GMS 200 Chapter Notes -Cognitive Style, Bounded Rationality, Unst

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Information is useful in management when it meets five criteria. These criteria are; timely, high quality, complete, relevant, and understandable. Timely: the information is available when needed, meeting deadlines for decision making. High quality: the information is accurate and reliable, and can be used with confidence. Complete: the information is sufficient for the task at hand, being as up to date as possible. Relevant: the information is appropriate for the task at hand, being free of irrelevant material. Understandable: the information is clear and easily understood by the user. An important key to managerial performance is information technology and its many applications. Information technology: helps businesses acquire, store, process, and transmit information. The ability of it to gather and move information quickly within an organization can be a great asset to decision making. It can help top levels stay informed, while allowing lower levels to make operational decisions and perform their jobs to the best of their ability.