential to problem solving, decision making) public information (spread to stakeholders, external environment) Information systems u:se IT to collect, organize, and distribute data for use in decision making Management information systems (MIm Se:et the information needs of managers in daily decisions (can monitor more than 500 aspects of organizational performance) Decision support system (DSS h)lp users organize and analyze data for problem solving 2 www.notesolution.com GMS200 CHAPTER 7 – INFORMATION AND DECISION MAKING Group decision support systems (GDSf Sa):ilitates group efforts to solve complex/unstructured problems Gdss software, calledgroupware:software that facilitates group collaboration and problem solving (allows group to access a file or database and work together virtually) Artificial intelligence field of science interested in building computer systems with capacity to reason the way people do Expert systems: (use AI to mimic thinking of human expe allt) computers to mimic the thinking of human experts for applied problem solving E.g. Automatic approval for credit card purchases Intranets and corporate portalu s:e the Web for communication and data sharing w/I an organization, by password, easy for employees to access key services Extranets and enterprise portalu s:e the Web for communication and data sharing b/w the organization and its environment (vendors, consultants, strategic partners, outsourcers) Electronic data interchange (EDIu ):ses controlled access to enterprise portals to enable firms to electronically transact busine
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