Decision Making - Chapter 13.docx

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Published on 22 Apr 2013
Course
Professor
Information & Decision Making CH13 Monday November 26, 2012
What Is Useful Information?
Data raw facts and observations
Information data made useful for decision making
In the new dynamic workplace, individual and organizational success is being forged within
workplaces that are constantly reinventing themselves with the aid of IT
Society is information driven, g=digital networked and continuously evolving. Career success
depends on
o Computer competency ability to understand computers and use them to their best
advantage
o Information competency ability to use technology to locate, retrieve, evaluate, organize
and analyze information for decision making
Information that is useful to managers must be:
1. Timely information is available when needed
2. High Quality information is accurate and reliable
3. Complete information is complete and sufficient for task at hand
4. Relevant information is appropriate for the task at hand
5. Understandable information is clear and easily understood
Progressive managers have increasingly come to rely on software/browser based applications as
part of their customer service relations strategy, and supply chain management
The four management functions (planning, leading, controlling, organizing) are driven by
information
Mintzberg says, job of managing is significantly one of information processing, esp. through
listening/seeing/feeling/talking
Information: A Strategic Resource
IT acquires, stores and processes information
Businesses are information based
Computing power is getting cheaper
Companies using IT equipment can create and distribute information faster
Information and the External Environment
Significant changes in the external (macro) environment (e.g. Globalization, social and economic
trends, have been produced by information)
Information has become a business resource on par with money, labor and productive capacity
Information about customers, competitors, suppliers, technology, trends and regulations have all
become extremely valuable in today’s economy
IT is no longer a business resource, it is a business environment
IT breaks down barriers between organization and the environment, making them efficient,
effective and competitive
Knowledge is power knowledge and information provides a company with CA
Knowledge and intellectual capital are irreplaceable resources that grow from information
An organization relies upon valuable data to enable it to respond to stakeholders’ specific needs,
(concerns) preferences and satisfactions
Data is the lowest level of indo, requires knowledge. Knowledge by definition is specialized
Wisdom is the result of knowledge plus character applied to difficult situation that demand a
decision
The manager focuses not on ppl or an action, but on information as an indirect way to make things
happen
The job of managing is significantly one of information processing
Planning, organizing, leading, and controlling are driven by information
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Document Summary

Information data made useful for decision making. In the new dynamic workplace, individual and organizational success is being forged within workplaces that are constantly reinventing themselves with the aid of it. Society is information driven, g=digital networked and continuously evolving. Career success depends on: computer competency ability to understand computers and use them to their best advantage, information competency ability to use technology to locate, retrieve, evaluate, organize and analyze information for decision making. Progressive managers have increasingly come to rely on software/browser based applications as part of their customer service relations strategy, and supply chain management. The four management functions (planning, leading, controlling, organizing) are driven by information. Mintzberg says, job of managing is significantly one of information processing, esp. through listening/seeing/feeling/talking. Companies using it equipment can create and distribute information faster. Significant changes in the external (macro) environment (e. g. globalization, social and economic trends, have been produced by information)

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