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Chapter 7

Chapter 7 notes

13 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Shavin Malhotra

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Chapter 7- Information and Decision Making
Information Technology: is the use of electronic devices that aid in the creation,
management, and use of information
Information Technology and the Changing Workplace
Knowledge workers: add value to organizations through intellect
Intellectual capital: is the collective brainpower or shared knowledge of a workforce
Productivity of knowledge and knowledge workers depends on two must have
competencies (Drucker)
oComputer competency, the ability tl understand computers and use them to
their best advantage
oInformation competency, the ability to utilize technology to locate, retrieve,
evaluate, organize, and analyze information for decision making
How it is Changing Business
Electronic Commerce: is the buying and selling goods and services through use of the
internet
Business-to-consumer Ecommerce or B2C: businesses engage in e-retailing, selling
directly to customers over the internet
Business-to-business Ecommerce or B2B: businesses use the internet to collaborate
and make transactions with one another.
Stages of Development in Ecommerce:
1.Secure an online identity
2.Establish a web presence
3.Enable e-commerce
4.Provide e-commerce and customer relationship management
5.Utilize a service application model
How it is Changing Organizations
www.notesolution.com
Customer Relationship Management: Quickly and accurately providing information for
decision makers regarding customer needs, and preferences, and satisfaction.
Supply Chain Management: from initiation of purchase, to logistics and transportation,
to point of delivery and ultimate use, IT also allows outsourcing and other business
contracts to be continuously and efficiently monitored.
How it is Changing the Office
Instant Messaging: is instantaneous communication between people online at the same
time
Peer-to-peer file sharing: connects PCs directly to one another over the internet
Information and Management Process
What is Useful Information
www.notesolution.com
Data: are raw facts and observations
Information: is data made useful for decision making
Criteria for Good Communication
1.Timely
2.High Quality
3.Complete
4.Relevant
5.Understandable
Information Needs of Organizations
Intelligence information: information about events and conditions outside the institution
Public Information: given to stakeholders and the external environment. Eg purposes are
image building to product advertising to financial reporting for taxes
www.notesolution.com

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Description
Chapter 7- Information and Decision Making Information Technology: is the use of electronic devices that aid in the creation, management, and use of information Information Technology and the Changing Workplace Knowledge workers: add value to organizations through intellect Intellectual capital: is the collective brainpower or shared knowledge of a workforce • Productivity of knowledge and knowledge workers depends on two must have competencies (Drucker) o Computer competency, the ability tl understand computers and use them to their best advantage o Information competency, the ability to utilize technology to locate, retrieve, evaluate, organize, and analyze information for decision making How it is Changing Business Electronic Commerce: is the buying and selling goods and services through use of the internet Business-to-consumer Ecommerce or B2C: businesses engage in e-retailing, selling directly to customers over the internet Business-to-business Ecommerce or B2B: businesses use the internet to collaborate and make transactions with one another. Stages of Development in Ecommerce: 1. Secure an online identity 2. Establish a web presence 3. Enable e-commerce 4. Provide e-commerce and customer relationship management 5. Utilize a service application model How it is Changing Organizations www.notesolution.com Customer Relationship Management: Quickly and accurately providing information for decision makers regarding customer needs, and preferences, and satisfaction. Supply Chain Management: from initiation of purchase, to logistics and transportation, to point of delivery and ultimate use, IT also allows outsourcing and other business contracts to be continuously and efficiently monitored. How it is Changing the Office Instant Messaging: is instantaneous communication between people online at the same time Peer-to-peer file sharing: connects PCs directly to one another over the internet Information and Management Process What is Useful Information www.notesolution.com Data: are raw facts and observations Information: is data made useful for decision making Criteria for Good Communication 1. Timely 2. High Quality 3. Complete 4. Relevant 5. Understandable Information Needs of Organizations Intelligence information: information about events and conditions outside the institution Public Information: given to stakeholders and the external environment. Eg purposes are image building to product advertising to financial reporting for taxes www.notesolution.com Information Systems 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 daily decisions. Decision Support and Expert Systems Decision support system: help users organize and analyze data for problem solving Group Decision Support Systems (GDSS): facilitate group efforts to solve complex and unstructured problems Groupware: is software that facilities group collaboration and problem solving Web Portals and Networks www.notesolution.com Intranets and Corporate Portals: Use the web for communication and data sharing within an organization Extranets and Enterprise portals: use the web for communication and data sharing between the organization and its environment Electronic data interchange: uses controlled access to enterprise portals to enable firms to electronically transact business with on another Managers as Information Processors Success of business tied to the opportunities of IT: 1. Planning advantages: better and more timely access to useful information, involving more people in the planning process 2. Organizing advantages: more ongoing and informed communication among all parts, improving coordination and integration www.notesolution.com 3. Leading advantages: more frequent and better communication with staff and stakeholders keeping objectives clear 4. Controlling advantages: more immediate measure of performance results, allowing real time solutions to problems Information and Managerial Decisions Performance deficiency: when actual performance is less than desired Performance Opportunity: when an actual situation either turns out better than anticipated or offers the potential to be so Problem solving: involves identifying and taking action to resolve problems Decision: is a choice among possible alternative courses of action Types of Managerial Decisions Programmed decisions: applies a solution from past experience to a routine problem Structured problems: are straightforward and clear in information needs Unstructured problems: have ambiguities and information deficiencies Nonprogrammed decision: applies a specific solution crafted for a unique problem Crisis: is an unexpected problem that can lead to disaster if not resolved quickly and appropriately Crisis management: is preparation for the management of crises that threaten an organization’s health and well being Crisis management teams and plans: can be developed to deal with various contingencies. www.notesolution.com Decision Environment Certain environment: offers complete information on possible action alternatives and their consequences Risk Environment: lacks complete information but offers ‘probabilities’ of the likely outcome sfor possible action alternatives Probability: the degree of likelihood that an event will occur Uncertain environment: lacks so much information that it is difficult to assign probabilities to the likely outcomes of alternatives Problem Solving
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