Managing Communications, Knowledge and Information - Case Study Example

?Managing Communications, Knowledge and Information Table of Contents Q. B1 3 Q. B2 4 Q. B3 5 Q. B4 7 Reference list 9 Q. B1 There are several kinds of decisions that every business has to consider at the time of working on a particular project. The various types of decisions include strategic, tactical, and operational decisions. In terms of strategic decisions, the businesses have to take certain decisions that possess significant implications for the future such as the expansion of product offerings in the marketplace. From the perspective of tactical decisions, the businesses need to initiate decisions regarding the implementation of the organisational strategy that include promoting a new service or product offering. With regard to operational decisions, the businesses have to consider the effective utilisation of the tactical decisions such as delivering the products to the customers (McGowan, n.d.). Along with the above discussed decisions, the businesses also have to consider certain important decisions that include short-term operational plans along with long-term strategic decisions. From the perspective of short-term operational plans, the businesses have to focus upon certain decisions regarding the production of goods and services and market planning, which covers both financial and production plans. Additionally, in relation to short-term operational plans, the businesses also have to consider the decisions that include gathering necessary business related information, evaluating the alternatives, and selecting the most effective action courses (Kansal and Rao, 2006). From the perspective of long-term strategic decisions, the businesses need to think about certain significant decisions that include strategic as well as corporate planning. Besides, the long-term strategic decisions also cover different dimensions of the implementation of the strategies in order to design competent organisational structure, required resources, define various proficient policies and plans. In addition, the long-term strategic decisions also include the idea of strategic marketing, accounting, and finance. The aspect of strategic decisions is aimed particularly in order to enhance the entire business performance of the organisation in future (Frankel, 2008). Q. B2 Right flow of knowledge and information are indispensable for every business organisation. The possessing of effective and superior knowledge and information can ultimately enhance the aspect of decision-making, improve the level of competence, and assist the business organisations to attain noteworthy competitive position. The business sectors also need to acquire knowledge and manage valuable information for the purpose of evaluating their probable weaknesses and strengths. In recent times, the aspect of information and knowledge management has become a chief contributory part towards making the business operations of the different organisations quite successful by a considerable level (Rad, et al., 2009). The diverse information and knowledge that are required to take effective decisions fundamentally include ensuring the collection, analysis, and execution of evidences that greatly support and complement the overall functioning of the business and facilitate in organising the relevant information in such a way that it can provide benefits for successful planning. Additionally, the other crucial knowledge and information aspects include the procedure of reviewing along with considering evidences in order to make effective strategic decisions regarding the execution of the business plans and managing the differing desires and requirements of the users along with the suppliers (National Occupational Standards, 2011). In order to ensure successful decision taking, the business organisations should possess certain significant knowledge and information that generally include the analysis of internal data or reports, understanding the characteristics of the customers and other chief stakeholders, business trends, analysis of the available products along with the conditions of the business markets and industries. Moreover, the other information or knowledge aspects in relation to decision making criterion also consist of the contributory role of technology, finance, government regulations or policies, nature of the market competitors and staff members. The major information flow such as the commencement of different conferences, seminars, reports, and political publications also contribute to the business organisations for ensuring effective decision taking (Rad, et al., 2009). Q. B3 The conception of internal sources of information is typically described as hard, focused, and directly aligned to business operational requirements. The internal information sources of a particular business organisation in relation to decision-making can be internal company reports that contain different aspects like sales, production statistics, maintenance, and storage of products. It has been observed that the information relating to internal sources is highly valued and strongly scrutinised due to the fact that the costs associated with managing the information based upon internal sources are not regularly perceptible to the management department of a business organisation. The internal sources of information play a tactical part in the organisations that mainly focus upon the effective utilisation of the organisational strategies in order to attain expected business objectives. Additionally, the internal information sources also support the planned decision making process that ultimately contributes towards the accomplishment of the several goals of the business organisations by certain extent (Botha, 2001). In relation to the aspect of decision-making, the external sources of information are business books, reports, and trade literatures among others. The external sources of information can be collected from the proceedings of the conferences, external databases, technical and legal documents, and various business related journals. Normally, the management of external sources of information is not quite easy as compared with the internal information sources. This is due to the reason that there is greater necessity to analyse and interpret the external sources of information with the intention of determining the significant value of the sources. In this context, the cost or the value of the external sources of information cannot be assessed precisely without taking into concern the benefits derived from the execution of the external sources (Botha, 2001). Q. B4 The notion of information and knowledge management can be improved by making competent utilisation of the factor relating to the aspect of human resource management (HRM). Many researchers rightly viewed HRM as one of the critical factors in attaining huge success with the utilisation of the knowledge management procedure. This particular fact can be justified by duly considering the reality that HRM is one the chief sources of creating valuable knowledge in which the employees generally share their ideas, views, opinions, and experiences. In this regard, the different significant policies of HRM that broadly include training and development of the staff, performance appraisal, and staffing ultimately contribute to successful implementation of knowledge management. Furthermore, the facet of HRM also possesses noteworthy influence upon the improvement of the business organisations (Armstrong, 2006). The other way through which the knowledge and the information assessment can be improved is through using modern or innovative information technologies. This is due to the fact that the aspect of information technology (IT) plays an imperative part in delivering important tools to the business organisations that include the uses of the information regarding the clients and the competitors, decision support systems, and technical databases. It also facilitates in gaining an access towards particular sources of knowledge. The aspect of leadership can also be viewed as a major contributing factor for attaining improvement of information and knowledge assessment. This particular reality is justified with the fact that the role of dynamic leadership is largely regarded as a crucial element of a successful implementation of knowledge management. The external and the internal information sources in relation to decision-making and assessing the information or knowledge management can be used successfully through effective leadership in a specific business organisation (Hassan & Hakim, 2011). Reference list Armstrong, M., 2006. A Handbook of Human Resource Management Practice. [Online] London and Philadelphia: Kogan Page. Available at: http://hornbill.dcschool.net/gsdl/collect/600techn/index/assoc/hash404c.dir/doc.pdf [Accessed May 24, 2012]. Botha, H., 2001. Internal vs. External Information Sources. [Online] University of Pretoria. Available at: http://upetd.up.ac.za/thesis/available/etd-04142008- 150136/unrestricted/06chapter5b.pdf [Accessed May 24, 2012]. Frankel, E. G., 2008. Quality Decision Management –The Heart of Effective Futures-Oriented Management: A Primer for Effective Decision-Based Management. Springer. Hassan, S. and Hakim, L. A. Y. A., 2011. The Relationships among Critical Success Factors Of Knowledge Management, Innovation and Organizational Performance: A Conceptual Framework. International Conference on Management and Artificial Intelligence IPEDR, 6, pp. 94-103. Kansal, B. B. and Rao, P. C. K., 2006. Preface to Management. USA: Paragon Books. McGowan, C., n. d. Decision Making in Business – Part 1. [Online] emPOWER. Available at: http://www.empoweronline.com.au/empower-business/decision- making-in-business-part-1 [Accessed May 24, 2012]. National Occupational Standards, 2011. Ensure the Effective Use Of Information Required For Evidence Based Decisions In The Public Sector. [Online] National Occupational Standards. Available at: http://nos.ukces.org.uk/NOS%20Directory/NOS%20PDF%20%20Government%20Skills/ConversionDocuments/SFJPSG5.1.4.pdf [Accessed May 24, 2012]. Rad, A. M. and& et al., 2009. Information Management and the Role of Information and Knowledge Managers: Managers’ Perception. [Online] Available at: http://faculty.ksu.edu.sa/7338/pdf/40.pdf [Accessed May 24, 2012]. Read More