Faculty of Business, Environment and Society - Coursework Example

Business Information and Data Management affiliation: Relevant sources of data and information for the management report. There exist various relevant sources of data and information that a manager can apply to create an excellent management report. They include organizational, financial statements (balance sheets, ledger entries and cash books), industrial reports, and media (newspapers, televisions, Radio). Additionally, information can be obtained from management books, internet sources. Similarly, referring to other organizations having similar scope and objectives to learn on how they gather their data (Gomes, Kruglianskas & Scherer 2012). Several criterions can be applied to determine the quality and authenticity of the data obtained from a precise source. For example, when using organizational, financial statements it is helpful in analyzing the strengths and weaknesses of a business. If they don’t provide me with a reliable SWOT analysis, then the source cannot be useful in preparing management reports. People use heuristics that are simple mental judgments to withstand judgments that are challenging, the method used should be challenging. Additionally, such reports should guide me in understanding the utility of my business hence it can be easier to compare the progress of an enterprise with other businesses. A keen interest must be taken when evaluating the data and information disseminated by the Media. Most of the Media organizations are established for making profits purposes. Hence, the information they provide can be a bait to attract more audiences translating to an increase in their profits. The data and information in all the sources must reflect the reality happening in the world. According to Laudon, and Laudon (2012), if the data is reliable, it can be used in making investment decisions and financial analysis for the business. Books and literature works contain detailed information on the whole management process. The reliable literature works must include case studies that guide the managers in decision-making and comparative strategies with other businesses in the same line. Industrial reports are used for the purposes of comparisons and strategizing for the business so that it can compete favorably with its rival businesses in the same market. Lastly, the information should be able to offer hope for the future, business being a continuity entity, good quality data should provide solutions to future problems likely to face the business. Eventually, not all the information found in the data and information sources are relevant. However, information that can be absorbed in the management report includes a methodology of enhancing maximum profit gain. Ways of enlarging the investment base of the business and how to ensure that Human Resource is utilized to the maximum to ensure they are helpful to the company in the realization of their goals. Quantitative data is used to generalize their importance to an entire business. The information may seem inadequate. However, when incorporated in the management report, they provide enormous results (Garvin 2012). However, quantitative data and information is used to understand in depth on the strategies and opinions generated from the different sources. It generates ideas, and it can be used to implement the quantitative data once incorporated in the management report. The criteria for selection of data and information. Reports touching on my business will be highly considered. All the data and information will be gathered depending on the research or intended purpose of the data to the enterprise. Reports that show they have been successfully been applied successfully by other organizations. There exist several criterions for selecting data and information that is best for my business. Firstly, the information and the data must be relevant to my line of practice (Desmidt, Prinzie & De Vuyst 2014). The relevancy of the data will be determined by how it provides solutions to a problem, how it offers strategies that can be used to increase the output of the business and minimize costs. Additionally, the information and data available should be tried and tested and proved to be authentic by businesses that have similar objectives and scope. Example is the financial statements of a company that deals with manufacturing cannot be applicable to a company that carries out processing of raw materials. Secondly is the cost of acquiring the information and data. Businesses are established with an aim of maximizing profits and at the same time reducing the costs of operation. If the data is expensive to acquire or proposes strategies that are costly to adopt, then it is not helpful for the business. Thirdly is the long term gains after utilizing the data and information, this includes profitability, increase in the investment scope and the future position of the business in terms of acceptability by potential customers (Desmidt, Prinzie & De Vuyst 2014). Short term goals can also be considered. However, many businesses are mostly interested in long run benefits as opposed to short-term. Once I select the information that best fits the business, the next step would be to enjoin them into the management report. However, I would not copy them directly but they would act as a guiding factor to enable me to come up with the best management report. In business, businesspersons usually learn from the mistakes of other people. Example is a situation where businesses in my similar line made mistakes previously; it would be advisable to utilize the mistakes of their competitors as a way of learning and polishing individuals skills (Desmidt, Prinzie & De Vuyst 2014). Legal and ethical requirements relating to the collection, use and storage of data and information. Legal and ethical requirements include, confidentiality, acceptability, accountability and within the set laws policies. According to Woiceshyn (2011), the conditions can be identified by the use of both bounded rationality and heuristics strategies. To determine the confidentiality of the data in terms of utilization and storage, it involves the honesty and transparency of the individuals concerned. Bounded rationality is applied to the human mind to realize the