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Chapter 13

GMS 200 Chapter Notes - Chapter 13: Business Analytics, Business Intelligence, Sunk Costs


Department
Global Management Studies
Course Code
GMS 200
Professor
Deborah De Lange
Chapter
13

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Saturday, January 23, 2016
GMS 200
Chapter Thirteen
Information, Technology, and Management 13.1
society is highly info-driven, digital, networked, and continuously evolving
career and personal success increasingly requires three “must have” competencies:
technological competency- the ability to understand new technology and use them to
their best advantage also known as computer competency
information competency- the ability to locate, gather, organize and display info
analytical competency- the ability to evaluate and analyze info to make actual
decisions and solver real problems
What is Useful Information?
data information
data are raw facts and observations
information is data made useful for decision making
information that is truly useful in management meets the test of the these five criteria:
timely (available when needed), high quality (accurate and reliable), complete
(current), relevant (appropriate for task), understandable (clear, easily understood)
competitive landscape analysis can't be complete
• analytics also called business analytics or management analytics, describes the systematic
evaluation and analysis of information to make decisions
management process — planning, organizing, leading and controlling
Information Systems and Business Intelligence
information technology (IT) helps us acquire, store, and process information
help bring financial transparency
business intelligence taps information systems to extract and report data in organized
ways that are helpful to decision makers
one trend is the use of executive dashboards, that virtually display and update key
performance metrics such as graphs, charts and scorecards on a real time basis.
helps focus on the most important things
Information Needs in Organization
driven by IT
managers use this intelligence info to deal with customers, competitors and other
stakeholders
insert figure 13.1
within organizations, people need vast amounts of information to make decisions and solve
problems in their daily work
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Saturday, January 23, 2016
it can help top levels stay informed, while freeing lower levels to make speedy decisions and
take the actions they need to best perform their jobs
How Information Technology Is Changing Organizations
people perform best when they have available to them the right info at the right time in the
right place
which is a function by management information system (MIS) use IT to collect, organize,
and distribute data for use in decision-making
IT is helping break down barriers within and between organizations. and key elements in the
external environment. Use It to communicate and share information. changing organizations
computers replace people whose jobs were primarily devoted to moving information
this creates opportunities for faster decision-making, better use of timely information and
better coordination of decisions and actions
insert image 13.3
plays important role in customer relationship management
it helps supply chain management to better manage and control costs
information departments or centres are now mainstream features on organization charts,
and the CIO (cheif info officer) or CKO (chief knowledge officer) or CTO (cheif tech officer)
are prominent members of top management teams
Information and Managerial Decisions 13.2
Managers as Information Processors
the managers job in todays IT-enriched organizations can be depicted as a nerve centre of
info flows. they are info processors—continually gathering info, giving it, and receiving it
managerial roles involve communication and info processing
advantages of IT;
for planing, more timely access
for organizing, more ongoing and informed communication among all parts
improving coordination and integration
for leading advantages, more frequent and better communication
for controlling, more immediate measure of performance results,a slowing
realtime solutions
insert 13.4 image
Managers as Problem Solvers
problem solving involves identifying and taking action to resolve problems
decisions is a choice among possible alternative courses of action
performance deficiency, and performance opportunity are both are problem situations
some mangers are problem avoiders, they are passive
others are problem solvers, but only solve when forced to by the situation
problem seekers, constantly look for problems to solve.
proactive and forward thinking
systematic and Intuitive Thinking
2
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