GMS 200 Chapter 13: Information and Decision Making

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Franklin Ramsoomair

Document Summary

Tests of our abilities to make good decisions occur every day in situations that may not be crisis driven, but that nevertheless have real consequences for ourselves and others. The challenges begin with the fact that our society is now highly information-driven, digital, networked, and continuously evolving. This sign should be on every manager"s desk: warning: data information. Information is data made useful and meaningful for decision-making. decision-making and action. Management with analytics involves systematic gathering and processing of data to make informed decisions. Information technology helps us acquire, store, and process information. Business intelligence taps information systems to extract and report data in organized ways that are helpful to decision-makers. Driven largely by information technology (it), information serves the variety of needs described in figure 13. 1. At the organization"s boundaries, information in the external environment is accessed. Managers use this intelligence information to deal with customers, competitors, and other stakeholders such as government agencies, creditors, suppliers, and stockholders.