essence of maintaining confidentiality and not diverting any information to any unauthorized party. Accountability depends on the environment surrounding the business entity. To understand the environment, it requires heuristic strategies. In the case of high confidential information, the information should be stored in the archives of the business to avoid any divergence of the information or data it contains to unauthorized persons. By applying the principles-based model in my business, it will ensure that the decisions meet the ethical and legal framework. Any dilemma on the confidentiality of collection and storage of the data shall be determined and solved. For efficiency, ethical practices require the business to possess alternative information and data so that in case one fails they easily run to the next option available (Woiceshyn 2011). The values of all the stakeholders must be upheld, this will ensure that the business does not risk itself in legal battles. Lastly, there is a clear distinction between facts, beliefs, theories and opinions, eligibility of the methods of collection of data and information should be based on the factors. E-commerce risk management of data storage and collection utilizes compensatory and non-compensatory strategies. When a certain method of data collection and storage is selected, but the performance is below the expectations such an approach is dropped. As a result, the one that performs better selected (Thiel et al. 2012). This process involves cognitive efforts. However, if this strategy fails to achieve the objectives of the business recognition heuristic strategy is considered, the best option that yields the highest level of confidentiality is selected. Methods of communicating decisions. According to an excerpt by Loe, Ferrell and Mansfield (2013), there are various methods that can be used to communicate the decisions made. Firstly is through meetings with all stakeholders in the business. A meeting will provide a forum for decision analysis to provide insights and understanding into the problem rather than imposing an optimal solution. Memos are also effective mostly if the decision requires an abrupt implementation. If the decision maker is not ready to accept any challenges that may erupt as a result of their decision, the basic assumption of rationality should not be applied. Lastly, industrial magazines can be used to communicate the decision. All the stakeholders involved in decision-making will receive the message in time. This provides time for critical thinking and a guide to the relevant information (Loe, Ferrell and Mansfield 2013). The stakeholders in my decision include all the departments involved in the success of my business. Decision-making is essential in a business setup since it identifies and chooses alternatives based on values and preferences. The moral decisions made reduce the risk of negative impacts that may arise as a result of any decision. Lastly, the business will maximize benefits and profits and minimize costs of operations involved in the enterprise. Risks will also be averted successfully as a result of the right decision being made. An example of a decision I would make is to change the minimum qualification of the workers recruited in the business. Well trained individuals will boost the productivity of the business and increase the total profits (Loe, Ferrell and Mansfield 2013). Process for implementing a communication method A communication process implemented when there is a need to communicate with the rest of the organization. The applied communication process ensures that all the stakeholders are kept updated and informed of any proceedings in the entire organization. The best model to apply in the communication is an interactive model. In this model, communication is two-way traffic, and the receiver responds to the sender after receiving the information (De Cremer et al. 2011). Additionally, this model has a field of experience; it includes our cultural diversities, ethnic background and individual experiences accrued by individuals in all their lifetime. However, there exists several barriers towards effective communication; one of the barriers is the lack of a continuous communication process. Differences in perceptions and viewpoints may also act as a barrier to effective communication, it will limit how all the individuals involved in communication may not understand each other effectively. There are several challenges facing JLR Company includes lack of technological advancements and innovations to propel the company forward. JLR is an international company, of late there has evolved new market competitions and hence the company has a challenge of coping up with the rising competition in the international markets (Woiceshyn 2011). References Gomes, C. M., Kruglianskas, I., & Scherer, F. L. 2012. The Influence Of The Management Of Information Sources On The Innovation Performance Of Large And Small Businesses. International Journal of Innovation Management, 16(02). Laudon, K. C., & Laudon, J. P. 2012. Management information systems: managing the digital firm (Vol. 12). London, Pearson. Garvin, D. A. 2012. The processes of organization and management. Sloan management review, 39. Desmidt, S., Prinzie, A., & De Vuyst, A. 2014. How Organizational Information Sources Influence Employee Mission Valence: A Quantitative Analysis. In Academy of Management Proceedings (Vol. 2014, No. 1, p. 11360). Academy of Management. Woiceshyn, J. 2011. A model for ethical decision making in business: Reasoning, intuition, and rational moral principles. Journal of business ethics, 104(3), 311-323. Thiel, C. E., Bagdasarov, Z., Harkrider, L., Johnson, J. F., & Mumford, M. D. 2012. Leader ethical decision-making in organizations: Strategies for sensemaking. Journal of Business Ethics, 107(1), 49-64. Loe, T. W., Ferrell, L., & Mansfield, P. 2013. A review of empirical studies assessing ethical decision making in business. In Citation Classics from the Journal of Business Ethics (pp. 279-301). Springer, Netherlands. De Cremer, D., van Dick, R., Tenbrunsel, A., Pillutla, M., & Murnighan, J. K. 2011. Understanding ethical behavior and decision making in management: A behavioural business ethics approach. British Journal of Management, 22(s1), S1-S4. Read More