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Chapter 13

Chapter 13 - Information and Decision-Making.docx

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Global Management Studies
GMS 200
Franklin Ramsoomair

Chapter 13: Information and Decision-Making ● Career success requires two “must have” competencies: o Computer competency – the ability to understand computers and to use them to their best advantage o Information competency – the ability to use technology to locate, retrieve, evaluate, organize, and analyze information for decision-making ● Data are raw facts and observations, while information is data made useful for decision- making. ● Management process of planning, organizing, leading, and controlling is driven by information. ● Information that is truly useful in management meets the test of these five criteria: 1. Timely – the information is available when needed; it meets deadlines 2. High quality – the information is accurate and it is reliable; it can be used with confidence 3. Complete – the information is complete and sufficient for the task at hand; it is current and up to date as possible 4. Relevant – the information is appropriate for the task at hand; it is free from irrelevant information 5. 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 ● Internal and external information flows are essential to problem solving and decision-making in organizations. 1. Intelligence information – gathered from stakeholders and external environment 2. Internal information – flows up, down, around, and across organizations 3. Public information – disseminated to stakeholders and external environment ● 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 ● All of the managerial roles identified by Henry Mintzberg – interpersonal, decisional, and informational – involve communication and information processing. So do all aspects of the management process – planning, organizing, leading, and controlling. o Planning advantages of IT – better and more timely access to useful information, involving more people in the planning process. o Organizing advantages of IT – more ongoing and informed communications among all parts, improving coordination and integration. o Leading advantages of IT – more frequent and better communication with staff and diverse stakeholders, keep objectives clear. o Controlling advantages of IT – more immediate measures of performance results, allowing real-time solutions to problems. ● Problem Solving – involves identifying and taking action to resolve problems ● Success in problem solving depends on using information to make good decisions – a choice among possible alternative courses of action. ● Managers also differ in their use of “systematic” and “intuitive” thinking during decision- making. o In systematic thinking, a person approaches problems in a rational, step-by-step, and analytical fashion. People who think like this, often break down a complex problem into smaller parts, and then address them in a logical way. o Someone using intuitive thinking approaches problems in a flexible and spontaneous. People who think like this, are expected to deal with many aspects of a problem at once. ● Multidimensional Thinking – the ability to address many problems at once ● Effective multidimensional thinking requires skill at strategic opportunism. ● Strategic Opportunism – focuses on long-term objectives while being flexible in dealing with short-term problems ● Cognitive styles describe the way people deal with information while making decisions. o Sensation Thinkers tend to emphasize the impersonal rather than the personal and take a realistic approach to problem solving. They like hard “facts,” clear goals, certainty, and situations of high control. o Sensation Feelers tend to emphasize both analytical and human relations. They tend to be realistic and pref
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